Significant changes in mean and median analysts’ forecasts errors documented in recent studies are not synchronized across commercial forecast databases over time and are, in large part, a function of the definitions and procedures that determine the reported earnings component of earnings surprises. In this study we describe a number of complications researchers face in drawing inferences from...

The systematic risk of US commercial bank stocks more than doubled from 2000 to 2006, primarily due to their increased residential mortgage exposure. Higher levels of mortgage lending produced better earnings but relatively lower stock returns. Banks engaged heavily in mortgage lending encountered less enthusiastic market response to their earnings announcements, suggesting that financial marke...

This article uses longitudinal data for the United States and Great Britain to examine the impact of residential mobility and childbirth on the earnings of women, their family earnings, and the related division of earnings by gender. This project is the first to compare explicitly the impact of childbirth and family migration on women's earnings, and it extends prior cross-sectional and longitu...

On the basis of published earnings data, estimated compensation ratios, and estimated hours, China's manufacturing employees averaged about 57 cents compensation per hour worked in 2002 W ith by far the world's largest manufacturing workforce, at more than 100 million, 1 China is widely known to have low labor costs. Statistics available for the first time for the entire country for 2002 now pe...

A fundamental role of accounting information in financial markets is to serve as a basis for capital allocation. An important attribute of the quality of accounting information is the extent to which earnings (accruals) map into cash flows. A poor mapping of accruals into cash flows reduces the information content of reported earnings and results in lower-quality earnings. If investors differ i...

Nomenclature H AW adiabatic wall enthalpy (J/kg) H w wall enthalpy (J/kg) H 0 total enthalpy (J/kg) h heat transfer coefficient (kg/m 2 /sec), h FR reference Fay-Riddell heat transfer coefficient (kg/m 2 /sec) L model reference length (m) M ∞ free stream Mach number q FR reference Fay-Riddell heat transfer rate (W/m 2) Re ∞ free stream unit Reynolds number (1/m) T ∞ free stream temperature (K) ...

Long historical averages of real earnings help forecast present values of future real dividends. With aggregate U.S. stock market data (1871-1986), a vector-autoregressive forecast of the present value of future dividends is, for each year, roughly a weighted average of moving-average arnings and current real price, with between two thirds and three fourths of the weight on the earnings measure...

Prior research demonstrates that investors respond differently to earnings surprises that are part of a string of consecutive earnings increases or surprises than to those that are not. To shed light on who values these patterns, I compare trading responses of small and large traders to earnings surprises that occur during a series of positive or negative surprises. I find that the relative int...