Earnings press releases are ‘‘the major news event of the season for many companies as well as investors, analysts, financial media, and the market’’ (Mahoney and Lewis 2004). The information content of earnings press releases has increased significantly over time (Kross and Kim 2000; Lo and Lys 2001; Francis, Schipper, and Vincent 2002a, 2002b; Landsman and Maydew 2002; Collins, Li, and Xie 20...

Researchers who study violence against women often face problems when trying to understand the causes of individual changes in the context of group differences, targeted interventions, and institutional shifts. The authors explore these problems through research on the connections among women's earnings, welfare, and protection orders. The authors use multigroup, piecewise, latent growth curve ...

This research aims to investigate the effect of conservative reporting on the investors' opinion divergence at the time of earnings announcement in a 5 year period during 2012-2016; the required data have been collected from Tehran Securities and Stock Exchange Organization and the population is consisted of 585 corporates-years which have been selected by the systematic removal sampling. To in...

the purpose of this research is to investigate the relationship between earnings variabilityand earnings forecast using neural networks in companies listed on tehran stock exchange. theresearch is of the library and analytical-causal study type, and is based on panel data analysis andneural networks. in this research, financial information of 98 companies from 19 industries intehran stock excha...

In a competitive information market, a single information source can only dominate other sources individually, not collectively. We explore whether earnings announcements constitute such a dominant source using Ball and Shivakumar’s (2008) R metric: the proportion of the variation in annual returns explained by the four quarterly earnings announcement returns. We find that the earnings announce...

We collect a unique dataset of Twitter posts to examine the change in investor disagreement around earnings announcements. We find that investors’ opinions can either converge (reduced disagreement) or diverge (increased disagreement) around earnings announcements. While the convergence of opinion is associated with lower earnings announcement returns, the divergence of opinion is associated wi...

This paper examines price formation subsequent to management forecasts of quarterly earnings. Consistent with prior studies, we find that the short-term market reaction to bad news forecasts is much larger than that to good news forecasts. Examining returns in the post-guidance period, we find a significant upward drift for both good and bad news forecasts. The asymmetry in the initial market r...

Both intuition and empirical evidence suggest that higher revenues increase value whereas higher expenses, including higher tax expense, decrease value. Some prior research, however, suggests that higher tax expense may be good news, despite the resulting reduction in after-tax earnings. We conduct a comprehensive investigation and find that surprises in both the current and deferred components...

Companies that use their own stock to finance acquisitions have incentives to increase their market values prior to the acquisition date. This study examines whether such companies strategically disclose good news or withhold bad news in order to boost their high stock prices. I find that stock swap acquirers are not more likely to issue favorable management forecasts during the period before t...

In this paper, we present the results from a field experiment in the Netherlands in which single mothers on welfare were stimulated to find a job. Two policy instruments were introduced: an earnings disregard and job creation. The experiment was performed at the level of municipalities. In our analysis we make a distinction between native and immigrant welfare recipients. For immigrant single m...