This study provides new insight into the market’s allocation of dividend-related and capital gains-based returns on common stock around earnings announcement surprises. To the extent that investors’ cash flow forecasts are revised as earnings surprises occur, Americus Trust prime and score returns reflect changes in respective future dividends and capital gains. About 70% of the value gain from...

Analysts often provide forecasts of one-year ahead earnings, earnings two-year ahead, as well as long-term earnings growth rates. In our attempts to understand the properties of these contemporaneous multi-period earnings forecasts, we begin by examining whether analysts’ earnings forecasts can be described using the linear information dynamics (LID). We find that LID is an appropriate descript...

Analysts often provide forecasts of one-year ahead earnings, earnings two-year ahead, as well as long-term earnings growth rates. In our attempts to understand the properties of these contemporaneous multi-period earnings forecasts, we begin by examining whether analysts’ earnings forecasts can be described using the linear information dynamics (LID). We find that LID is an appropriate descript...

This article estimates the effects of 50 years of steady growth in incomes on poverty rates among the elderly. It assumes that the poverty threshold continues to be adjusted for inflation but not for increases in real incomes. Simulations with the March 1998 Current Population Survey indicate that if the benefit rules for Social Security and Supplemental Security Income (SSI) are not changed an...

Existing studies show that intra-firm variation in earnings announcement speeds correlates with earnings news, such that firms are more likely to decrease (increase) the speed of announcing bad (good) earnings news relative to their fiscal period end. We examine firms’ “expected abnormal reporting speeds” not just in relation to their own past behaviors, but also in relation to other firms anno...

We study the labor supply of South Indian boat-owners using daily data on labor force participation and the value of catches from 2000 to 2007. Our panel is among the most extensive ever used for this purpose and the …rst to pertain to a non-service related occupation in a developing country. Our analysis compares two hypotheses about the response of labor supply to increases in wages and incom...

This study examines whether patent citation impact, a leading indicator of technology firms’ innovation capabilities, is associated with future earnings and whether this association is appropriately reflected in stock prices and analysts’ earnings forecasts of patent-rich companies. The results indicate that change of patent citation impact is positively associated with future earnings, particu...

This study examines whether patent citation impact, a leading indicator of technology firms’ innovation capabilities, is associated with future earnings and whether this association is appropriately reflected in stock prices and analysts’ earnings forecasts of patent-rich companies. The results indicate that change of patent citation impact is positively associated with future earnings, particu...

This study investigates whether local economic conditions at entry into the labour market affect adult career outcomes. If the stage of the business cycle determines later outcomes, then there are long-term costs associated with entering the labour market in a recession. The focus is on the local unemployment rate (LUR) at entry at detailed regional level and its overall effects on earnings and...

The economic reality of the 1990s in Europe forced the labour markets to become more flexible. Using a consistent comparative dataset for 14 European countries, the European Community Household Panel (ECHP), we explore the evolution and the cross-national differences in earnings mobility across Europe between 1994 and 2001 from three angles: first, the evolution of short-term inequality and its...