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  • 1
    Electronic Resource
    Electronic Resource
    Ex Ante Incentives for Earnings Management and the Informativeness of Earnings (1999)
    Oxford, UK and Boston, USA : Blackwell Publishers Ltd
    Journal of business finance & accounting 26 (1999), S. 0 
    Details
    ISSN: 1468-5957
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: This study examines the relation between ex ante incentives of insurance managers to engage in earnings management to meet regulatory standards and the informativeness of earnings. This study extends prior research by simultaneously examining the effects of earnings management and uncertainty about earnings as suggested by Collins and DeAngelo (1990) and Imhoff and Lobo (1992). Results from a sample of 375 quarterly earnings announcements of 41 property and liability insurers during the period 1989 to 1992 support the hypothesis that when managers' incentives for earnings management are high, earnings announcements are less informative to investors (even after controlling for uncertainty associated with exposure to large-scale catastrophes). Robustness tests suggest that our results are not attributable to firm size, time period effects, firm effects, accounting estimation error, or financial distress risk. These results are consistent with investors using publicly available information to predict P-L insurance managers' ex ante incentives to manage earnings to meet regulatory standards, and that they use this information in forming their beliefs about earnings quality.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/1468-5957.00276
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    Paper (German National Licenses)
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  • 2
    Electronic Resource
    Electronic Resource
    The Relation Between Investor Uncertainty and Market Reactions to Earnings Announcements: Evidence from the Property-Casualty Insurance Industry in the USA (2005)
    Oxford, UK; Malden, USA : Blackwell Publishing Ltd/Inc.
    Journal of business finance & accounting 32 (2005), S. 0 
    Details
    ISSN: 1468-5957
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Abstract:  This paper investigates the relationship between investor uncertainty, gauged by properties of analysts’ forecasts, and the stock market response to earnings. We find that uncertainty is best characterized by a comprehensive measure recently proposed by Barron, Kim, Lim and Stevens (1998), BKLS. The BKLS measure is related to uncertainty-inducing events, as well as factors that affect the difficulty faced by analysts in forecasting earnings. We conclude that, first, pre-disclosure uncertainty is a significant determinant of the price reaction to the earnings release, and second, BKLS is a more comprehensive measure of uncertainty than simple dispersion.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/j.0306-686X.2005.00586.x
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    Paper (German National Licenses)
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  • 3
    Electronic Resource
    Electronic Resource
    Public Predisclosure Information, Firm Size, Analyst Following, and Market Reactions to Earnings Announcements (2004)
    Oxford, UK and Boston, USA : Blackwell Publishing Ltd
    Journal of business finance & accounting 31 (2004), S. 0 
    Details
    ISSN: 1468-5957
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Abstract:  This study examines the effects of public predisclosure information on market reactions to earnings announcements. We develop an empirical measure of public predisclosure information impounded in price prior to earnings announcements by cumulating abnormal returns on public news release dates during the quarter. Consistent with prior literature, we document a negative association between this measure and market reactions to subsequent earnings announcements. Moreover, we find that after controlling for this measure, firm size and analyst following are significantly positively associated with market reactions to earnings announcements. Contrary to prior empirical evidence, our results suggest that, after controlling for actual predisclosure information impounded in price, market reactions to earnings announcements are greater in magnitude for larger, more widely-followed firms than for smaller, less widely-followed firms.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/j.0306-686X.2004.00563.x
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  • 4
    Electronic Resource
    Electronic Resource
    The Effects of Uncertainty on the Informativeness of Earnings: Evidence from the Insurance Industry in the Wake of Catastrophic Events (2002)
    Oxford, UK and Boston, USA : Blackwell Publishers Ltd
    Journal of business finance & accounting 29 (2002), S. 0 
    Details
    ISSN: 1468-5957
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: This study examines the effects of uncertainty associated with large-scale catastrophes on the informativeness of earnings announcements by property and casualty insurers. It contributes to the literature on the effects of uncertainty on the informativeness of earnings announcements by distinguishing between: (1) uncertainty due to exogenous events that obscure the firm’s future prospects, and (2) uncertainty due to noise in earnings. Results suggest that heightened uncertainty associated with exposure to catastrophe losses is significantly positively associated with the market’s response to earnings reports, even after controlling for uncertainty due to noise in earnings. This implies that during periods of high uncertainty, investors find earnings information more useful in assessing the future prospects of the firm.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/1468-5957.00430
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  • 5
    Electronic Resource
    Electronic Resource
    Factors Associated with Differences in the Magnitude of Abnormal Returns Around NYSE Versus Nasdaq Firms’ Earnings Announcements (2001)
    Oxford, UK and Boston, USA : Blackwell Publishers Ltd
    Journal of business finance & accounting 28 (2001), S. 0 
    Details
    ISSN: 1468-5957
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: This study provides an explanation for the ‘exchange effect’ puzzle documented in prior accounting research. Grant (1980) finds that the magnitude of earnings announcement week abnormal returns is higher, on average, for firms traded over-the-counter than for NYSE firms. Atiase (1987) shows that this incremental ‘exchange effect’ persists even after controlling for firm size. We investigate potential explanations for this incremental exchange effect. We first show that even after controlling for differences in firm size, Nasdaq firms have less rich information environments and enjoy greater growth opportunities than NYSE firms. We then investigate whether differential predisclosure information environments and/or growth opportunities can explain the incremental exchange effect. The results indicate that although the absolute magnitude of the earnings announcement-related abnormal returns is inversely related to proxies for the amount of predisclosure information, the incremental exchange effect cannot be explained by differences in the predisclosure information environment. In contrast, after controlling for differences in growth opportunities across NYSE versus Nasdaq firms, and investors’ heightened sensitivity to Nasdaq firms’ growth opportunities in particular, there is no significant incremental exchange effect (whether or not we control for predisclosure information). These results suggest that the incremental exchange effect puzzle documented in prior research is more likely to reflect growth-related phenomena than differences in the predisclosure information environment.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/1468-5957.00406
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  • 6
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    Structural and Functional Studies of the Phage Sf6 Terminase Small Subunit Reveal a DNA-Spooling Device Facilitated by Structural Plasticity (2012)
    Elsevier
    Details
    Publication Date: 2012-10-01
    Print ISSN: 0022-2836
    Electronic ISSN: 1089-8638
    Topics: Biology
    Published by Elsevier
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