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Depreciation and the market's valuation of earnings
16 references·0 citing·34 second hop
Depreciation and the market's valuation of earnings (2001)Depreciation and the market's valuation o…The Relationship Between Economic Characteristics and Alternative Annual Earnings Persistence Measures (1999)The Relationship Between Econ…Do Stock Prices Fully Reflect Information in Accruals and Cash Flows about Future Earnings? (1997)Do Stock Prices Fully Reflect…Do Stock Prices Fully Reflect Information in Accruals and Cash Flows About Future Earnings? (1996)Do Stock Prices Fully Reflect…The Role of Earnings Levels in Annual Earnings-Returns Studies (1992)The Role of Earnings Levels i…The relation between perceived accounting quality and economic characteristics of the firm (1992)The relation between perceive…Permanent versus transitory components of annual earnings and estimation error in earnings response coefficients (1992)Permanent versus transitory c…Information in prices about future earnings (1992)Information in prices about f…On the Usefulness of Earnings and Earnings Research: Lessons and Directions from Two Decades of Empirical Research (1989)On the Usefulness of Earnings…Cross-sectional variation in the stock market response to accounting earnings announcements (1989)Cross-sectional variation in …An analysis of intertemporal and cross-sectional determinants of earnings response coefficients (1989)An analysis of intertemporal …Earnings Innovations, Earnings Persistence, and Stock Returns (1987)Earnings Innovations, Earning…Cross-Sectional Dependence and Problems in Inference in Market-Based Accounting Research (1987)Cross-Sectional Dependence an…The Adjustment of Consumption to Changing Expectations About Future Income (1981)The Adjustment of Consumption…Evidence on the effect of bond covenants and management compensation contracts on the choice of accounting techniques (1981)Evidence on the effect of bon…Risk, Return, and Equilibrium: Empirical Tests (1973)Risk, Return, and Equilibrium…An Empirical Evaluation of Accounting Income Numbers (1968)An Empirical Evaluation of Ac…A Theory of the Consumption Function (1958)THE LIFE CYCLE HYPOTHESIS OF SAVING: AGGREGATE IMPLICATIONS AND TESTS (1963)Stochastic Implications of the Life Cycle-Permanent Income Hypothesis: Theory and Evidence (1978)Consumption and Liquidity Constraints: An Empirical Investigation (1989)Capital markets research in accounting (2001)Consumption, Aggregate Wealth, and Expected Stock Returns (2001)Dividend Policy under Asymmetric Information (1985)Positive Accounting Theory (1985)Value-relevance of nonfinancial information: The wireless communications industry (1996)Auditor Industry Specialization and Earnings Quality (2003)The Behavior of Stock-Market Prices (1965)Special Information and Insider Trading (1974)The theory and practice of econometrics (1986)Evidence that stock prices do not fully reflect the implications of current earnings for future earnings (1990)Event Studies in Economics and Finance (1997)Do Stock Prices Move Too Much to be Justified by Subsequent Changes in Dividends? (1980)Stock Prices, Earnings and Expected Dividends (1988)CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* (1964)EFFICIENT CAPITAL MARKETS: A REVIEW OF THEORY AND EMPIRICAL WORK* (1970)Using daily stock returns (1985)Efficient Capital Markets: II (1991)Dividend Policy, Growth, and the Valuation of Shares (1961)THE VALUATION OF RISK ASSETS AND THE SELECTION OF RISKY INVESTMENTS IN STOCK PORTFOLIOS AND CAPITAL BUDGETS**This paper is another in a series of interrelated theoretical and statistical studies of corporate financial and investment policies being made under grants from the Rockefeller Foundation, and more recently the Ford Foundation, to the Harvard Business School. The generous support for this work is most gratefully acknowledged. The author is also much indebted to his colleagues Professors Bishop, Christenson, Kahr, Raiffa, and (especially) Schlaifer, for extensive discussion and commentary on an earlier draft of this paper; but responsibility for any errors or imperfections remains strictly his own.[Professor Sharpe's paper, “Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk” (Journal of Finance, September 1964) appeared after this paper was in final form and on its way to the printers. My first section, which parallels the first half of his paper (with corresponding conclusions), sets the algebraic framework for sections II, III and VI, (which have no counterpart in his paper) and for section IV on the equilibrium prices of risk assets, concerning which our results differ significantly for reasons which will be explored elsewhere. Sharpe does not take up the capital budgeting problem developed in section V below.] (1975)The Cross-Section of Expected Stock Returns (1992)Common risk factors in the returns on stocks and bonds (1993)On Persistence in Mutual Fund Performance (1997)An Intertemporal Capital Asset Pricing Model (1973)The relations among environmental disclosure, environmental performance, and economic performance: a simultaneous equations approach (2003)Cash Flow Patterns as a Proxy for Firm Life Cycle (2011)The economic implications of corporate financial reporting (2005)The market pricing of accruals quality (2005)Understanding earnings quality: A review of the proxies, their determinants and their consequences (2010)Editor's Choice Digesting Anomalies: An Investment ApproachDigesting Anomalies: An Investment Approach (2012)
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References

  • 1973Risk, Return, and Equilibrium: Empirical Tests14,248 cited
  • 1968An Empirical Evaluation of Accounting Income Numbers6,384 cited
  • 1996Do Stock Prices Fully Reflect Information in Accruals and Cash Flows About Future Earnings?2,636 cited
  • 1997Do Stock Prices Fully Reflect Information in Accruals and Cash Flows about Future Earnings?2,318 cited
  • 1989An analysis of intertemporal and cross-sectional determinants of earnings response coefficients1,685 cited
  • 1981The Adjustment of Consumption to Changing Expectations About Future Income1,326 cited
  • 1989On the Usefulness of Earnings and Earnings Research: Lessons and Directions from Two Decades of Empirical Research1,120 cited
  • 1987Earnings Innovations, Earnings Persistence, and Stock Returns909 cited
  • 1989Cross-sectional variation in the stock market response to accounting earnings announcements816 cited
  • 1987Cross-Sectional Dependence and Problems in Inference in Market-Based Accounting Research548 cited
  • 1992Information in prices about future earnings370 cited
  • 1992The Role of Earnings Levels in Annual Earnings-Returns Studies283 cited
  • 1981Evidence on the effect of bond covenants and management compensation contracts on the choice of accounting techniques196 cited
  • 1992Permanent versus transitory components of annual earnings and estimation error in earnings response coefficients

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138 cited
  • 1999The Relationship Between Economic Characteristics and Alternative Annual Earnings Persistence Measures129 cited
  • 1992The relation between perceived accounting quality and economic characteristics of the firm104 cited
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