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Firm Size and the Information Content of Financial Statements
16 references·16 citing·35 second hopsampled
Firm Size and the Information Content of Financial Statements (1984)Firm Size and the Information Content of …The Adjustment of Stock Prices to New Information (2003)The Adjustment of Stock Price…The relationship between return and market value of common stocks (1981)The relationship between retu…Misspecification of capital asset pricing (1981)Misspecification of capital a…Intra-industry information transfers associated with earnings releases (1981)Intra-industry information tr…A Possible Explanation of the Small Firm Effect (1981)A Possible Explanation of the…Market Implications of Differential Amounts of Interim Information (1980)Market Implications of Differ…Risk measurement when shares are subject to infrequent trading (1979)Risk measurement when shares …Corporate Signaling, External Accounting, and Capital Market Equilibrium: Evidence on Dividends, Income, and Extraordinary Items (1978)Corporate Signaling, External…The effect of limited information and estimation risk on optimal portfolio diversification (1977)The effect of limited informa…Estimating betas from nonsynchronous data (1977)Estimating betas from nonsync…Capital Market Equilibrium, Information Production, and Selecting Accounting Techniques: Theoretical Framework and Review of Empirical Work (1974)Capital Market Equilibrium, I…Capital Market Equilibrium with Restricted Borrowing (1972)Capital Market Equilibrium wi…The Private Production of Public Goods (1970)The Private Production of Pub…The Information Content of Annual Earnings Announcements (1968)The Information Content of An…The Size Distribution of Business Firms (1958)The Size Distribution of Busi…The Analysis of Business Concentration: A Statistical Approach (1956)The Analysis of Business Conc…Public data access and stock price synchronicity: Evidence from China (2023)Public data access and stock …National culture and the choice between bank debt and public debt (2021)National culture and the choi…Content Analysis Of Board Reports On Corporate Governance, Internal Controls And Risk Management: Evidence From France (2016)Content Analysis Of Board Rep…The association between firm characteristics and CFO's opinions on the fair value option for non-financial assets (2013)The association between firm …Market reaction to earnings news: A unified test of information risk and transaction costs (2013)Market reaction to earnings n…Do the value, size and January effects exist on the JSE? (2011)Do the value, size and Januar…Beta, size and value effects on the JSE, 1994–2007 (2011)Beta, size and value effects …Insider ownership, bid–ask spread, and stock splits: Evidence from the Stock Exchange of Thailand (2006)Insider ownership, bid–ask sp…Intraday stock price effects of ad hoc disclosures: the German case (2005)Intraday stock price effects …Firm Size Dependence in the Determinants of Bank Term Loan Maturity (2005)Firm Size Dependence in the D…Institutional Herding in Bond Markets (2002)Institutional Herding in Bond…On the differential market reaction to dividend initiations (2000)On the differential market re…Insider ownership and signals: evidence from stock split announcement effects (1998)Insider ownership and signals…Day of the week effects, information seasonality, and higher moments of security returns (1997)Day of the week effects, info…Firm Size and Dividend Announcement Effect (1991)Firm Size and Dividend Announ…The Heterogeneous Investment Horizon and the Capital Asset Pricing Model: Theory and Implications (1990)The Heterogeneous Investment …CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* (1964)The Valuation of Risk Assets and the Selection of Risky Investments in Stock Portfolios and Capital Budgets (1965)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)Insiders' profits, costs of trading, and market efficiency (1986)Debt/Equity Ratio and Expected Common Stock Returns: Empirical Evidence (1988)Fundamentals and Stock Returns in Japan (1991)An Empirical Evaluation of Accounting Income Numbers (1968)Security analyst superiority relative to univariate time-series models in forecasting quarterly earnings (1987)Testing Asymmetric-Information Asset Pricing Models (2012)Using and Interpreting Fixed Effects Models (2023)Risk, Return, and Equilibrium: Empirical Tests (1973)Using daily stock returns (1985)The Cross-Section of Expected Stock Returns (1992)R2 around the world: New theory and new tests☆ (2005)A Subordinated Stochastic Process Model with Finite Variance for Speculative Prices (1973)An Intertemporal Capital Asset Pricing Model (1973)Conditional Heteroskedasticity in Asset Returns: A New Approach (1991)Returns to Buying Winners and Selling Losers: Implications for Stock Market Efficiency (1993)Illiquidity and stock returns: cross-section and time-series effects (2002)Dividend Policy, Growth, and the Valuation of Shares (1961)The Behavior of Stock-Market Prices (1965)Efficient Capital Markets: II (1991)A critique of the asset pricing theory's tests Part I: On past and potential testability of the theory (1977)Common risk factors in the returns on stocks and bonds (1993)The Economics of Imperfect Competition. (1934)Barriers to New Competition (1957)ENTRY, GIBRAT'S LAW, INNOVATION, AND THE GROWTH OF FIRMS (1961)Chapter 18 Empirical studies of innovation and market structure (1989)Age, Size, Growth and Survival: UK Companies in the 1980s (1994)EFFICIENT CAPITAL MARKETS: A REVIEW OF THEORY AND EMPIRICAL WORK* (1970)Capital markets research in accounting (2001)The arbitrage theory of capital asset pricing (1976)Growth and Size of Firms (1996)Explaining the distribution of firm growth rates (2006)Like milk or wine: Does firm performance improve with age? (2012)
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References

  • 1981The relationship between return and market value of common stocks5,928 cited
  • 1972Capital Market Equilibrium with Restricted Borrowing3,097 cited
  • 2003The Adjustment of Stock Prices to New Information3,063 cited
  • 1979Risk measurement when shares are subject to infrequent trading2,767 cited
  • 1977Estimating betas from nonsynchronous data2,751 cited
  • 1968The Information Content of Annual Earnings Announcements2,739 cited
  • 1981Misspecification of capital asset pricing1,286 cited
  • 1958The Size Distribution of Business Firms765 cited
  • 1981Intra-industry information transfers associated with earnings releases592 cited
  • 1956The Analysis of Business Concentration: A Statistical Approach517 cited
  • 1981A Possible Explanation of the Small Firm Effect432 cited
  • 1970The Private Production of Public Goods311 cited
  • 1974Capital Market Equilibrium, Information Production, and Selecting Accounting Techniques: Theoretical Framework and Review of Empirical Work281 cited
  • 1978Corporate Signaling, External Accounting, and Capital Market Equilibrium: Evidence on Dividends, Income, and Extraordinary Items274 cited
  • 1980Market Implications of Differential Amounts of Interim Information

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212 cited
  • 1977The effect of limited information and estimation risk on optimal portfolio diversification174 cited
  • Cited by

    • 2011Beta, size and value effects on the JSE, 1994–200764 cited
    • 2023Public data access and stock price synchronicity: Evidence from China62 cited
    • 2005Intraday stock price effects of ad hoc disclosures: the German case61 cited
    • 2013Market reaction to earnings news: A unified test of information risk and transaction costs54 cited
    • 1990The Heterogeneous Investment Horizon and the Capital Asset Pricing Model: Theory and Implications43 cited
    • 1997Day of the week effects, information seasonality, and higher moments of security returns42 cited
    • 2000On the differential market reaction to dividend initiations40 cited
    • 1998Insider ownership and signals: evidence from stock split announcement effects33 cited
    • 2011Do the value, size and January effects exist on the JSE?32 cited
    • 2002Institutional Herding in Bond Markets32 cited
    • 2016Content Analysis Of Board Reports On Corporate Governance, Internal Controls And Risk Management: Evidence From France26 cited
    • 2005Firm Size Dependence in the Determinants of Bank Term Loan Maturity25 cited
    • 1991Firm Size and Dividend Announcement Effect24 cited
    • 2021National culture and the choice between bank debt and public debt21 cited
    • 2006Insider ownership, bid–ask spread, and stock splits: Evidence from the Stock Exchange of Thailand19 cited
    • 2013The association between firm characteristics and CFO's opinions on the fair value option for non-financial assets18 cited