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The economic determinants of the market reaction to proposed mandatory accounting changes in the oil and gas industry
11 references·16 citing·36 second hop
The economic determinants of the market reaction to proposed mandatory accounting changes in the oil and gas industry (1981)The economic determinants of the market r…Some economic determinants of accounting policy choice (1979)Some economic determinants of…On financial contracting (1979)On financial contractingTowards a Positive Theory of the Determination of Accounting Standards. (1978)Towards a Positive Theory of …Corporate Financial Statements, A Product of the Market and Political Processes (1977)Corporate Financial Statement…Capital asset prices with heterogeneous beliefs (1977)Capital asset prices with het…Theory of the firm: Managerial behavior, agency costs and ownership structure (1976)Theory of the firm: Manageria…The effect of estimation risk on optimal portfolio choice (1976)The effect of estimation risk…What's in a Bond Rating (1969)What's in a Bond RatingThe Valuation of Risk Assets and the Selection of Risky Investments in Stock Portfolios and Capital Budgets (1965)The Valuation of Risk Assets …CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* (1964)CAPITAL ASSET PRICES: A THEOR…On the Theory of Optimal Investment Decision (1958)On the Theory of Optimal Inve…Do the FASB's Standards Add Shareholder Value? (2017)Do the FASB's Standards Add S…Corporate Governance Around the World (2008)Corporate Governance Around t…Additional International Evidence on Corporate Cash Holdings (2003)Additional International Evid…Environmental Information and Market Reactions to Environmental Legislation (1997)Environmental Information and…On the Usefulness of Operating Income, Net Income and Comprehensive Income in Explaining Security Returns (1993)On the Usefulness of Operatin…The Estimation and Determinants of Associations between Returns and Earnings: Evidence from Cross-Industry Comparisons (1991)The Estimation and Determinan…Negotiated accounting rules in private financial contracts (1990)Negotiated accounting rules i…Efficient contracting and the choice of accounting method in the oil and gas industry (1990)Efficient contracting and the…Accounting for leases by lessees (1986)Accounting for leases by less…Measuring Executive Compensation: Methods and an Application (1985)Measuring Executive Compensat…Market reaction to short-term executive compensation plan adoption (1985)Market reaction to short-term…Mandated accounting changes and debt covenants (1984)Mandated accounting changes a…Accounting for retail land sales (1984)Accounting for retail land sa…Strategic behavior and regulation research in accounting (1982)Strategic behavior and regula…Mandated successful efforts and auditor choice (1982)Mandated successful efforts a…Determinants of intramethod choice in the oil and gas industry (1982)Determinants of intramethod c…The Problem of Social Cost (1960)The Pricing of Options and Corporate Liabilities (1973)Corporate financing and investment decisions when firms have information that investors do not have (1984)Financial Intermediation and Delegated Monitoring (1984)A Survey of Corporate Governance (1997)The Theory of Games and Economic Behavior (1945)Portfolio Selection and Asset Pricing Models (2000)An Empirical Analysis of Analysts' Target Prices: Short‐term Informativeness and Long‐term Dynamics (2003)Portfolio selection with higher moments (2010)Theory of games and economic behavior (2019)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)Divergence of Opinion in Complete Markets: A Note (1985)Model Uncertainty, Limited Market Participation, and Asset Prices (2005)The heterogeneous expectations hypothesis: Some evidence from the lab (2010)An Empirical Evaluation of Accounting Income Numbers (1968)Industrial Market Structure and Economic Performance. (1971)Income Smoothing and Incentives: Empirical Tests Using Accounting Changes. (1987)An Institutional Model of Organizational Practice: Financial Reporting at the Fortune 200 (1990)Ownership structure and corporate social responsibility disclosure: some Malaysian evidence (2007)The Nature of the Firm (1937)Separation of Ownership and Control (1983)Law and Finance (1998)An Economic Theory of Democracy. (1958)EFFICIENT CAPITAL MARKETS: A REVIEW OF THEORY AND EMPIRICAL WORK* (1970)Auditor size and audit quality (1981)Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature (2001)The economic implications of corporate financial reporting (2005)Differences in Education and Earnings Across Racial and Ethnic Groups: Tastes, Discrimination, and Investments in Child Quality (1988)Accounting innovation beyond the enterprise: Problematizing investment decisions and programming economic growth in the U.K. in the 1960s (1991)Capital structure in an emerging stock market: The case of India (2010)Common risk factors in the returns on stocks and bonds (1993)Organization Theory and Methodology. (1983)Infrastructure Requirements for an Economically Efficient System of Public Financial Reporting and Disclosure (2001)The effects of bonus schemes on accounting decisions (2011)The Cross-Section of Expected Stock Returns (1992)On Persistence in Mutual Fund Performance (1997)
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References

  • 1976Theory of the firm: Managerial behavior, agency costs and ownership structure71,441 cited
  • 1964CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK*19,431 cited
  • 1965The Valuation of Risk Assets and the Selection of Risky Investments in Stock Portfolios and Capital Budgets7,600 cited
  • 1979On financial contracting2,901 cited
  • 1978Towards a Positive Theory of the Determination of Accounting Standards.2,664 cited
  • 1958On the Theory of Optimal Investment Decision608 cited
  • 1977Corporate Financial Statements, A Product of the Market and Political Processes585 cited
  • 1976The effect of estimation risk on optimal portfolio choice532 cited
  • 1979Some economic determinants of accounting policy choice372 cited
  • 1977Capital asset prices with heterogeneous beliefs302 cited
  • 1969What's in a Bond Rating218 cited

Cited by

  • 1997Environmental Information and Market Reactions to Environmental Legislation246 cited
  • 1985Measuring Executive Compensation: Methods and an Application120 cited
  • 1993On the Usefulness of Operating Income, Net Income and Comprehensive Income in Explaining Security Returns114 cited
  • 1985Market reaction to short-term executive compensation plan adoption

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111 cited
  • 1984Mandated accounting changes and debt covenants103 cited
  • 1991The Estimation and Determinants of Associations between Returns and Earnings: Evidence from Cross-Industry Comparisons101 cited
  • 1982Determinants of intramethod choice in the oil and gas industry92 cited
  • 1990Efficient contracting and the choice of accounting method in the oil and gas industry85 cited
  • 2017Do the FASB's Standards Add Shareholder Value?84 cited
  • 1986Accounting for leases by lessees77 cited
  • 2003Additional International Evidence on Corporate Cash Holdings75 cited
  • 1982Mandated successful efforts and auditor choice70 cited
  • 1990Negotiated accounting rules in private financial contracts65 cited
  • 2008Corporate Governance Around the World63 cited
  • 1984Accounting for retail land sales61 cited
  • 1982Strategic behavior and regulation research in accounting56 cited