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The Relationship Between Abnormal Inventory Growth and Future Earnings for U.S. Public Retailers
16 references·16 citing·31 second hopsampled
The Relationship Between Abnormal Inventory Growth and Future Earnings for U.S. Public Retailers (2012)The Relationship Between Abnormal Invento…Econometrics of Event Studies**We thank Espen Eckbo, Jon Lewellen, Adam Kolasinski, and Jay Ritter for insightful comments, and Irfan Safdar and Alan Wancier for research assistance. (2007)Econometrics of Event Studies…Dissecting Anomalies (2007)Dissecting AnomaliesAssociation Between Supply Chain Glitches and Operating Performance (2005)Association Between Supply Ch…Customer Satisfaction and Shareholder Value (2004)Customer Satisfaction and Sha…Errors in Estimating Accruals: Implications for Empirical Research (2002)Errors in Estimating Accruals…Managerial Decisions and Long‐Term Stock Price Performance (2000)Managerial Decisions and Long…Are Nonfinancial Measures Leading Indicators of Financial Performance? An Analysis of Customer Satisfaction (1998)Are Nonfinancial Measures Lea…What is the Right Supply Chain for Your Product (1997)What is the Right Supply Chai…Information Distortion in a Supply Chain: The Bullwhip Effect (1997)Information Distortion in a S…Fundamental Analysis, Future Earnings, and Stock Prices (1997)Fundamental Analysis, Future …Optimal Dynamic Pricing of Inventories with Stochastic Demand over Finite Horizons (1994)Optimal Dynamic Pricing of In…Evidence of Predictable Behavior of Security Returns (1990)Evidence of Predictable Behav…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 VALUATION OF RISK ASSETS …Risk, Return, and Equilibrium: Empirical Tests (1973)Risk, Return, and Equilibrium…The 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…Inventory Productivity and Stock Returns in Manufacturing Networks (2023)Inventory Productivity and St…Demand management strategies role in sustainability of service industry and impacts performance of company: Using SEM approach (2022)Demand management strategies …The Effects of Stock-Based Incentives on Inventory Management (2021)The Effects of Stock-Based In…M-Commerce, Sales Concentration, and Inventory Management (2021)M-Commerce, Sales Concentrati…The effect of economic uncertainty on inventory and working capital for manufacturing firms (2020)The effect of economic uncert…Store Closings and Retailer Profitability: A Contingency Perspective (2020)Store Closings and Retailer P…Can Global Sourcing Strategy Predict Stock Returns? (2020)Can Global Sourcing Strategy …The Role of Trust in Information Processing: Evidence from Security Analysts (2019)The Role of Trust in Informat…The impact of capacity-reduction initiatives on the stock market value of Chinese manufacturing firms (2019)The impact of capacity-reduct…Multiperiod Inventory Management with Budget Cycles: Rational and Behavioral Decision‐Making (2019)Multiperiod Inventory Managem…Effect of Financing Costs and Constraints on Real Investments: The Case of Inventories (2019)Effect of Financing Costs and…Inventory agility upon demand shocks: Empirical evidence from the financial crisis (2018)Inventory agility upon demand…How do financial constraints and financing costs affect inventories? An empirical supply chain perspective (2017)How do financial constraints …Strategic Design Responsiveness: An Empirical Analysis of US Retail Store Networks (2014)Strategic Design Responsivene…The impact of inventory dynamics on long‐term stock returns – An empirical investigation of U.S. manufacturing companies (2013)The impact of inventory dynam…Differences in Retail Inventory Investment Behavior During Macroeconomic Shocks: Role of Service Level (2013)Differences in Retail Invento…Corporate Forecasts of Earnings Per Share and Stock Price Behavior: Empirical Test (1976)The Balanced Scorecard (1998)Transforming the Balanced Scorecard from Performance Measurement to Strategic Management: Part I (2001)Performance implications of strategic performance measurement in financial services firms (2003)The Cost of Capital, Corporation Finance and the Theory of Investment (1958)Dividend Policy, Growth, and the Valuation of Shares (1961)On Persistence in Mutual Fund Performance (1997)The cost of capital, corporation finance and the theory of investment (2008)The Behavior of Stock-Market Prices (1965)Efficient Capital Markets: A Review of Theory and Empirical Work (1970)EFFICIENT CAPITAL MARKETS: A REVIEW OF THEORY AND EMPIRICAL WORK* (1970)Efficient Capital Markets: II (1991)Returns to Buying Winners and Selling Losers: Implications for Stock Market Efficiency (1993)Investor Psychology and Security Market Under‐ and Overreactions (1998)The Cross-Section of Expected Stock Returns (1992)Common risk factors in the returns on stocks and bonds (1993)The Equity Share in New Issues and Aggregate Stock Returns (2000)Chapter 18 A survey of behavioral finance (2003)Market liquidity as a sentiment indicator (2004)Accounting earnings and cash flows as measures of firm performance (1994)The pricing of discretionary accruals (1996)The Quality of Accruals and Earnings: The Role of Accrual Estimation Errors (2002)Performance matched discretionary accrual measures (2005)Understanding earnings quality: A review of the proxies, their determinants and their consequences (2010)Detecting Earnings Management (2012)Issues in Supply Chain Management (2000)Arcs of integration: an international study of supply chain strategies (2001)Perspectives in supply chain risk management (2006)The Pricing of Options and Corporate Liabilities (1973)Theory of the firm: Managerial behavior, agency costs and ownership structure (1976)DEFINING SUPPLY CHAIN MANAGEMENT (2001)
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References

  • 1964CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK*19,431 cited
  • 1973Risk, Return, and Equilibrium: Empirical Tests14,248 cited
  • 1965The Valuation of Risk Assets and the Selection of Risky Investments in Stock Portfolios and Capital Budgets7,600 cited
  • 1975THE 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.]6,743 cited
  • 1997Information Distortion in a Supply Chain: The Bullwhip Effect4,718 cited
  • 1997What is the Right Supply Chain for Your Product3,084 cited
  • 1990Evidence of Predictable Behavior of Security Returns2,702 cited
  • 2002Errors in Estimating Accruals: Implications for Empirical Research1,683 cited
  • 1998Are Nonfinancial Measures Leading Indicators of Financial Performance? An Analysis of Customer Satisfaction

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1,609 cited
  • 2000Managerial Decisions and Long‐Term Stock Price Performance1,573 cited
  • 2007Dissecting Anomalies1,573 cited
  • 1994Optimal Dynamic Pricing of Inventories with Stochastic Demand over Finite Horizons1,560 cited
  • 2004Customer Satisfaction and Shareholder Value1,336 cited
  • 1997Fundamental Analysis, Future Earnings, and Stock Prices862 cited
  • 2007Econometrics of Event Studies**We thank Espen Eckbo, Jon Lewellen, Adam Kolasinski, and Jay Ritter for insightful comments, and Irfan Safdar and Alan Wancier for research assistance.841 cited
  • 2005Association Between Supply Chain Glitches and Operating Performance757 cited
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    • 2020Store Closings and Retailer Profitability: A Contingency Perspective44 cited
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    • 2021M-Commerce, Sales Concentration, and Inventory Management37 cited
    • 2019Effect of Financing Costs and Constraints on Real Investments: The Case of Inventories36 cited
    • 2020Can Global Sourcing Strategy Predict Stock Returns?31 cited
    • 2017How do financial constraints and financing costs affect inventories? An empirical supply chain perspective25 cited
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