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Accounting Quality, Stock Price Delay and Future Stock Returns
16 references·13 citing·30 second hop
Accounting Quality, Stock Price Delay and Future Stock Returns (2009)Accounting Quality, Stock Price Delay and…How does financial reporting quality relate to investment efficiency? (2009)How does financial reporting …Annual report readability, current earnings, and earnings persistence (2008)Annual report readability, cu…Accounting Information, Disclosure, and the Cost of Capital (2007)Accounting Information, Discl…The market pricing of accruals quality (2005)The market pricing of accrual…The Quality of Accruals and Earnings: The Role of Accrual Estimation Errors (2002)The Quality of Accruals and E…Investor Psychology and Security Market Under‐ and Overreactions (1998)Investor Psychology and Secur…Industry costs of equity (1997)Industry costs of equityDisclosure level and the cost of equity capital. (1997)Disclosure level and the cost…Returns to Buying Winners and Selling Losers: Implications for Stock Market Efficiency (1993)Returns to Buying Winners and…Common risk factors in the returns on stocks and bonds (1993)Common risk factors in the re…The Cross-Section of Expected Stock Returns (1992)The Cross-Section of Expected…Disclosure, Liquidity, and the Cost of Capital (1991)Disclosure, Liquidity, and th…Evidence of Predictable Behavior of Security Returns (1990)Evidence of Predictable Behav…On the Impossibility of Informationally Efficient Markets (1980)On the Impossibility of Infor…The Pricing of Options and Corporate Liabilities (1973)The Pricing of Options and Co…Risk, Return, and Equilibrium: Empirical Tests (1973)Risk, Return, and Equilibrium…Using GPT to Measure Business Complexity (2026)Using GPT to Measure Business…Does Board Independence Influence Annual Report Readability? (2023)Does Board Independence Influ…The effect of annual report readability on financial analysts behaviour (2018)The effect of annual report r…Disclosure “Scriptability” (2018)Disclosure “Scriptability”Managerial Discretion in Accruals and Informational Efficiency (2017)Managerial Discretion in Accr…Further Evidence on Consequences of Debt Covenant Violations (2017)Further Evidence on Consequen…Perceived audit quality, state ownership, and stock price delay: evidence from China (2016)Perceived audit quality, stat…Do Foreign Investors Promote Stock Price Efficiency in Emerging Markets? (2016)Do Foreign Investors Promote …Improving Profitability Forecasts with Information on Earnings Quality (2015)Improving Profitability Forec…A Re-Examination of the Cost of Capital Benefits from Higher-Quality Disclosures (2015)A Re-Examination of the Cost …Readability of 10-K Reports and Stock Price Crash Risk (2014)Readability of 10-K Reports a…Measuring Readability in Financial Text (2010)Measuring Readability in Fina…Informed Trading and Required Returns: The Influence of Public Information (2006)Informed Trading and Required…CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* (1964)On Persistence in Mutual Fund Performance (1997)Illiquidity and stock returns: cross-section and time-series effects (2002)A five-factor asset pricing model (2014)The Cost of Capital, Corporation Finance and the Theory of Investment (1958)ON THE PRICING OF CORPORATE DEBT: THE RISK STRUCTURE OF INTEREST RATES* (1974)Theory of the firm: Managerial behavior, agency costs and ownership structure (1976)A Closed-Form Solution for Options with Stochastic Volatility with Applications to Bond and Currency Options (1993)Theory of rational option pricing (2005)The Behavior of Stock-Market Prices (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)Does the Stock Market Overreact? (1985)Continuous Auctions and Insider Trading (1985)A Unified Theory of Underreaction, Momentum Trading, and Overreaction in Asset Markets (1999)Trading Is Hazardous to Your Wealth: The Common Stock Investment Performance of Individual Investors (2000)Boys will be Boys: Gender, Overconfidence, and Common Stock Investment (2001)The Valuation of Risk Assets and the Selection of Risky Investments in Stock Portfolios and Capital Budgets (1965)Accounting earnings and cash flows as measures of firm performance (1994)A Review of the Earnings Management Literature and Its Implications for Standard Setting (1999)Errors in Estimating Accruals: Implications for Empirical Research (2002)Understanding earnings quality: A review of the proxies, their determinants and their consequences (2010)A review of archival auditing research (2014)Noise Trader Risk in Financial Markets (1990)Efficient Capital Markets: II (1991)Multifactor Explanations of Asset Pricing Anomalies (1996)Measuring Mutual Fund Performance with Characteristic‐Based Benchmarks (1997)Conditional Skewness in Asset Pricing Tests (2000)Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature (2001)The economic implications of corporate financial reporting (2005)Voluntary Nonfinancial Disclosure and the Cost of Equity Capital: The Initiation of Corporate Social Responsibility Reporting (2010)
this work references cited by second hop

References

  • 1973The Pricing of Options and Corporate Liabilities29,064 cited
  • 1993Common risk factors in the returns on stocks and bonds26,615 cited
  • 1992The Cross-Section of Expected Stock Returns17,251 cited
  • 1973Risk, Return, and Equilibrium: Empirical Tests14,248 cited
  • 1993Returns to Buying Winners and Selling Losers: Implications for Stock Market Efficiency11,575 cited
  • 1997Industry costs of equity5,793 cited
  • 1998Investor Psychology and Security Market Under‐ and Overreactions5,711 cited
  • 2002The Quality of Accruals and Earnings: The Role of Accrual Estimation Errors5,163 cited
  • 1980On the Impossibility of Informationally Efficient Markets5,122 cited
  • 1991Disclosure, Liquidity, and the Cost of Capital3,828 cited
  • 1997Disclosure level and the cost of equity capital.3,577 cited
  • 2009How does financial reporting quality relate to investment efficiency?3,211 cited
  • 2005The market pricing of accruals quality3,101 cited
  • 2008Annual report readability, current earnings, and earnings persistence2,850 cited
  • 1990Evidence of Predictable Behavior of Security Returns2,702 cited

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2007
Accounting Information, Disclosure, and the Cost of Capital
2,582 cited

Cited by

  • 2018Disclosure “Scriptability”50 cited
  • 2017Further Evidence on Consequences of Debt Covenant Violations48 cited
  • 2023Does Board Independence Influence Annual Report Readability?38 cited
  • 2015A Re-Examination of the Cost of Capital Benefits from Higher-Quality Disclosures35 cited
  • 2026Using GPT to Measure Business Complexity31 cited
  • 2010Measuring Readability in Financial Text31 cited
  • 2016Do Foreign Investors Promote Stock Price Efficiency in Emerging Markets?28 cited
  • 2017Managerial Discretion in Accruals and Informational Efficiency25 cited
  • 2006Informed Trading and Required Returns: The Influence of Public Information22 cited
  • 2014Readability of 10-K Reports and Stock Price Crash Risk18 cited
  • 2015Improving Profitability Forecasts with Information on Earnings Quality18 cited
  • 2016Perceived audit quality, state ownership, and stock price delay: evidence from China16 cited
  • 2018The effect of annual report readability on financial analysts behaviour16 cited