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The Usefulness of Disclosures of Untaxed Foreign Earnings in Firm Valuation
16 references·0 citing·48 second hop
The Usefulness of Disclosures of Untaxed Foreign Earnings in Firm Valuation (2008)The Usefulness of Disclosures of Untaxed …Financial Accounting Standards Board (FASB) (2008)Financial Accounting Standard…Why do firms hold so much cash? A tax-based explanation (2007)Why do firms hold so much cas…Last‐Chance Earnings Management: Using the Tax Expense to Meet Analysts' Forecasts* (2004)Last‐Chance Earnings Manageme…The Effect of Information Complexity on Analysts' Use of That Information (2003)The Effect of Information Com…Disclosure level and the cost of equity capital. (1997)Disclosure level and the cost…Determinants of the variability in corporate effective tax rates: Evidence from longitudinal data (1997)Determinants of the variabili…Fair value disclosures by bank holding companies (1996)Fair value disclosures by ban…The information content of losses (1995)The information content of lo…Price and return models (1995)Price and return modelsEarnings, Book Values, and Dividends in Equity Valuation* (1995)Earnings, Book Values, and Di…Information in prices about future earnings (1992)Information in prices about f…An analysis of intertemporal and cross-sectional determinants of earnings response coefficients (1989)An analysis of intertemporal …Tax policy and foreign direct investment (1985)Tax policy and foreign direct…Security Analyst Multi-Year Earnings Forecasts and the Capital Market (1985)Security Analyst Multi-Year E…The information content of security prices (1980)The information content of se…Risk, Return, and Equilibrium: Empirical Tests (1973)Risk, Return, and Equilibrium…Coefficient Alpha and the Internal Structure of Tests (1951)Disclosure, Liquidity, and the Cost of Capital (1991)The Cross-Section of Expected Stock Returns (1992)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)The relationship between return and market value of common stocks (1981)Positive Accounting Theory (1985)Co-Integration and Error Correction: Representation, Estimation, and Testing (1987)Corporate Environmental Disclosure Strategies: Determinants, Costs and Benefits (1999)Equity Valuation and Negative Earnings: The Role of Book Value of Equity (1999)Investor flows and the assessed performance of open-end mutual funds (1999)Rational Expectations and the Theory of Price Movements (1961)An Empirical Evaluation of Accounting Income Numbers (1968)Earnings Releases, Anomalies, and the Behavior of Security Returns. (1984)Empirical Tests of the Consumption‐Oriented CAPM (1989)Optimal capital structure under corporate and personal taxation (1980)On the Existence of an Optimal Capital Structure: Theory and Evidence (1984)Empirical tax research in accounting (2001)The incentives for tax planning (2011)Equity Risk Incentives and Corporate Tax Aggressiveness (2012)The Cost of Capital, Corporation Finance and the Theory of Investment (1958)Dividend Policy, Growth, and the Valuation of Shares (1961)The Theory and Measurement of Business Income (1961)Valuation and Clean Surplus Accounting for Operating and Financial Activities* (1995)Capital markets research in accounting (2001)Does Corporate Social Responsibility Affect the Cost of Capital? (2010)CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* (1964)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)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)Earnings Asan Explanatory Variable for Returns (1991)Forecasting Profitability and Earnings (2000)Does Greater Firm‐Specific Return Variation Mean More or Less Informed Stock Pricing? (2003)Corporate financing and investment decisions when firms have information that investors do not have (1984)Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers (1986)The determinants and implications of corporate cash holdings (1999)Is cash negative debt? A hedging perspective on corporate financial policies (2007)The Corporate Propensity to Save (2009)Corporate Investment and Stock Market Listing: A Puzzle? (2014)The conservatism principle and the asymmetric timeliness of earnings1 (1997)Earnings Management through Real Activities Manipulation (2003)Understanding earnings quality: A review of the proxies, their determinants and their consequences (2010)The World Price of Earnings Opacity (2003)The Information Role of Conservatism (2008)An Examination of Corporate Tax Shelter Participants (2009)
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References

  • 1973Risk, Return, and Equilibrium: Empirical Tests14,248 cited
  • 1995Earnings, Book Values, and Dividends in Equity Valuation*5,061 cited
  • 1997Disclosure level and the cost of equity capital.3,577 cited
  • 1995The information content of losses2,315 cited
  • 1989An analysis of intertemporal and cross-sectional determinants of earnings response coefficients1,685 cited
  • 2008Financial Accounting Standards Board (FASB)1,095 cited
  • 1997Determinants of the variability in corporate effective tax rates: Evidence from longitudinal data961 cited
  • 2007Why do firms hold so much cash? A tax-based explanation829 cited
  • 1980The information content of security prices737 cited
  • 1995Price and return models691 cited
  • 2004Last‐Chance Earnings Management: Using the Tax Expense to Meet Analysts' Forecasts*620 cited
  • 1996Fair value disclosures by bank holding companies395 cited
  • 2003The Effect of Information Complexity on Analysts' Use of That Information377 cited
  • 1985Tax policy and foreign direct investment372 cited
  • 1992Information in prices about future earnings370 cited
  • 1985

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Security Analyst Multi-Year Earnings Forecasts and the Capital Market
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