Cross-sectional Variation in Price Anticipation of Earnings
Estimates of the earnings response coefficient (ERC) can be improved by including leading returns in return-earnings models. This improvement in estimated ERC can be used to measure price anticipation of earnings. It is posited that this price anticipation is related to the information environment o...
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| Autor*in: |
Donnelly, Raymond [verfasserIn] |
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| Format: |
E-Artikel |
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| Erschienen: |
Oxford, UK and Boston, USA: Blackwell Publishers Ltd ; 1998 |
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| Schlagwörter: |
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| Umfang: |
Online-Ressource |
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| Reproduktion: |
2003 ; Blackwell Publishing Journal Backfiles 1879-2005 |
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| Übergeordnetes Werk: |
In: Journal of business finance & accounting - Oxford : Wiley-Blackwell, 1974, 25(1998), 5/6, Seite 0 |
| Übergeordnetes Werk: |
volume:25 ; year:1998 ; number:5/6 ; pages:0 |
| Links: |
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| DOI / URN: |
10.1111/1468-5957.00206 |
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NLEJ243370067 |
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| 520 | |a Estimates of the earnings response coefficient (ERC) can be improved by including leading returns in return-earnings models. This improvement in estimated ERC can be used to measure price anticipation of earnings. It is posited that this price anticipation is related to the information environment of a firm. Theories and prior empirical research pertaining to the information environment (e.g. Bhushan, 1989; Frankel et al., 1994) are used to identify three variables, breadth of trading, capital issues and volatility of returns, which potentially determine the extent of price anticipation of earnings. The empirical tests suggest that the tendency of prices to lead earnings is negatively related to thin trading and is positively related to the propensity for external financing and return volatility in the year immediately prior to that to which the anticipated earnings pertain. | ||
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10.1111/1468-5957.00206 doi (DE-627)NLEJ243370067 DE-627 ger DE-627 rakwb Donnelly, Raymond verfasserin aut Cross-sectional Variation in Price Anticipation of Earnings Oxford, UK and Boston, USA Blackwell Publishers Ltd 1998 Online-Ressource nicht spezifiziert zzz rdacontent nicht spezifiziert z rdamedia nicht spezifiziert zu rdacarrier Estimates of the earnings response coefficient (ERC) can be improved by including leading returns in return-earnings models. This improvement in estimated ERC can be used to measure price anticipation of earnings. It is posited that this price anticipation is related to the information environment of a firm. Theories and prior empirical research pertaining to the information environment (e.g. Bhushan, 1989; Frankel et al., 1994) are used to identify three variables, breadth of trading, capital issues and volatility of returns, which potentially determine the extent of price anticipation of earnings. The empirical tests suggest that the tendency of prices to lead earnings is negatively related to thin trading and is positively related to the propensity for external financing and return volatility in the year immediately prior to that to which the anticipated earnings pertain. 2003 Blackwell Publishing Journal Backfiles 1879-2005 |2003|||||||||| price anticipation In Journal of business finance & accounting Oxford : Wiley-Blackwell, 1974 25(1998), 5/6, Seite 0 Online-Ressource (DE-627)NLEJ243927193 (DE-600)2020001-8 1468-5957 nnns volume:25 year:1998 number:5/6 pages:0 http://dx.doi.org/10.1111/1468-5957.00206 text/html Verlag Deutschlandweit zugänglich Volltext GBV_USEFLAG_U ZDB-1-DJB GBV_NL_ARTICLE AR 25 1998 5/6 0 |
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10.1111/1468-5957.00206 doi (DE-627)NLEJ243370067 DE-627 ger DE-627 rakwb Donnelly, Raymond verfasserin aut Cross-sectional Variation in Price Anticipation of Earnings Oxford, UK and Boston, USA Blackwell Publishers Ltd 1998 Online-Ressource nicht spezifiziert zzz rdacontent nicht spezifiziert z rdamedia nicht spezifiziert zu rdacarrier Estimates of the earnings response coefficient (ERC) can be improved by including leading returns in return-earnings models. This improvement in estimated ERC can be used to measure price anticipation of earnings. It is posited that this price anticipation is related to the information environment of a firm. Theories and prior empirical research pertaining to the information environment (e.g. Bhushan, 1989; Frankel et al., 1994) are used to identify three variables, breadth of trading, capital issues and volatility of returns, which potentially determine the extent of price anticipation of earnings. The empirical tests suggest that the tendency of prices to lead earnings is negatively related to thin trading and is positively related to the propensity for external financing and return volatility in the year immediately prior to that to which the anticipated earnings pertain. 2003 Blackwell Publishing Journal Backfiles 1879-2005 |2003|||||||||| price anticipation In Journal of business finance & accounting Oxford : Wiley-Blackwell, 1974 25(1998), 5/6, Seite 0 Online-Ressource (DE-627)NLEJ243927193 (DE-600)2020001-8 1468-5957 nnns volume:25 year:1998 number:5/6 pages:0 http://dx.doi.org/10.1111/1468-5957.00206 text/html Verlag Deutschlandweit zugänglich Volltext GBV_USEFLAG_U ZDB-1-DJB GBV_NL_ARTICLE AR 25 1998 5/6 0 |
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10.1111/1468-5957.00206 doi (DE-627)NLEJ243370067 DE-627 ger DE-627 rakwb Donnelly, Raymond verfasserin aut Cross-sectional Variation in Price Anticipation of Earnings Oxford, UK and Boston, USA Blackwell Publishers Ltd 1998 Online-Ressource nicht spezifiziert zzz rdacontent nicht spezifiziert z rdamedia nicht spezifiziert zu rdacarrier Estimates of the earnings response coefficient (ERC) can be improved by including leading returns in return-earnings models. This improvement in estimated ERC can be used to measure price anticipation of earnings. It is posited that this price anticipation is related to the information environment of a firm. Theories and prior empirical research pertaining to the information environment (e.g. Bhushan, 1989; Frankel et al., 1994) are used to identify three variables, breadth of trading, capital issues and volatility of returns, which potentially determine the extent of price anticipation of earnings. The empirical tests suggest that the tendency of prices to lead earnings is negatively related to thin trading and is positively related to the propensity for external financing and return volatility in the year immediately prior to that to which the anticipated earnings pertain. 2003 Blackwell Publishing Journal Backfiles 1879-2005 |2003|||||||||| price anticipation In Journal of business finance & accounting Oxford : Wiley-Blackwell, 1974 25(1998), 5/6, Seite 0 Online-Ressource (DE-627)NLEJ243927193 (DE-600)2020001-8 1468-5957 nnns volume:25 year:1998 number:5/6 pages:0 http://dx.doi.org/10.1111/1468-5957.00206 text/html Verlag Deutschlandweit zugänglich Volltext GBV_USEFLAG_U ZDB-1-DJB GBV_NL_ARTICLE AR 25 1998 5/6 0 |
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10.1111/1468-5957.00206 doi (DE-627)NLEJ243370067 DE-627 ger DE-627 rakwb Donnelly, Raymond verfasserin aut Cross-sectional Variation in Price Anticipation of Earnings Oxford, UK and Boston, USA Blackwell Publishers Ltd 1998 Online-Ressource nicht spezifiziert zzz rdacontent nicht spezifiziert z rdamedia nicht spezifiziert zu rdacarrier Estimates of the earnings response coefficient (ERC) can be improved by including leading returns in return-earnings models. This improvement in estimated ERC can be used to measure price anticipation of earnings. It is posited that this price anticipation is related to the information environment of a firm. Theories and prior empirical research pertaining to the information environment (e.g. Bhushan, 1989; Frankel et al., 1994) are used to identify three variables, breadth of trading, capital issues and volatility of returns, which potentially determine the extent of price anticipation of earnings. The empirical tests suggest that the tendency of prices to lead earnings is negatively related to thin trading and is positively related to the propensity for external financing and return volatility in the year immediately prior to that to which the anticipated earnings pertain. 2003 Blackwell Publishing Journal Backfiles 1879-2005 |2003|||||||||| price anticipation In Journal of business finance & accounting Oxford : Wiley-Blackwell, 1974 25(1998), 5/6, Seite 0 Online-Ressource (DE-627)NLEJ243927193 (DE-600)2020001-8 1468-5957 nnns volume:25 year:1998 number:5/6 pages:0 http://dx.doi.org/10.1111/1468-5957.00206 text/html Verlag Deutschlandweit zugänglich Volltext GBV_USEFLAG_U ZDB-1-DJB GBV_NL_ARTICLE AR 25 1998 5/6 0 |
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10.1111/1468-5957.00206 doi (DE-627)NLEJ243370067 DE-627 ger DE-627 rakwb Donnelly, Raymond verfasserin aut Cross-sectional Variation in Price Anticipation of Earnings Oxford, UK and Boston, USA Blackwell Publishers Ltd 1998 Online-Ressource nicht spezifiziert zzz rdacontent nicht spezifiziert z rdamedia nicht spezifiziert zu rdacarrier Estimates of the earnings response coefficient (ERC) can be improved by including leading returns in return-earnings models. This improvement in estimated ERC can be used to measure price anticipation of earnings. It is posited that this price anticipation is related to the information environment of a firm. Theories and prior empirical research pertaining to the information environment (e.g. Bhushan, 1989; Frankel et al., 1994) are used to identify three variables, breadth of trading, capital issues and volatility of returns, which potentially determine the extent of price anticipation of earnings. The empirical tests suggest that the tendency of prices to lead earnings is negatively related to thin trading and is positively related to the propensity for external financing and return volatility in the year immediately prior to that to which the anticipated earnings pertain. 2003 Blackwell Publishing Journal Backfiles 1879-2005 |2003|||||||||| price anticipation In Journal of business finance & accounting Oxford : Wiley-Blackwell, 1974 25(1998), 5/6, Seite 0 Online-Ressource (DE-627)NLEJ243927193 (DE-600)2020001-8 1468-5957 nnns volume:25 year:1998 number:5/6 pages:0 http://dx.doi.org/10.1111/1468-5957.00206 text/html Verlag Deutschlandweit zugänglich Volltext GBV_USEFLAG_U ZDB-1-DJB GBV_NL_ARTICLE AR 25 1998 5/6 0 |
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cross-sectional variation in price anticipation of earnings |
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Cross-sectional Variation in Price Anticipation of Earnings |
| abstract |
Estimates of the earnings response coefficient (ERC) can be improved by including leading returns in return-earnings models. This improvement in estimated ERC can be used to measure price anticipation of earnings. It is posited that this price anticipation is related to the information environment of a firm. Theories and prior empirical research pertaining to the information environment (e.g. Bhushan, 1989; Frankel et al., 1994) are used to identify three variables, breadth of trading, capital issues and volatility of returns, which potentially determine the extent of price anticipation of earnings. The empirical tests suggest that the tendency of prices to lead earnings is negatively related to thin trading and is positively related to the propensity for external financing and return volatility in the year immediately prior to that to which the anticipated earnings pertain. |
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Estimates of the earnings response coefficient (ERC) can be improved by including leading returns in return-earnings models. This improvement in estimated ERC can be used to measure price anticipation of earnings. It is posited that this price anticipation is related to the information environment of a firm. Theories and prior empirical research pertaining to the information environment (e.g. Bhushan, 1989; Frankel et al., 1994) are used to identify three variables, breadth of trading, capital issues and volatility of returns, which potentially determine the extent of price anticipation of earnings. The empirical tests suggest that the tendency of prices to lead earnings is negatively related to thin trading and is positively related to the propensity for external financing and return volatility in the year immediately prior to that to which the anticipated earnings pertain. |
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Estimates of the earnings response coefficient (ERC) can be improved by including leading returns in return-earnings models. This improvement in estimated ERC can be used to measure price anticipation of earnings. It is posited that this price anticipation is related to the information environment of a firm. Theories and prior empirical research pertaining to the information environment (e.g. Bhushan, 1989; Frankel et al., 1994) are used to identify three variables, breadth of trading, capital issues and volatility of returns, which potentially determine the extent of price anticipation of earnings. The empirical tests suggest that the tendency of prices to lead earnings is negatively related to thin trading and is positively related to the propensity for external financing and return volatility in the year immediately prior to that to which the anticipated earnings pertain. |
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<?xml version="1.0" encoding="UTF-8"?><collection xmlns="http://www.loc.gov/MARC21/slim"><record><leader>01000caa a22002652 4500</leader><controlfield tag="001">NLEJ243370067</controlfield><controlfield tag="003">DE-627</controlfield><controlfield tag="005">20210707180156.0</controlfield><controlfield tag="007">cr uuu---uuuuu</controlfield><controlfield tag="008">120427s1998 xx |||||o 00| ||und c</controlfield><datafield tag="024" ind1="7" ind2=" "><subfield code="a">10.1111/1468-5957.00206</subfield><subfield code="2">doi</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(DE-627)NLEJ243370067</subfield></datafield><datafield tag="040" ind1=" " ind2=" "><subfield code="a">DE-627</subfield><subfield code="b">ger</subfield><subfield code="c">DE-627</subfield><subfield code="e">rakwb</subfield></datafield><datafield tag="100" ind1="1" ind2=" "><subfield code="a">Donnelly, Raymond</subfield><subfield code="e">verfasserin</subfield><subfield code="4">aut</subfield></datafield><datafield tag="245" ind1="1" ind2="0"><subfield code="a">Cross-sectional Variation in Price Anticipation of Earnings</subfield></datafield><datafield tag="264" ind1=" " ind2="1"><subfield code="a">Oxford, UK and Boston, USA</subfield><subfield code="b">Blackwell Publishers Ltd</subfield><subfield code="c">1998</subfield></datafield><datafield tag="300" ind1=" " ind2=" "><subfield code="a">Online-Ressource</subfield></datafield><datafield tag="336" ind1=" " ind2=" "><subfield code="a">nicht spezifiziert</subfield><subfield code="b">zzz</subfield><subfield code="2">rdacontent</subfield></datafield><datafield tag="337" ind1=" " ind2=" "><subfield code="a">nicht spezifiziert</subfield><subfield code="b">z</subfield><subfield code="2">rdamedia</subfield></datafield><datafield tag="338" ind1=" " ind2=" "><subfield code="a">nicht spezifiziert</subfield><subfield code="b">zu</subfield><subfield code="2">rdacarrier</subfield></datafield><datafield tag="520" ind1=" " ind2=" "><subfield code="a">Estimates of the earnings response coefficient (ERC) can be improved by including leading returns in return-earnings models. This improvement in estimated ERC can be used to measure price anticipation of earnings. It is posited that this price anticipation is related to the information environment of a firm. Theories and prior empirical research pertaining to the information environment (e.g. Bhushan, 1989; Frankel et al., 1994) are used to identify three variables, breadth of trading, capital issues and volatility of returns, which potentially determine the extent of price anticipation of earnings. The empirical tests suggest that the tendency of prices to lead earnings is negatively related to thin trading and is positively related to the propensity for external financing and return volatility in the year immediately prior to that to which the anticipated earnings pertain.</subfield></datafield><datafield tag="533" ind1=" " ind2=" "><subfield code="d">2003</subfield><subfield code="f">Blackwell Publishing Journal Backfiles 1879-2005</subfield><subfield code="7">|2003||||||||||</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">price anticipation</subfield></datafield><datafield tag="773" ind1="0" ind2="8"><subfield code="i">In</subfield><subfield code="t">Journal of business finance & accounting</subfield><subfield code="d">Oxford : Wiley-Blackwell, 1974</subfield><subfield code="g">25(1998), 5/6, Seite 0</subfield><subfield code="h">Online-Ressource</subfield><subfield code="w">(DE-627)NLEJ243927193</subfield><subfield code="w">(DE-600)2020001-8</subfield><subfield code="x">1468-5957</subfield><subfield code="7">nnns</subfield></datafield><datafield tag="773" ind1="1" ind2="8"><subfield code="g">volume:25</subfield><subfield code="g">year:1998</subfield><subfield code="g">number:5/6</subfield><subfield code="g">pages:0</subfield></datafield><datafield tag="856" ind1="4" ind2="0"><subfield code="u">http://dx.doi.org/10.1111/1468-5957.00206</subfield><subfield code="q">text/html</subfield><subfield code="x">Verlag</subfield><subfield code="z">Deutschlandweit zugänglich</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_USEFLAG_U</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">ZDB-1-DJB</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_NL_ARTICLE</subfield></datafield><datafield tag="951" ind1=" " ind2=" "><subfield code="a">AR</subfield></datafield><datafield tag="952" ind1=" " ind2=" "><subfield code="d">25</subfield><subfield code="j">1998</subfield><subfield code="e">5/6</subfield><subfield code="h">0</subfield></datafield></record></collection>
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