The SEC believes that MD&A disclosures provide investors with useful information that
clarifies and supplements the financial statements. In this study, we use data from retail firms …

Assessing the usefulness of earnings to investors was a major motiva-tion for the most
concerted research effort in accounting history-the tradition of returns/earnings studies …

This study investigates investors' reactions to revenue and expense surprises around
preliminary earnings announcements. Results show that investors value more highly a …

Recent studies have considered the association between abnormal stock returns and
forecast errors of various components of earnings. For discretionary outlays such as …

ABSTRACT A standard result in the voluntary disclosure literature is that when the
manager's private information is a signal correlated with the firm's liquidation value …

This study examines the role of revenue in valuing firms beyond earnings and investigates
whether this (1) is pervasive or limited to certain situations in which earnings may be less …

In this paper we model risk-adjusted returns at earnings announcements as a function of
unexpected revenues and unexpected expenses, in order to test for the information content …

This study extends Ertimur et al.(2003) and Jegadeesh and Livnat (2006a) by providing a
contextual framework for the information content of revenue and earnings surprises. I find …

This article examines the impact of one form of sales seasonality on the response of equity
returns to earnings announcements in different quarters. We regress unexpected …

Cash flows are incrementally useful to earnings in security valuation mainly when earnings
quality is low. This suggests that when earnings quality decreases, analysts will be more …