Information content of interim earnings components: application study methods
Saved in:
| Main Author: | |
|---|---|
| Format: | Book |
| Language: | Undetermined |
| Published: |
Helsinki
1992
|
| Series: | Kauppakorkeakoulu <Helsinki>: Helsingin Kauppakorkeakoulun Julkaisuja / B
120 |
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | 126 S. |
| ISBN: | 951702102X |
Staff View
MARC
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Record in the Search Index
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| adam_text | 7
TABLE OF CONTENTS
LIST OF FIGURES 9
LIST OF TABLES 9
LIST OF APPENDICES 10
1 BACKGROUND TO THE STUDY 1J
1.1 Importance of financial reporting 11
1.2 Evolution of price earnings research 13
1.3 Objectives and organization of the study 16
2 EARLIER RESEARCH 19
2.1 Overview of event study and association study
approaches 19
2 .2 A review of literature 20
2.2.1 Prices and earnings forecasting 20
2.2.2 Studies of earnings components 23
2.2.3 Factors affecting the price earnings association 24
2.3 Present study in relation to previous research 27
3 METHODS AND HYPOTHESES 3 1
3.1 Event study application: abnormal performance index .. 31
3.2 Association study application 33
3.2.1 Modelling earnings response coefficients 33
3.2.2 Development of hypotheses 3 5
4 VARIABLES, TESTS AND DATA 4 0
4.1 Proxies for earnings in the event study 40
4.2 Independent variables in the association study 41
4.3 Dependent variables in the association study 45
4.4 Interpretation of tests for hypotheses 47
4.5 Data 50
4.5.1 Accounting data 50
4.5.2 Stock market data 53
4.6 Descriptive statistics of regression variables 55
4.6.1 Independent variables 55
4.6.2 Dependent variables 5 4
5 RESULTS 1.1
5 .1 Abnormal performance indices f 1
5.2 Earnings response coefficients fa7
5.2.1 Contemporaneous return window and earnings
period fa7
5.2.1.1 Single security results 67
5.2.1.2 Portfolio results 71
5.2.2 Asymmetrical return window and earnings [.etiod . 7 4
5.2.2.1 Single security results 7 5
5.2.2.2 Portfolio results 77
6 DISCUSSION a 1
6.1 Summary of results al
6.2 Comparison with related studies 8 3
6.3 Future extensions 84
8
REFERENCES 86
AFPENDICES 1 24 41
10
Table 18 Test results: lead lag results, portfolio
„., 1Q method (deflator: price, sort key UR) 77
Table 19 Test results: lead lag results, portfolio
method (deflator: market value, sort key UR) ... 79
LIST OF APPENDICES
Appendix 1 Interim financial statement variables 91
Appendix 2 Standard format of Finnish annual financial income statement 93
Appendix 3 The regulatory development of interim financial statement reporting 93
Appendix 4 Reliability of accounting data 94
Appendix 5 Reporting lags in days: 1985 1990 96
Appendix 6 Firms in regressions 97
Appendix 7 Firms studied according to standard Industrial
Classification (SIC) ... 100
Appendix 8 Summary of direct inquiries 102
Appendix 9 Indices specific to share series 103
Appendix 10 Descriptive statistics of variables 104
Appendix 11 Results of the Martinez Iglewicz normality
test 106
Appendix 12 Correlations between variables . .108
Appendix 13 API results for UEPS1 and UEPS2 variables .. HI
Appendix 14 API results for UEPS1, UEPS2 and UIND1 using
daily average APIs .. 112
Appendix 15 Test results, contemporaneous window, deflator!
market value .... 113
Appendix 16 Test results, earnings based sorting isort key
,m ,. ,„ UEPS1/P or UPROFI/MV) .114
Aooendiv }l MU!tiP!S Session results, deflator ] price ... 116
Appendix 18 Multiple regression results, deflator: market
value H7
Appendix jo neSt results diagnostic examinations . ! . ! ! ! ! . ! ! 120
Appendix 20 Diagnostic examinations, multiple regression
» ,. results, deflator nrirp 191
Appendix 21 Diagnostic examinations? multiple regression
Appendix ?J It ? deflator: market value 122
Append x 23 Multip^rea ? retUrnS and W earnin9S 123
raw elrningf6331011 reSUltS w ret— ™* ,n
Appendix 24 ^uenc^statistics _ for ^etecting^otential; ^
9
LIST OF FIGURES
Figure 1 API results using the index model in portfolio
division and three day moving average 61
Figure 2 API results for positive unexpected earnings
portfolios 63
Figure 3 Rescaled API results for positive unexpected
earnings portfolios 64
Figure 4 API results for negative unexpected earnings
portfolios 64
Figure 5 API results using the SRW (PROFINEX level)
forecasting model and three day moving average . Ill
Figure 6 API results using the SRW (PROBAPTX level)
forecasting model and three day moving average . Ill
Figure 7 API results using the SRW (PROFINEX level)
forecasting model and daily average APIs 112
Figure 8 API results using the SRW (PROBAPTX level)
forecasting model and daily average APIs 112
Figure 9 API results using the index (PROFINEX level)
forecasting model and daily average APIs 113
LIST OF TABLES
Table 1 Variables used in portfolio division 40
Table 2 Variables in regressions independent
variables (deflator: price) 42
Table 3 Variables in regressions independent
variables (deflator: market value) 43
Table 4 Variables in raw regressions independent
variables 44
Table 5 Variables in regressions dependent variables . 46
Table 6 Descriptive statistics of independent variables
(contemporaneous window, deflator: price) 57
Table 7 Descriptive statistics of independent variables
(contemporaneous window, deflator: market value) 58
Table 8 Descriptive statistics of dependent variables
(contemporaneous window) 60
Table 9 Difference between positive and negative APIs
t test results (window: 50, 10) 65
Table 10 Difference between positive and negative APIs
t test results (partitioned windows) 66
Table 11 Test results: contemporaneous window, sampled
specific to the reporting period (deflator:
price) 68
Table 12 Test results: contemporaneous window, pooled
sample (deflator: price) 69
Table 13 Test results: contemporaneous window, pooled
sample (deflator: market value) 70
Table 14 Test results: contemporaneous window, portfolio
method (deflator: price, sort key UR) 72
Table 15 Test results: contemporaneous window, poitfolio
method (deflator: market value, sort key UR) ... 73
Table 16 Test results: lead lag results, pooled sample
(deflator: price) 75
Table 17 Test results: lead lag results, pooled sample
(deflator: market value) 76
|
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| author_facet | Schadewitz, Hannu |
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| indexdate | 2024-07-09T17:28:27Z |
| institution | BVB |
| isbn | 951702102X |
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| spelling | Schadewitz, Hannu Verfasser aut Information content of interim earnings components application study methods Hannu Schadewitz Helsinki 1992 126 S. txt rdacontent n rdamedia nc rdacarrier Kauppakorkeakoulu <Helsinki>: Helsingin Kauppakorkeakoulun Julkaisuja / B 120 Zwischenbilanz (DE-588)4191340-1 gnd rswk-swf Informationswert (DE-588)4123429-7 gnd rswk-swf Finnland (DE-588)4017243-0 gnd rswk-swf Finnland (DE-588)4017243-0 g Informationswert (DE-588)4123429-7 s Zwischenbilanz (DE-588)4191340-1 s DE-604 B Kauppakorkeakoulu <Helsinki>: Helsingin Kauppakorkeakoulun Julkaisuja 120 (DE-604)BV005631594 120 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=005954431&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Schadewitz, Hannu Information content of interim earnings components application study methods Zwischenbilanz (DE-588)4191340-1 gnd Informationswert (DE-588)4123429-7 gnd |
| subject_GND | (DE-588)4191340-1 (DE-588)4123429-7 (DE-588)4017243-0 |
| title | Information content of interim earnings components application study methods |
| title_auth | Information content of interim earnings components application study methods |
| title_exact_search | Information content of interim earnings components application study methods |
| title_full | Information content of interim earnings components application study methods Hannu Schadewitz |
| title_fullStr | Information content of interim earnings components application study methods Hannu Schadewitz |
| title_full_unstemmed | Information content of interim earnings components application study methods Hannu Schadewitz |
| title_short | Information content of interim earnings components |
| title_sort | information content of interim earnings components application study methods |
| title_sub | application study methods |
| topic | Zwischenbilanz (DE-588)4191340-1 gnd Informationswert (DE-588)4123429-7 gnd |
| topic_facet | Zwischenbilanz Informationswert Finnland |
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