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Financial Accounting and Investment Management
This two-volume set brings together in one accessible reference source many of the key articles in the field of accounting and investment management which have been published over the past half century. The first volume investigates the role of accountants and analysts as financial intermediaries, the measurement of corporate earnings and profitability and equity valuation. The second volume examines price-earnings ratios, market-to-book ratios, earnings and fundamental analysis in relation to stock returns.
More Information
Contributors
Contents
More Information
This two-volume set brings together in one accessible reference source many of the key articles in the field of accounting and investment management which have been published over the past half century. The first volume investigates the role of accountants and analysts as financial intermediaries, the measurement of corporate earnings and profitability and equity valuation. The second volume examines price-earnings ratios, market-to-book ratios, earnings and fundamental analysis in relation to stock returns.
Professor De Bondt has written an original introduction which sets these papers in context and offers a comprehensive overview of this crucial area of study.
Professor De Bondt has written an original introduction which sets these papers in context and offers a comprehensive overview of this crucial area of study.
Contributors
43 articles, dating from 1951 to 2007
Contributors include: F.M. Fisher, R.S. Kaplan, J. Lakonishok, B. Lev, B.G. Malkiel, J. Ou, R.G. Sloan
Contributors include: F.M. Fisher, R.S. Kaplan, J. Lakonishok, B. Lev, B.G. Malkiel, J. Ou, R.G. Sloan
Contents
Contents:
Volume I
Acknowledgements
Introduction Werner de Bondt
PART I ACCOUNTANTS AND ANALYSTS AS FINANCIAL INTERMEDIARIES
1. Howard C. Greer (1964), ‘The Corporation Stockholder – Accounting’s Forgotten Man’
2. Ray Ball and Philip Brown (1968), ‘An Empirical Evaluation of Accounting Income Numbers’
3. Paul Asquith, Michael B. Mikhail and Andrea S. Au (2005), ‘Information Content of Equity Analyst Reports’
4. Gus de Franco, Hai Lu and Florin P. Vasvari (2007), ‘Wealth Transfer Effects of Analysts’ Misleading Behavior’
PART II MEASURING CORPORATE EARNINGS AND PROFITABILITY
5. Joel S. Dean (1951), ‘Measurement of Profits for Executive Decisions’
6. Ross L. Watts and Jerold L. Zimmerman (1979), ‘The Demand for and Supply of Accounting Theories: The Market for Excuses’
7. Franklin M. Fisher and John J. McGowan (1983), ‘On the Misuse of Accounting Rates of Return to Infer Monopoly Profits’
8. Richard P. Brief and Raef A. Lawson (1992), ‘The Role of the Accounting Rate of Return in Financial Statement Analysis’
9. Katherine Schipper and Linda Vincent (2003), ‘Earnings Quality’
10. Mihir A. Desai (2005), ‘The Degradation of Reported Corporate Profits’
11. Dan Givoly and Carla Hayn (2000), ‘The Changing Time-Series Properties of Earnings, Cash Flows and Accruals: Has Financial Reporting Become More Conservative?’
12. Myungsun Kim and William Kross (2005), ‘The Ability of Earnings to Predict Future Operating Cash Flows Has Been Increasing – Not Decreasing’
13. Ashiq Ali and Lee-Seok Hwang (2000), ‘Country-Specific Factors Related to Financial Reporting and the Value Relevance of Accounting Data’
PART III FINANCIAL RATIOS, THE RISK OF FAILURE AND STOCK RETURNS
14. James O. Horrigan (1968), ‘A Short History of Financial Ratio Analysis’
15. William H. Beaver (1966), ‘Financial Ratios as Predictors of Failure’
16. James A. Ohlson (1980), ‘Financial Ratios and the Probabilistic Prediction of Bankruptcy’
17. Ilia D. Dichev (1998), ‘Is the Risk of Bankruptcy a Systematic Risk?’
18. John M. Griffin and Michael L. Lemmon (2002), ‘Book-to-Market Equity, Distress Risk, and Stock Returns’
PART IV EQUITY VALUATION
19. Burton G. Malkiel (1963), ‘Equity Yields, Growth, and the Structure of Share Prices’
20. Richard Frankel and Charles M.C. Lee (1998), ‘Accounting Valuation, Market Expectation, and Cross-sectional Stock Returns’
21. Patricia M. Dechow, Amy P. Hutton and Richard G. Sloan (1999), ‘An Empirical Assessment of the Residual Valuation Income Model’
22. David Aboody and Baruch Lev (1998), ‘The Value Relevance of Intangibles: The Case of Software Capitalization’
23. Louis K.C. Chan, Josef Lakonishok and Theodore Sougiannis (2001), ‘The Stock Market Valuation of Research and Development Expenditures’
24. Peter Joos and George A. Plesko (2005), ‘Valuing Loss Firms’
Name Index
Volume II
Acknowledgements
An introduction by the editor to both volumes appears in Volume I
PART I PRICE-EARNINGS RATIOS, MARKET-TO-BOOK RATIOS AND STOCK RETURNS
1. S. Basu (1977), ‘Investment Performance of Common Stocks in Relation to their Price-Earnings Ratios: A Test of the Efficient Markets Hypothesis’
2. William Beaver and Dale Morse (1978), ‘What Determines Price-Earnings Ratios?’
3. Paul Zarowin (1990), ‘What Determines Earnings-Price Ratios: Revisited’
4. Patricia M. Fairfield (1994), ‘P/E, P/B and the Present Value of Future Dividends’
5. Jing Liu, Doron Nissim and Jacob Thomas (2002), ‘Equity Valuation Using Multiples’
PART II EARNINGS AND STOCK RETURNS
6. Robert S. Kaplan and Richard Roll (1972), ‘Investor Evaluation of Accounting Information: Some Empirical Evidence’
7. Victor L. Bernard and Jacob K. Thomas (1990), ‘Evidence that Stock Prices do not Fully Reflect the Implications of Current Earnings for Future Earnings’
8. Richard G. Sloan (1996), ‘Do Stock Prices Fully Reflect Information in Accruals and Cash Flows About Future Earnings?’
9. Mark L. DeFond and Chul W. Park (2001), ‘The Reversal of Abnormal Accruals and the Market Valuation of Earnings Surprises’
10. Scott A. Richardson, Richard G. Sloan, Mark T. Soliman and Irem Tuna (2005), ‘Accrual Reliability, Earnings Persistence and Stock Prices’
11. John A. Elliott and J. Douglas Hanna (1996), ‘Repeated Accounting Write-Offs and the Information Content of Earnings’
PART III FUNDAMENTAL ANALYSIS AND STOCK RETURNS
12. Walt McKibben (1972), ‘Econometric Forecasting of Common Stock Investment Returns: A New Methodology Using Fundamental Operating Data’
13. Jane A. Ou and Stephen H. Penman (1989), ‘Financial Statement Analysis and the Prediction of Stock Returns’
14. Robert W. Holthausen and David F. Larcker (1992), ‘The Prediction of Stock Returns Using Financial Statement Information’
15. Stephen H. Penman (1992), ‘Financial Statement Information and the Pricing of Earnings Changes’
16. Baruch Lev and S. Ramu Thiagarajan (1993), ‘Fundamental Information Analysis’
17. Jeffery S. Abarbanell and Brian J. Bushee (1997), ‘Fundamental Analysis, Future Earnings, and Stock Prices’
18. Jeffery S. Abarbanell and Brian J. Bushee (1998), ‘Abnormal Returns to a Fundamental Analysis Strategy’
19. Joseph D. Piotroski (2000), ‘Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers’
Name Index
Volume I
Acknowledgements
Introduction Werner de Bondt
PART I ACCOUNTANTS AND ANALYSTS AS FINANCIAL INTERMEDIARIES
1. Howard C. Greer (1964), ‘The Corporation Stockholder – Accounting’s Forgotten Man’
2. Ray Ball and Philip Brown (1968), ‘An Empirical Evaluation of Accounting Income Numbers’
3. Paul Asquith, Michael B. Mikhail and Andrea S. Au (2005), ‘Information Content of Equity Analyst Reports’
4. Gus de Franco, Hai Lu and Florin P. Vasvari (2007), ‘Wealth Transfer Effects of Analysts’ Misleading Behavior’
PART II MEASURING CORPORATE EARNINGS AND PROFITABILITY
5. Joel S. Dean (1951), ‘Measurement of Profits for Executive Decisions’
6. Ross L. Watts and Jerold L. Zimmerman (1979), ‘The Demand for and Supply of Accounting Theories: The Market for Excuses’
7. Franklin M. Fisher and John J. McGowan (1983), ‘On the Misuse of Accounting Rates of Return to Infer Monopoly Profits’
8. Richard P. Brief and Raef A. Lawson (1992), ‘The Role of the Accounting Rate of Return in Financial Statement Analysis’
9. Katherine Schipper and Linda Vincent (2003), ‘Earnings Quality’
10. Mihir A. Desai (2005), ‘The Degradation of Reported Corporate Profits’
11. Dan Givoly and Carla Hayn (2000), ‘The Changing Time-Series Properties of Earnings, Cash Flows and Accruals: Has Financial Reporting Become More Conservative?’
12. Myungsun Kim and William Kross (2005), ‘The Ability of Earnings to Predict Future Operating Cash Flows Has Been Increasing – Not Decreasing’
13. Ashiq Ali and Lee-Seok Hwang (2000), ‘Country-Specific Factors Related to Financial Reporting and the Value Relevance of Accounting Data’
PART III FINANCIAL RATIOS, THE RISK OF FAILURE AND STOCK RETURNS
14. James O. Horrigan (1968), ‘A Short History of Financial Ratio Analysis’
15. William H. Beaver (1966), ‘Financial Ratios as Predictors of Failure’
16. James A. Ohlson (1980), ‘Financial Ratios and the Probabilistic Prediction of Bankruptcy’
17. Ilia D. Dichev (1998), ‘Is the Risk of Bankruptcy a Systematic Risk?’
18. John M. Griffin and Michael L. Lemmon (2002), ‘Book-to-Market Equity, Distress Risk, and Stock Returns’
PART IV EQUITY VALUATION
19. Burton G. Malkiel (1963), ‘Equity Yields, Growth, and the Structure of Share Prices’
20. Richard Frankel and Charles M.C. Lee (1998), ‘Accounting Valuation, Market Expectation, and Cross-sectional Stock Returns’
21. Patricia M. Dechow, Amy P. Hutton and Richard G. Sloan (1999), ‘An Empirical Assessment of the Residual Valuation Income Model’
22. David Aboody and Baruch Lev (1998), ‘The Value Relevance of Intangibles: The Case of Software Capitalization’
23. Louis K.C. Chan, Josef Lakonishok and Theodore Sougiannis (2001), ‘The Stock Market Valuation of Research and Development Expenditures’
24. Peter Joos and George A. Plesko (2005), ‘Valuing Loss Firms’
Name Index
Volume II
Acknowledgements
An introduction by the editor to both volumes appears in Volume I
PART I PRICE-EARNINGS RATIOS, MARKET-TO-BOOK RATIOS AND STOCK RETURNS
1. S. Basu (1977), ‘Investment Performance of Common Stocks in Relation to their Price-Earnings Ratios: A Test of the Efficient Markets Hypothesis’
2. William Beaver and Dale Morse (1978), ‘What Determines Price-Earnings Ratios?’
3. Paul Zarowin (1990), ‘What Determines Earnings-Price Ratios: Revisited’
4. Patricia M. Fairfield (1994), ‘P/E, P/B and the Present Value of Future Dividends’
5. Jing Liu, Doron Nissim and Jacob Thomas (2002), ‘Equity Valuation Using Multiples’
PART II EARNINGS AND STOCK RETURNS
6. Robert S. Kaplan and Richard Roll (1972), ‘Investor Evaluation of Accounting Information: Some Empirical Evidence’
7. Victor L. Bernard and Jacob K. Thomas (1990), ‘Evidence that Stock Prices do not Fully Reflect the Implications of Current Earnings for Future Earnings’
8. Richard G. Sloan (1996), ‘Do Stock Prices Fully Reflect Information in Accruals and Cash Flows About Future Earnings?’
9. Mark L. DeFond and Chul W. Park (2001), ‘The Reversal of Abnormal Accruals and the Market Valuation of Earnings Surprises’
10. Scott A. Richardson, Richard G. Sloan, Mark T. Soliman and Irem Tuna (2005), ‘Accrual Reliability, Earnings Persistence and Stock Prices’
11. John A. Elliott and J. Douglas Hanna (1996), ‘Repeated Accounting Write-Offs and the Information Content of Earnings’
PART III FUNDAMENTAL ANALYSIS AND STOCK RETURNS
12. Walt McKibben (1972), ‘Econometric Forecasting of Common Stock Investment Returns: A New Methodology Using Fundamental Operating Data’
13. Jane A. Ou and Stephen H. Penman (1989), ‘Financial Statement Analysis and the Prediction of Stock Returns’
14. Robert W. Holthausen and David F. Larcker (1992), ‘The Prediction of Stock Returns Using Financial Statement Information’
15. Stephen H. Penman (1992), ‘Financial Statement Information and the Pricing of Earnings Changes’
16. Baruch Lev and S. Ramu Thiagarajan (1993), ‘Fundamental Information Analysis’
17. Jeffery S. Abarbanell and Brian J. Bushee (1997), ‘Fundamental Analysis, Future Earnings, and Stock Prices’
18. Jeffery S. Abarbanell and Brian J. Bushee (1998), ‘Abnormal Returns to a Fundamental Analysis Strategy’
19. Joseph D. Piotroski (2000), ‘Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers’
Name Index
