1,720,974 research outputs found
Essays on Earnings Strings in Capital Markets
No full textThis study is motivated by the observed valuation premiums given to firms that meet or beat earnings thresholds. The extensive literature on meeting or beating earnings benchmarks documents that firms tend to report profits, earnings increases, and positive earnings surprises relative to analysts’ earnings forecasts. Evidence indicates that firms who achieve earnings targets economically enjoy higher price-earnings multiples, higher abnormal returns, and lower cost of debt. However, it still leaves several important issues open to investigation. Therefore, this thesis mainly investigates why valuation premiums exist in the presence of consecutively meeting or beating prior period’s earnings (earnings strings). The results strongly suggest that valuation premiums are driven by firm fundamentals, growth, risk, and combinations of these factors
Measuring Fair Value when Markets Malfunction: Evidence from the Financial Crisis.
No full textPart of the impetus for fair value accounting – at least in banking – came from the experience of the US Savings and Loan Crisis (S&LC) in the 1980s through the early 1990s. Although the liabilities of the Savings and Loans institutions in aggregate exceeded their assets by as much as $100 billion on a fair value basis – leaving most institutions insolvent – their historic cost balance sheets disguised this deficit. In addition, rising interest rates caused average funding rates of the S&Ls to surpass the average return on their loan books, while under historic cost accounting the mounting losses were only recognized gradually in income (Enria et al. 2004). The historic cost accounting regime was blamed for concealing inefficiencies in the Savings and Loans institutions, and for contributing to the length and severity of the crisis, with detriment to stakeholders and taxpayers (Kane 1987, 1989; Michael 2004). Similarly, in the banking crisis in Japan in the mid-to-late 1990s, delayed loan loss provisioning and write-offs under the then prevailing historical cost regime was suggested to have contributed to the prolonged crisis, which – as was argued – would have resolved earlier under fair value accounting
Going Beyond Counting First Authors in Author Co-citation Analysis
Get PDFThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
Variations on the Author
Get PDF“Variations on the Author” discusses two of Eduardo Coutinho’s recent films (Um Dia na Vida, from 2010, and Últimas Conversas, posthumously released in 2015) and their contribution to the general question of documentary authorship. The director’s filmography is characterized by a consistent yet self-effacing form of authorial self-inscription: Coutinho often features as an interviewer that rather than express opinions propels discourses; an interviewer that is good at listening. This mode of self-inscription characterizes him as an author who is not expressive but who is nonetheless markedly present on the screen. In Um Dia na Vida, however, Coutinho is completely absent form the image, while Últimas Conversas, on the contrary, includes a confessional prologue that moves the director from the margins to the center of his films. This article examines the ways in which these works stand out in the filmography of a director who offers new insights into the notion of cinematic authorship
Appropriate Similarity Measures for Author Cocitation Analysis
Get PDFWe provide a number of new insights into the methodological discussion about author cocitation analysis. We first argue that the use of the Pearson correlation for measuring the similarity between authors’ cocitation profiles is not very satisfactory. We then discuss what kind of similarity measures may be used as an alternative to the Pearson correlation. We consider three similarity measures in particular. One is the well-known cosine. The other two similarity measures have not been used before in the bibliometric literature. Finally, we show by means of an example that our findings have a high practical relevance.information science;Pearson correlation;cosine;similarity measure;author cocitation analysis
Dispelling the Myths Behind First-author Citation Counts
Get PDFWe conducted a full-scale evaluative citation analysis study of scholars in the XML research field to explore just how different from each other author rankings resulting from different citation counting methods actually are, and to demonstrate the capability of emerging data and tools on the Web in supporting more realistic citation counting methods. Our results contest some common arguments for the continued
use of first-author citation counts in the evaluation of scholars, such as high correlations between author rankings by first-author citation counts and other citation
counting methods, and high costs of using more realistic citation counting methods that are not well-supported by the ISI databases. It is argued that increasingly available digital full text research papers make it possible for citation analysis studies to go beyond what the ISI databases have directly supported and to employ more
sophisticated methods
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