Capital Market Equilibrium and Annual Accounting Numbers: Empirical Evidence

1974 ◽  
Vol 12 (1) ◽  
pp. 26 ◽  
Author(s):  
Nicholas J. Gonedes
Keyword(s):  
Empirical Evidence ◽  
Capital Market ◽  
Market Equilibrium ◽  
Accounting Numbers

scholarly journals The Impact Of FASB Statement No. 34s Disclosures On Stock Prices

2011 ◽  
Vol 3 (1) ◽  
pp. 1
Author(s):  
Marshall K. Pitman ◽  
Russell F. Briner ◽  
John E. McEnroe
Keyword(s):  
Statistical Analysis ◽  
Empirical Evidence ◽  
Capital Market ◽  
Stock Prices ◽  
Market Equilibrium ◽  
Regression Coefficients ◽  
Common Stock ◽  
Average Residual ◽  
Required Disclosures ◽  
The Impact

This study provides empirical evidence that the disclosures required by FASB Statement No. 34 has an impact on common stock prices in the initial year of release, 1980, but not in subsequent year. Weekly data for 123 NYSE sample companies were used to estimate the regression coefficients via the GMM using a GLS with a lag of 3 due to the presence of autocorrelation. Statistical analysis of the average residual indicated that it was significantly different from zero. The evidence of this study supports the hypothesis that FASB 34 affected the capital market equilibrium via users reactions to the required disclosures.

scholarly journals Reaksi Pasar atas Manajemen Laba

2019 ◽  
Vol 2 (1) ◽  
pp. 1
Author(s):  
Fery Friyo Handoko ◽  
Mu'minatus Sholichah
Keyword(s):  
Data Analysis ◽  
Earnings Management ◽  
Empirical Evidence ◽  
Capital Market ◽  
Abnormal Return ◽  
Accounting Information ◽  
Financial Statement ◽  
Agency Conflict ◽  
Manufacturing Company ◽  
Simple Regression

Abstract This research examine the capital market reaction on earnings management.  Agency conflict represented by information asymetry caused earnings management.  Managers have incentive to play accounting method and estimate to gain certain amount of earnings.  Hereafter, investor have interest regarding their invesment decision.  They rely on accounting information that represented in financial statement.Based on premise in Signalling Theory, we then hypothesized that investor would response any information addressed to them.Sample and population that used to test hypothesis taken from listed manufacturing company during 2015-2017.  We documenting data from financial statement items.  We obtain 40 manufacturing company that comply to purposive sampling requirement.  We use simple regression to do data analysis.  We found the empirical evidence that market reac the earnings management indication.  There is empirical fact that cummulative abnormal return decreas when determinate by discretionarry accruals.  This research conclude that market reacting the earnings management indication generally.

MARKET IMPERFECTIONS, CAPITAL MARKET EQUILIBRIUM AND CORPORATION FINANCE

1977 ◽  
Vol 32 (2) ◽  
pp. 307-319 ◽  
Author(s):  
Michael Brennan ◽  
R. C. Stapleton ◽  
M. G. Subrahmanyam
Keyword(s):  
Capital Market ◽  
Market Equilibrium ◽  
Market Imperfections
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