Financial Accounting and Investment Management

Edited by Werner De Bondt, Richard H. Driehaus Professor of Finance and Director, Richard H. Driehaus Center for Behavioral Finance, DePaul University, US

• Contents:Volume IAcknowledgementsIntroduction Werner de BondtPART IACCOUNTANTS 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 IIMEASURING 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 IIIFINANCIAL 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 IVEQUITY 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 IndexVolume IIAcknowledgementsAn introduction by the editor to both volumes appears in Volume IPART IPRICE-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 IIEARNINGS 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 IIIFUNDAMENTAL 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