We survey recent research in accounting anomalies and fundamental analysis. We use
forecasting of future earnings and returns as our organizing framework and suggest a …

Abstract The “Post-Earnings-Announcement Drift” refers to an anomaly in financial markets.
It describes the drift of a firm's stock price in the direction of the firm's earnings surprise for an …

Prior research has examined how companies exploit Twitter in communicating with
investors, and whether Twitter activity predicts the stock market as a whole. We test whether …

Prior research generally interprets complex language in firms' disclosures as indicative of
managerial obfuscation. However, complex language can also reflect the provision of …

Instrumental variable (IV) methods are commonly used in accounting research (eg, earnings
management, corporate governance, executive compensation, and disclosure research) …

This paper examines whether and when the information environment of peer firms in an
industry affects the cost of capital for other firms in the industry. We predict and find that the …

The number of published event studies exceeds 500, and the literature continues to grow.
We provide an overview of event study methods. Short-horizon methods are quite reliable …

This paper examines when information asymmetry among investors affects the cost of
capital in excess of standard risk factors. When equity markets are perfectly competitive …

We examine whether market-wide investor sentiment influences the stock price sensitivity to
firm-specific earnings news. Using the recently developed measure of investor sentiment …

Using a novel data set that tracks all web traffic on the SEC's EDGAR servers from 2008 to
2011, we examine the determinants and capital market consequences of investor …