Prior research generally reports a positive relationship between firm-level accounting earnings surprises and contemporaneous stock prices, indicating that accounting earnings carry value-relevant information. Recent studies, however, show that investors respond negatively to unexpected changes...

Prior research generally reports a positive relationship between firm-level accounting earnings surprises and contemporaneous stock prices, indicating that accounting earnings carry value-relevant information. Recent studies, however, show that investors respond negatively to unexpected changes...

In the research fields of earnings forecast and the behavior of cost accounts there aremany studies that indicate factors that affect earnings and factors that are affected by the costaccounts.Earnings affected by many factors as investments, cash flows, ROI, cost of capital, size, and...