Purpose –The purpose of this study is to re-examine the relation between changes in profit margin (?PM) and changes in return on net operating assets (?RNOA) by partitioning on the direction of the change in PM. DuPont analysis provides a means of disaggregating a firm’s return on net...

Extant research examining the determinants of deferred tax asset valuation allowances finds that the evidence provisions outlined in SFAS 109 explain a significant portion of both levels of and changes in recorded valuation allowances. In addition, there is evidence of a stock price reaction...

This study examines the market valuation of the unearned revenue liability reported by a sample of newspaper and magazine publishers. The evidence indicates that stock prices behave as if the unearned revenue liability represents an economic asset overall. It is further shown that the market...

Purpose – The purpose of this paper is to study the relation between financial analysts’ ratings of firms’ disclosure policies and the intraday pattern in spreads between specialists’ bid and ask price quotes. Design/methodology/approach – Measure of the disclosure policy is based on...

Purpose – The purpose of this paper is to study the relation between financial analysts’ ratings of firms’ disclosure policies and the intraday pattern in spreads between specialists’ bid and ask price quotes. Design/methodology/approach – Measure of the disclosure policy is based on...

Purpose – The purpose of this study is to re-examine the relation between changes in profit margin (ΔPM) and changes in return on net operating assets (ΔRNOA) by partitioning on the direction of the change in PM. DuPont analysis provides a means of disaggregating a firm’s return on net...