The COVID-19 pandemic has resulted in extreme uncertainty in the future earnings of many firms. In this paper, we examine how firms’ exposure to the pandemic affects their guidance withdrawals. Almost half the firms in our sample withdraw their management earnings guidance instead of...

We argue that Ohlson's linear solution to the residual earnings (RE) equation, a crucial component of widely used value relevance research designs, is not necessarily a linear regression. Moreover, its coefficients are firm-dependent. As such, its empirical specifications, the price-levels and...

We study how earnings attributes affect investors expectations about future earnings reflected in market prices. We separate the current earnings contribution to the formation of future earnings expectations through a fictitious valuation incorporating expectations informed only by current...