This paper examines three basic equity valuation concepts: (i) Residual Income Valuation (RIV); (ii) in the spirit of Miller-Modigliani, the irrelevance of a firm's dividend payout policy; (iii) betas/CAPM, to quantify risk and capitalization factors. As a first cut, results show that RIV,...

Other comprehensive income (OCI) items are often considered to be transitory (Chambers et al. 2007; IASB 2013; CFA2014). In this paper we show that a significant portion of OCI, namely unrealized gains and losses (UGL) from available-for-sale (AFS) debt securities, is non-transitory: a negative...

We present evidence of a predictable drift in stock prices before the earnings announcements of firms that announce their earnings later than other firms in their industry. We form portfolios based on the returns of later announcers that are implied by the abnormal returns of earlier announcers...