Recent accounting and finance literature has introduced the term returns synchronicity, the relation of firm-specific returns to market-wide and industry-wide returns. This paper evaluates the power of fundamental synchronicity, proxied by financial accounting performance measures, to explain...

This paper reassesses evidence of anticipatory income smoothing reported in DeFond and Park (1997) in light of knowledge about the shortcomings in the model used to identify the managed component of reported earnings. Our tests demonstrate that the empirical results reported in DeFond and Park...

This paper re-evaluates evidence in Ayers and Freeman [Ayers, F., Freeman, R., 1997. Market assessment of industry and firm earnings information. Journal of Accounting and Economics 24, 205-218] suggesting that investors anticipate industry-wide components of earnings earlier than firm-specific...