Search results

This study aims to remind researchers that measurement errors and inappropriate inferences may result from improperly combining and adjusting certain Center for Research in Security Prices (CRSP) measures.

In addition to real-world working examples, the study uses earnings announcements data to examine the effects of improperly combining and adjusting CRSP measures.

This study assists researchers with the following two considerations when using CRSP data: stand-alone share prices adjusted with CRSP adjustment factors are inaccurate in the presence of property dividend, spin-off and rights offering events; and ignoring covertly missing stock returns may create misleading test results. The primary objectives of the study are to help researchers increase the integrity of their studies and the probability of publication.

Inadequate consideration for the two issues discussed in the paper may change the researcher’s statistical inferences.

Archival researchers who overtly address and discuss the existence of these issues achieve two important and related benefits. First, the researcher increases his or her credibility with editors and reviewers, which enhances the probability of a published study. Second, the researcher increases his or her perceived technical competency, which potentially affects promotion and tenure decisions, editorial membership decisions, co-authorship opportunities and other professional effects. Doctoral students will find this study to be particularly useful.

The purpose of this paper is to generate empirical evidence that facilitates our understanding of the market pricing for cash flows and accruals.

The study is empirical in nature, and utilizes and archival methodology.

The evidence in this study supports the primary hypothesis that the market valuations for the receivable accrual are greater than the valuations for other current accruals. Additionally, the results suggest that market valuations for cash flows are not monotonically greater than the valuations for accruals.

Overall, the results of this study suggest that inferences about the market's valuation of cash flows and accruals must consider multiple sources of variation in a concurrent fashion.

Models for equity valuation used by financial analysts, institutional investors, etc. should allow the various components of accruals to act independently.

This study contributes to the literature by synthesizing various aspects of capital markets research in accounting to enhance our understanding of the role that cash flows and accruals maintain for equity valuation.

The purpose of this paper is to enlarge the exposure of the Theil–Sen (TS) methodology to the academic, analyst and practitioner communities using an earnings forecast setting. The study includes an appendix that describes the TS model in very basic terms and SAS code to assist readers in the implementation of the TS model. The study also presents an alternative approach to deflating or scaling variables.

Archival in nature using a combination of regression analysis and binomial tests.

The binomial test results support the hypothesis that the forecasting performance of the naïve no-change model is at least equal to or better than the ordinary least squares (OLS) model when earnings volatility is low. However, the results do not support the same hypothesis for the TS model nor do the results support the hypothesis that the OLS and TS models will outperform the naïve no-change model when cash flow volatility is high. Nevertheless, the study makes notable contributions to the literature, as the results indicate that the performance of the naïve model is at least as good as the OLS and TS models across 18 of the 20 binomial tests. Moreover, the results indicate that the performance of the TS model is always superior to the OLS model.

The results are generalizable to US firms and may not extend to non-US firms.

The TS methodology is advantageous to OLS in that the results are robust to outlier observations, and there is no heteroscedasticity. Researchers will find this study to be useful given the use of a model (i.e. TS) which has to date received little attention, and the provision of the details for the mechanics of the model. A bonus for researchers is that the study includes SAS code for implementing the procedure.

Awareness of alternative forecast methodologies could lead to improved forecasting results in certain contexts. The study also helps the financial community in general, as improved forecasting abilities are important for all capital market participants as they improve market efficiency.

Although a healthy literature exists for examining out-of-sample forecasts for earnings, the literature lacks an answer for a simple question before pursuing additional analyses: Are the results any better than those from a naive no-change forecast? The current study emphasizes the idea that the naïve no-change forecast is the most elementary model possible, and the researcher must first establish the superiority of a more complex model before conducting further analyses.

The use of sport celebrities for product endorsements in marketing communications vehicles is not new but there is limited literature on the increasing use by contemporary corporations of athletes with questionable or “negative” reputations. This paper raises questions about a seemingly cyclical trend and suggests marketers may continue this activity despite consumer and journalistic criticism. An explanation of the behavioral response to a 'controversial' endorsers' image (relative to the perceptions held by a particular demographic segment) and the opportunity for that relationship to translate favorably for the associated brand, is also discussed.

This paper explores the health rights of prisoners as defined in international law, and the mechanisms that have been used to ensure the rights of persons in detention to realise the highest attainable standard of health. It examines this right as articulated within United Nations and regional human rights treaties, non‐binding or so‐called soft law instruments from international organisations and the jurisprudence of international human rights bodies. It explores the use of economic, social and cultural rights mechanisms, and those within civil and political rights, as they engage the right to health of prisoners, and identifies the minimum legal obligations of governments in order to remain compliant with human rights norms as defined within the international case law. In addressing these issues, this article adopts a holistic approach to the definition of the highest attainable standard of health. This includes a consideration of adequate standards of general medical care, including preventative health and mental health services. It also examines the question of environmental health, and those poor conditions of detention that may exacerbate health decline, disease transmission, mental illness or death. The paper examines the approach to prison health of the United Nations human rights system and its various monitoring bodies, as well as the regional human rights systems in Europe, Africa and the Americas. Based upon this analysis, the paper draws conclusions on the current fulfilment of the right to health of prisoners on an international scale, and proposes expanded mechanisms under the UN Convention against Torture and Other Cruel, Inhuman or Degrading Treatment to monitor and promote the health rights of prisoners at the international and domestic levels.

Communications regarding this column should be addressed to Mrs. Cheney, Peabody Library School, Nashville, Tenn. 37203. Mrs. Cheney does not sell the books listed here. They are available through normal trade sources. Mrs. Cheney, being a member of the editorial board of Pierian Press, will not review Pierian Press reference books in this column. Descriptions of Pierian Press reference books will be included elsewhere in this publication.

The librarian and researcher have to be able to uncover specific articles in their areas of interest. This Bibliography is designed to help. Volume IV, like Volume III, contains features to help the reader to retrieve relevant literature from MCB University Press' considerable output. Each entry within has been indexed according to author(s) and the Fifth Edition of the SCIMP/SCAMP Thesaurus. The latter thus provides a full subject index to facilitate rapid retrieval. Each article or book is assigned its own unique number and this is used in both the subject and author index. This Volume indexes 29 journals indicating the depth, coverage and expansion of MCB's portfolio.