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  • Article

Earnings Dynamics and Measurement Error in Matched Survey and Administrative Data

By: Dean Hyslop and Wilbur Townsend
This article analyzes earnings dynamics and measurement error using a matched longitudinal sample of individuals’ survey and administrative earnings. In line with previous literature, the reported differences are characterized by both persistent and transitory factors.... View Details
Keywords: Earnings Dynamics; Measurement Error; Panel Data; Validation Study; Business Earnings; Measurement and Metrics; Forecasting and Prediction
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  • Article

Core Earnings: New Data and Evidence

By: Ethan Rouen, Eric C. So and Charles C.Y. Wang
Using a novel dataset, we show that components of firms' GAAP earnings stemming from ancillary business activities or transitory shocks are significant in frequency and magnitude. These components have grown over time and are dispersed across various sections of the... View Details
Keywords: Core Earnings; Transitory Earnings; Non-operating Earnings; Quantitative Disclosures; Equity Valuation; Big Data; Business Earnings; Financial Reporting; Valuation; Analytics and Data Science
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  • 2024
  • Working Paper

Valuing Stocks With Earnings

By: Sebastian Hillenbrand and Odhrain McCarthy
We show that commonly used aggregate earnings are several times as volatile as stock prices over the last three decades. Movements in the price-earnings ratio are thus entirely explained by earnings growth and unrelated to future returns. As an alternative to the... View Details
Keywords: Price; Investment Portfolio; Stocks; Behavioral Finance; Accounting
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  • March 2011
  • Article

What Do Dividends Tell Us About Earnings Quality

By: Douglas Skinner and Eugene F. Soltes
Over the past 30 years, there have been significant changes in the distribution of earnings (cross-sectional variation has increased, with increasing left skewness) as well as in corporate payout policy, with many fewer firms paying dividends and the emergence of stock... View Details
Keywords: Distribution; Business Earnings; Change; Policy; Stocks; Investment Return; Performance Consistency; Quality
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  • 16 Oct 2019
  • Working Paper Summaries

Core Earnings? New Data and Evidence

Keywords: by Ethan Rouen, Eric So, and Charles C.Y. Wang
  • January 2009
  • Article

Turbulent Firms, Turbulent Wages?

By: Diego A. Comin, Erica L. Groshen and Bess Rabin
Has greater turbulence among firms fueled rising wage instability in the U.S.? Gottschalk and Moffitt [1994] find that rising earnings instability was responsible for one third to one half of the rise in wage inequality during the 1980s. These growing transitory... View Details
Keywords: Wages; Production; Business Earnings; Fluctuation; Performance; Volatility; Relationships; Sales; Business Ventures; United States
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  • 30 Jun 2015
  • First Look

First Look: June 30, 2015

strongly anti-inflationary monetary policy, while the decrease in bond risks after 2000 is attributed to a renewed focus on output fluctuations and a shift from transitory to persistent monetary policy shocks. Endogenous responses of bond... View Details
Keywords: Carmen Nobel
  • 04 Apr 2023
  • Blog Post

Maersk’s Journey to Decarbonize Shipping

ability to charge higher rates generated historic ocean shipping revenue of $48 billion and earnings before interest and taxes (EBIT) of $18 billion, for a margin of 37%. This was in contrast to the traditional low-margin nature of the... View Details
  • 19 Oct 2021
  • Research & Ideas

Fed Up Workers and Supply Woes: What's Next for Dollar Stores?

publicly in their last earnings call that they’re not getting the shoes that they need. Vietnam is a major source for footwear and garments. Southeast Asia and China are a major source for toys. If you think about all the... View Details
Keywords: by Christine Pazzanese, Harvard Gazette; Retail
  • 26 Jan 2009
  • Research & Ideas

Where is Home for the Global Firm?

firms to particular nation-states. In my paper "The Decentering of the Global Firm," I describe how these changes represent a natural extension of trends that have been operative for decades in how firms organize themselves, and therefore, these developments are likely... View Details
Keywords: by Martha Lagace
  • 18 Aug 2009
  • First Look

First Look: August 18

that dividend payers are less likely to report losses and those losses that they do report tend to be transitory losses driven by special items. Overall, the evidence shows that dividends are consistently informative with respect to View Details
Keywords: Martha Lagace
  • 28 Oct 2008
  • First Look

First Look: October 28, 2008

that captures all users and earns more than under compatibility. Our model allows a detailed analysis of social efficiency, and we show that entry by developers is socially excessive (insufficient) if competing platforms are compatible... View Details
Keywords: Martha Lagace
  • 05 Feb 2013
  • First Look

First Look: Feb. 5

David F., Eric C. So, and Charles C.Y. Wang Publication:Journal of Accounting & Economics Abstract Firms with central or well-connected boards of directors earn superior risk-adjusted stock returns. Initiating a long position in the... View Details
Keywords: Sean Silverthorne
  • 29 May 2018
  • First Look

New Research and Ideas, May 29, 2018

empirical investigation of the risk of globally diversified portfolios of stocks and bonds and of optimal intertemporal global portfolio choice for long horizon investors in the presence of permanent cash flow shocks and transitory... View Details
Keywords: Dina Gerdeman
  • 11 Apr 2017
  • First Look

First Look at New Research, April 11

banking analysts issue early in the year relatively more optimistic and later in the year more pessimistic forecasts for banks that could be their future employers. This pattern is not observed when the same analysts forecast earnings of... View Details
  • 16 Sep 2008
  • First Look

First Look: September 16, 2008

items, we find evidence consistent across a range of specifications that special items highlighted on the income statement are more transitory than those revealed only in the footnotes. For most special items, these results are consistent... View Details