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Outlines the key features of the Ohlson (1995) and Feltham and Ohlson (1995, 1996) models, which relate share values to current accounting numbers, and reviews research on their empirical application. Identifies some inconsistencies in results and directions for future research.

This study investigates the time‐series properties of operating cash flows per share and earnings per share for all manufacturing firms on the Compustat Quarterly Industrial tape for which sufficient data are available. Both individually‐identified and “premier” models are compared on the basis of their relative fit and forecasting accuracy. The empirical results suggest that for both accounting variables the individually‐identified models outperform the premier models, although this advantage is larger for earnings, and for forecast horizons beyond one quarter ahead. A major conclusion of the study is that the time‐series properties of cash flows are quite different than those of earnings. In particular, the cash flow series are considerably less predictable, as shown by their relatively high incidence of white‐noise series and relatively large forecast errors.

This paper reports the results of the effects of the release, in the United Kingdom, annual reports and accounts (ARA), on security prices and trading volume of the U.K. firms. If the information reported in the annual reports and accounts (ARA) is relevant, the U.S. security market will respond to the release news through return and volume variances. Both signals are indicators of the relevance of the annual reports and accounts. The results of the analysis suggest the existence of unexpected returns to the annual reports and accounts and no corresponding U.S. trading volume response. The price results are in marked contrast to the findings of previous research that examined the information content of U.S. domestic annual reports, but do not detect a stock price response (e.g., Foster et al. 1986; Bernard and Stober 1989; Cready and Mynatt 1991). Our stock price analyses indicate that non‐U.S. GAAP accounting measures do not impede U.S investors' ability to use U.K. firms' ARA in valuing the sample firms. Indeed, U.S. investors use information from the ARA in their valuation of U.K. firms. Since trading responses to a disclosure are generally more easily detected than price responses (Cready and Hurtt 1999), these findings jointly suggest the provincial nature of the ARA release.

The purpose of this study is to investigate whether within the same firm, earnings risk is exacerbated in the fiscal year end (FYE) quarters relative to that of other quarters, more importantly, if this type of earnings risk is unique. Further, the authors discuss solutions to mitigate this type of information risk.

This study provides evidence that the information risk associated with FYE quarter earnings cannot be explained by other identified risk factors. Solutions to mitigate this risk include strong corporate governance and a more streamlined financial reporting structure.

The paper shows that there is significantly lower earnings response coefficient for FYE quarters than for non-FYE quarters (1984–2015). Furthermore, strong corporate governance and a more streamlined financial reporting structure, either by firms willingly reducing the usage of extraordinary item reporting or by FASB codification changes such as FASB 145, can help mitigate this type of information uncertainty.

This study explains that the causes of the exacerbated information risk associated with FYE quarter earnings identified in prior literature, namely, the “integral explanation” and “manipulation explanation,” are not mutually exclusive. Therefore, the authors deem it futile to disentangle the two. Instead, the authors offer two possible solutions.

We assess whether smaller investors are more likely to hold shares of closed-end funds that invest more heavily in illiquid securities. We also examine the relationship between the liquidity of the securities held in the portfolios of closed-end mutual funds (portfolio liquidity) and the liquidity of the closed-end funds’ shares (fund-share liquidity). Using a sample of 1,619 fund-years from 2010 to 2012, we find that smaller investors are more likely than institutional investors to own closed-end funds. We also find that the liquidity of closed-end funds’ portfolios is positively associated with the liquidity of the funds’ shares. Our findings are consistent with the “liquidity benefits” notion that closed-end funds are a means for smaller investors to invest in less liquid securities. In addition, our findings are consistent with the “valuation skepticism” notion which indicates that, due to the difficulty of objectively valuing illiquid securities, different perceptions of the value of illiquid securities held in funds’ portfolios may result in greater fund-share liquidity.

This study examines the ability of fundamental summary measure Pr to predict earnings change for the subsequent year, the association of Pr and stock returns, and the relationship between Pr and risk factors beta and size. Pr is a probability index generated by logistic model and financial statement data. Beta effect is minimized by grouping firms into beta portfolios while size is controlled through incorporating size as an independent variable in the regression models. Evidence from the study indicates that Pr has a strong ability to predict future earnings change and has a positive and significant association with adjusted market returns, after controlling for beta. Pr's association with adjusted market returns is mitigated when beta and size are controlled simultaneously.

The purpose of this paper is to investigate the relationship among intellectual capital (IC), financial capital (FC), firm value (V), and value creation (VC) in different business cycles (BC) for the conduct of strategic management that will maintain stable values and further increase V.

This research cites ICs as “other information” to combine ICs and the Ohlson model. Information provided by various capitals is validated by multiple regression analysis. Multi-group analysis is performed to test whether the coefficient is moderated by BC.

Results indicate the significant information of ICs and FC, and the contingency perspective of BC. The value relevance of ICs is moderated by BC. Prosperity has more explanatory capacities, and recession ICs yield more incremental information.

VC is influenced by both ICs and FC. Besides, the macroeconomic situation should also be considered in strategic management and VC management.

In addition to ICs and FC, the macroeconomic situation must be taken into account when conducting strategic management, valuation management, investment decision, or industrial policy.

Results indicate a contingency of BC, which can be a reference for enterprises to create higher V, for investors to make appropriate investment, as well as for governments to formulate sound industrial policies.

This paper applies BC to explore the value relevance of ICs and FC, leverages two models to represent V and VC, and cites complete four aspects of IC as “other information” to combine ICs and Ohlson model.

The purpose of this paper is to explore a new mentoring and advocacy-networking paradigm sponsored by the National Science Foundation (15-7680) Office for Broadening Participation in Engineering in the USA. The Increasing Minority Presence within Academia through Continuous Training (IMPACT) program pairs underrepresented minority (URM) faculty with emeriti faculty in engineering for career mentorship.

Researchers utilized a phenomenological qualitative research design to explore the influence of the three domains of the mentoring and advocacy-networking paradigm (career development, sponsorship, and coaching) through participant interviews of URM and emeriti faculty. Interviews, grounded by Social Cognitive Career Theory (SCCT), offered an in-depth understanding of the nature, meaning, and ways in which the IMPACT participants perceived the value of the mentoring experience.

Phenomenological findings suggest mentees viewed IMPACT participation as a means for career progression, and mentors saw it as an opportunity to “give back” to the engineering field. Neither believed cultural or generational gaps would hamper their mentoring relationships, as their shared academic interests would facilitate a bridge for any gaps.

This paper identifies new questions related to the expectations and interests of both mentors and mentees who are engaged in a mentoring relationship. A longitudinal approach would offer deeper insight into mentoring as the relationship persists over time.

Evidence at this stage indicates that the IMPACT program has the potential to contribute to the career progression of URM faculty through the inclusion of an often overlooked resource of emeriti faculty.