FRINK Linked Data Fragments server

Matches in SemOpenAlex for { <https://semopenalex.org/work/W155649610> ?p ?o ?g. }

• W155649610 abstract "SYNOPSIS: The traditional functional fixation view states that investors are always unsophisticated and, therefore, fail to unscramble the true cash flow implications of accounting data. At the other extreme, the efficient market hypothesis states that investors are always sophisticated and very accurately unscramble the true cash flow implications of accounting data. This article proposes and tests a middle ground between these opposite views. The extended functional fixation view proposes that when responding to accounting data, sometimes a firm's stock price is set by a sophisticated marginal investor, and sometimes it is set by an unsophisticated marginal investor. The likelihood that the stock price will be set by the latter type is conjectured to be measured by the relative proportion of a firm's stock held by unsophisticated investors as a whole. The extended functional fixation view is tested by examining the stock price reaction to quarterly earnings announcements of firms that undertook debt-equity swaps. Swaps produced an immediate accounting gain that amounted to about 20 percent of earnings for the quarter in which the swap was undertaken. Because sophisticated investors would have seen this gain at the initial swap announcement, the efficient market view predicts that there will be no stock price reaction to the re-announcement of the gain as part of the swap quarter's earnings. However, the extended functional fixation view predicts that there will be a reaction to the reannouncement of the gain because unsophisticated investors would not have known about the gain until the earnings announcement, at which time they would have misinterpreted it as a real gain, rather as just a realization of a previously unrealized capital gain. The larger the likelihood that a" @default.
• W155649610 created "2016-06-24" @default.
• W155649610 creator A5049599491 @default.
• W155649610 date "2016-01-01" @default.
• W155649610 modified "2023-09-27" @default.
• W155649610 title "A Test of the Extended Functional Fixation Hypothesis" @default.
• W155649610 cites W1492155385 @default.
• W155649610 cites W158727920 @default.
• W155649610 cites W1830799953 @default.
• W155649610 cites W1970301055 @default.
• W155649610 cites W1986646649 @default.
• W155649610 cites W2025871550 @default.
• W155649610 cites W2038224101 @default.
• W155649610 cites W2043619364 @default.
• W155649610 cites W2044133943 @default.
• W155649610 cites W2044758379 @default.
• W155649610 cites W2050643653 @default.
• W155649610 cites W2052398032 @default.
• W155649610 cites W2061981691 @default.
• W155649610 cites W2068557366 @default.
• W155649610 cites W2073620456 @default.
• W155649610 cites W2077763203 @default.
• W155649610 cites W2079978931 @default.
• W155649610 cites W2081432842 @default.
• W155649610 cites W2102081202 @default.
• W155649610 cites W2103293455 @default.
• W155649610 cites W2131773668 @default.
• W155649610 cites W2154398438 @default.
• W155649610 cites W2329305757 @default.
• W155649610 cites W2331592359 @default.
• W155649610 cites W2489977932 @default.
• W155649610 cites W3021029512 @default.
• W155649610 cites W3122205006 @default.
• W155649610 cites W3125788531 @default.
• W155649610 hasPublicationYear "2016" @default.
• W155649610 type Work @default.
• W155649610 sameAs 155649610 @default.
• W155649610 citedByCount "26" @default.
• W155649610 countsByYear W1556496102012 @default.
• W155649610 countsByYear W1556496102013 @default.
• W155649610 countsByYear W1556496102014 @default.
• W155649610 countsByYear W1556496102015 @default.
• W155649610 countsByYear W1556496102016 @default.
• W155649610 countsByYear W1556496102017 @default.
• W155649610 countsByYear W1556496102018 @default.
• W155649610 countsByYear W1556496102020 @default.
• W155649610 crossrefType "journal-article" @default.
• W155649610 hasAuthorship W155649610A5049599491 @default.
• W155649610 hasConcept C106159729 @default.
• W155649610 hasConcept C121955636 @default.
• W155649610 hasConcept C149782125 @default.
• W155649610 hasConcept C162324750 @default.
• W155649610 hasConcept C163428354 @default.
• W155649610 hasConcept C17744445 @default.
• W155649610 hasConcept C199539241 @default.
• W155649610 hasConcept C199728807 @default.
• W155649610 hasConcept C2781426361 @default.
• W155649610 hasConcept C556758197 @default.
• W155649610 hasConceptScore W155649610C106159729 @default.
• W155649610 hasConceptScore W155649610C121955636 @default.
• W155649610 hasConceptScore W155649610C149782125 @default.
• W155649610 hasConceptScore W155649610C162324750 @default.
• W155649610 hasConceptScore W155649610C163428354 @default.
• W155649610 hasConceptScore W155649610C17744445 @default.
• W155649610 hasConceptScore W155649610C199539241 @default.
• W155649610 hasConceptScore W155649610C199728807 @default.
• W155649610 hasConceptScore W155649610C2781426361 @default.
• W155649610 hasConceptScore W155649610C556758197 @default.
• W155649610 hasLocation W1556496101 @default.
• W155649610 hasOpenAccess W155649610 @default.
• W155649610 hasPrimaryLocation W1556496101 @default.
• W155649610 hasRelatedWork W1481501828 @default.
• W155649610 hasRelatedWork W1986187321 @default.
• W155649610 hasRelatedWork W1990806291 @default.
• W155649610 hasRelatedWork W1995834279 @default.
• W155649610 hasRelatedWork W2030896546 @default.
• W155649610 hasRelatedWork W2038224101 @default.
• W155649610 hasRelatedWork W2044758379 @default.
• W155649610 hasRelatedWork W2063595321 @default.
• W155649610 hasRelatedWork W2076947889 @default.
• W155649610 hasRelatedWork W2081432842 @default.
• W155649610 hasRelatedWork W2085538322 @default.
• W155649610 hasRelatedWork W2095513545 @default.
• W155649610 hasRelatedWork W2121603097 @default.
• W155649610 hasRelatedWork W2136120210 @default.
• W155649610 hasRelatedWork W3122547505 @default.
• W155649610 hasRelatedWork W3123343110 @default.
• W155649610 hasRelatedWork W3123897291 @default.
• W155649610 hasRelatedWork W3124176564 @default.
• W155649610 hasRelatedWork W3125788531 @default.
• W155649610 hasRelatedWork W3126081180 @default.
• W155649610 isParatext "false" @default.
• W155649610 isRetracted "false" @default.
• W155649610 magId "155649610" @default.
• W155649610 workType "article" @default.