FRINK Linked Data Fragments server

Matches in SemOpenAlex for { <https://semopenalex.org/work/W2084981895> ?p ?o ?g. }

• W2084981895 endingPage "692" @default.
• W2084981895 startingPage "669" @default.
• W2084981895 abstract "Abstract China's listed firms report substantial non-operating revenues and expenses. We argue that these non-core earnings should have different properties and different valuation implications than operating or core earnings. Furthermore, the different types of firm ownership may have differential impacts on the information content of earnings components. Based on data from 1996 to 2008, we find that core earnings are more persistent than non-core earnings. Because of this, core earnings have a greater association with contemporaneous stock returns. However, the stock market does not fully incorporate all the information in earnings; we find that core earnings are undervalued and non-core earnings are overvalued. This effect is much reduced for privately controlled listed firms. We develop an investment trading strategy to exploit these market inefficiencies. Acknowledgements The authors thank the reviewers and editors, Mahmoud Ezzamel and Jason Xiao, for helpful comments and suggestions on an earlier version of the paper. The authors also thank seminar participants at the Hong Kong Polytechnic University and Sun Yat-Sen University for helpful discussions and suggestions. The authors would also like to thank the Government of the HKSAR (LU340307) for financial support for this project. Notes During the period of our study, large investors owned non-tradable shares. However, beginning in 2006, the non-tradable shares became tradable (Firth et al., Citation2010). On average, small private investors hold shares for about two months (Poon et al., Citation1998). As discussed earlier, financial analysis is new to China and is underdeveloped when compared to major financial markets. However, financial analysis is growing in importance. Non-core operating revenues and expenses are often called ‘special items’ in the USA. We use the term ‘special items’ when reviewing the US literature. Special treatment (ST) companies are those that have three consecutive years of losses. These firms may be delisted unless their performance improves. The China Stock Market and Accounting Research (CSMAR) database has detailed accounting and stock return data for listed firms in China. The database is widely used and is part of the Wharton WRDS system. SAMB-controlled firms are the base case. The coefficients on the interaction terms indicate whether SOE- and private-controlled firms are different from SAMB-controlled firms. The continuous variables are transformed to their decile ranks (1, …, 10). This investment strategy cannot be implemented in China at the present time because short selling is not allowed. The prohibition of short selling inhibits price discovery. The Chinese authorities plan to allow short selling of some stocks in 2010. If this experiment is deemed a success, then it will be extended to all stocks." @default.
• W2084981895 created "2016-06-24" @default.
• W2084981895 creator A5012123885 @default.
• W2084981895 creator A5037931144 @default.
• W2084981895 creator A5081083328 @default.
• W2084981895 date "2011-12-01" @default.
• W2084981895 modified "2023-09-30" @default.
• W2084981895 title "The Information Content of Earnings Components: Evidence from the Chinese Stock Market" @default.
• W2084981895 cites W1785374533 @default.
• W2084981895 cites W1964777056 @default.
• W2084981895 cites W1968294966 @default.
• W2084981895 cites W1980310840 @default.
• W2084981895 cites W1987963973 @default.
• W2084981895 cites W1994228146 @default.
• W2084981895 cites W2001829264 @default.
• W2084981895 cites W2004825363 @default.
• W2084981895 cites W2034313320 @default.
• W2084981895 cites W2038224101 @default.
• W2084981895 cites W2053022048 @default.
• W2084981895 cites W2067396404 @default.
• W2084981895 cites W2077951714 @default.
• W2084981895 cites W2138286406 @default.
• W2084981895 cites W2165761105 @default.
• W2084981895 cites W2331407295 @default.
• W2084981895 cites W3121178376 @default.
• W2084981895 cites W3121300545 @default.
• W2084981895 cites W3121406319 @default.
• W2084981895 cites W3121454272 @default.
• W2084981895 cites W3121918217 @default.
• W2084981895 cites W3121951548 @default.
• W2084981895 cites W3122489987 @default.
• W2084981895 cites W3122541549 @default.
• W2084981895 cites W3123360557 @default.
• W2084981895 cites W3123423002 @default.
• W2084981895 cites W3123441726 @default.
• W2084981895 cites W3123545589 @default.
• W2084981895 cites W3124473506 @default.
• W2084981895 cites W3124669471 @default.
• W2084981895 cites W3125370896 @default.
• W2084981895 cites W3125688476 @default.
• W2084981895 cites W3125788531 @default.
• W2084981895 cites W3125893295 @default.
• W2084981895 doi "https://doi.org/10.1080/09638180.2011.599929" @default.
• W2084981895 hasPublicationYear "2011" @default.
• W2084981895 type Work @default.
• W2084981895 sameAs 2084981895 @default.
• W2084981895 citedByCount "13" @default.
• W2084981895 countsByYear W20849818952013 @default.
• W2084981895 countsByYear W20849818952014 @default.
• W2084981895 countsByYear W20849818952015 @default.
• W2084981895 countsByYear W20849818952016 @default.
• W2084981895 countsByYear W20849818952018 @default.
• W2084981895 countsByYear W20849818952020 @default.
• W2084981895 countsByYear W20849818952023 @default.
• W2084981895 crossrefType "journal-article" @default.
• W2084981895 hasAuthorship W2084981895A5012123885 @default.
• W2084981895 hasAuthorship W2084981895A5037931144 @default.
• W2084981895 hasAuthorship W2084981895A5081083328 @default.
• W2084981895 hasConcept C10138342 @default.
• W2084981895 hasConcept C121955636 @default.
• W2084981895 hasConcept C127413603 @default.
• W2084981895 hasConcept C143910263 @default.
• W2084981895 hasConcept C144133560 @default.
• W2084981895 hasConcept C151730666 @default.
• W2084981895 hasConcept C162324750 @default.
• W2084981895 hasConcept C186027771 @default.
• W2084981895 hasConcept C190775180 @default.
• W2084981895 hasConcept C195487862 @default.
• W2084981895 hasConcept C204036174 @default.
• W2084981895 hasConcept C206217203 @default.
• W2084981895 hasConcept C2778675194 @default.
• W2084981895 hasConcept C2780299701 @default.
• W2084981895 hasConcept C2780762169 @default.
• W2084981895 hasConcept C2781426361 @default.
• W2084981895 hasConcept C556758197 @default.
• W2084981895 hasConcept C78519656 @default.
• W2084981895 hasConcept C86803240 @default.
• W2084981895 hasConceptScore W2084981895C10138342 @default.
• W2084981895 hasConceptScore W2084981895C121955636 @default.
• W2084981895 hasConceptScore W2084981895C127413603 @default.
• W2084981895 hasConceptScore W2084981895C143910263 @default.
• W2084981895 hasConceptScore W2084981895C144133560 @default.
• W2084981895 hasConceptScore W2084981895C151730666 @default.
• W2084981895 hasConceptScore W2084981895C162324750 @default.
• W2084981895 hasConceptScore W2084981895C186027771 @default.
• W2084981895 hasConceptScore W2084981895C190775180 @default.
• W2084981895 hasConceptScore W2084981895C195487862 @default.
• W2084981895 hasConceptScore W2084981895C204036174 @default.
• W2084981895 hasConceptScore W2084981895C206217203 @default.
• W2084981895 hasConceptScore W2084981895C2778675194 @default.
• W2084981895 hasConceptScore W2084981895C2780299701 @default.
• W2084981895 hasConceptScore W2084981895C2780762169 @default.
• W2084981895 hasConceptScore W2084981895C2781426361 @default.
• W2084981895 hasConceptScore W2084981895C556758197 @default.
• W2084981895 hasConceptScore W2084981895C78519656 @default.
• W2084981895 hasConceptScore W2084981895C86803240 @default.
• W2084981895 hasIssue "4" @default.
• W2084981895 hasLocation W20849818951 @default.

• next