Earnings (The Research Foundation of AIMR & Blackwell Series in Finance) - Tapa blanda

In contrast to popular belief, the manner in which accounting data is reported predictably affects analysts' valuation judgements. Hirst and Hopkins guide analysts to a comprehension of how income statements and other disclosures can be used to assess the underlying quality and persistence of companies' economic conditions. They show how accounting data - reported earnings in particular - are strongly related to security prices and provide rich insights into the intrinsic value of a firm. The authors report the results of two experiments that demonstrate how analysts who fail to properly evaluate earnings data can make potentially grave misjudgements in valuation. This book includes an overview of research on the relationship between financial accounting information and security valuation, real-world examples, and a thorough examination of how analysts can use reported earnings to generate accurate and insightful valuations of equity securities.

D. Eric Hirst is an assistant professor of accounting at the University of Texas at Austin, where he teaches courses in financial accounting and financial statement analysis in the MBA program. His current research focuses on how individual investors evaluate and use forward-looking information contained in management discussion and analysis (MD&A). Professor Hirst holds a Ph.D. from the University of Minnesota. His research has been published in Journal of Accounting Research, Contemporary Accounting Research, Auditing: A Journal of Practice & Theory, and Organizational Behavior and Human Decision Processes. He was awarded the Joe D. Beasley Award for Teaching Excellence in the University of Texas MBA Core in 1995. Patrick E. Hopkins is an assistant professor in the Kelley School of Business at Indiana University, where he teaches topics in advanced financial accounting. He holds a Ph.D. from the Graduate School of Business at the University of Texas at Austin. His research has been published in such journals as the Journal of Accounting Research, Issues in Accounting Education, and Perceptual and Motor Skills. Professor Hopkins is a CPA.