{"id":"https://openalex.org/W2139446072","doi":"https://doi.org/10.2308/acch.2004.18.4.263","title":"How Do Earnings Numbers Relate to Stock Returns? A Review of Classic Accounting Research with Updated Evidence","display_name":"How Do Earnings Numbers Relate to Stock Returns? A Review of Classic Accounting Research with Updated Evidence","publication_year":2004,"publication_date":"2004-12-01","ids":{"openalex":"https://openalex.org/W2139446072","doi":"https://doi.org/10.2308/acch.2004.18.4.263","mag":"2139446072"},"language":"en","primary_location":{"id":"doi:10.2308/acch.2004.18.4.263","doi":"https://doi.org/10.2308/acch.2004.18.4.263","is_oa":false,"landing_page_url":"https://doi.org/10.2308/acch.2004.18.4.263","pdf_url":null,"source":{"id":"https://openalex.org/S181356434","display_name":"Accounting Horizons","issn_l":"0888-7993","issn":["0888-7993","1558-7975"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a","anvur-class-a","anvur-scientific","cwts-core","fnege-2","jufo-2","norway-1","poland-100","russia-white-list-2","vabb-shw"],"host_organization":"https://openalex.org/P4310316290","host_organization_name":"American Accounting Association","host_organization_lineage":["https://openalex.org/P4310316290"],"host_organization_lineage_names":["American Accounting Association"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Accounting Horizons","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5006102916","display_name":"D. Craig Nichols","orcid":"https://orcid.org/0000-0002-0696-3938","observed_orcids":["https://orcid.org/0000-0002-0696-3938"]},"institutions":[{"id":"https://openalex.org/I4210119109","display_name":"Indiana University Bloomington","ror":"https://ror.org/02k40bc56","country_code":"US","type":"education","lineage":["https://openalex.org/I4210119109","https://openalex.org/I592451"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"D. Craig Nichols","raw_affiliation_strings":["Indiana University. Bloomington"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Indiana University. Bloomington","institution_ids":["https://openalex.org/I4210119109"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5056504030","display_name":"James M. Wahlen","orcid":"https://orcid.org/0000-0003-0712-5503","observed_orcids":["https://orcid.org/0000-0003-0712-5503"]},"institutions":[{"id":"https://openalex.org/I4210119109","display_name":"Indiana University Bloomington","ror":"https://ror.org/02k40bc56","country_code":"US","type":"education","lineage":["https://openalex.org/I4210119109","https://openalex.org/I592451"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"James M. Wahlen","raw_affiliation_strings":["Indiana University. Bloomington"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Indiana University. Bloomington","institution_ids":["https://openalex.org/I4210119109"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":[],"corresponding_institution_ids":["https://openalex.org/I4210119109"],"apc_list":null,"apc_paid":null,"fwci":15.0292,"has_fulltext":false,"cited_by_count":219,"citation_normalized_percentile":{"value":0.98589677,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":98,"max":100},"biblio":{"volume":"18","issue":"4","first_page":"263","last_page":"286"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.7432000041007996,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.7432000041007996,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10081","display_name":"Auditing, Earnings Management, Governance","score":0.2281000018119812,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12123","display_name":"Financial Analysis and Corporate Governance","score":0.012500000186264515,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/financial-reporting-relevance","display_name":"financial reporting relevance","score":0.7860000133514404},{"id":"https://openalex.org/keywords/earnings-change","display_name":"earnings change","score":0.8460000157356262},{"id":"https://openalex.org/keywords/operating-cash-flow","display_name":"operating cash flow","score":0.6790000200271606},{"id":"https://openalex.org/keywords/earnings-persistence","display_name":"earnings persistence","score":0.9919999837875366},{"id":"https://openalex.org/keywords/post-earnings-announcement-drift","display_name":"post-earnings announcement drift","score":0.9279999732971191},{"id":"https://openalex.org/keywords/capital-market-efficiency","display_name":"capital market efficiency","score":0.9010000228881836},{"id":"https://openalex.org/keywords/earnings-announcements","display_name":"earnings announcements","score":0.42399999499320984}],"concepts":[{"id":"https://openalex.org/C147808555","wikidata":"https://www.wikidata.org/wiki/Q7233519","display_name":"Post-earnings-announcement drift","level":4,"score":0.7847083806991577},{"id":"https://openalex.org/C2781426361","wikidata":"https://www.wikidata.org/wiki/Q5326940","display_name":"Earnings","level":2,"score":0.7798410654067993},{"id":"https://openalex.org/C190775180","wikidata":"https://www.wikidata.org/wiki/Q5326946","display_name":"Earnings response coefficient","level":3,"score":0.6835426688194275},{"id":"https://openalex.org/C204036174","wikidata":"https://www.wikidata.org/wiki/Q909380","display_name":"Stock (firearms)","level":2,"score":0.6687560081481934},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.6073320508003235},{"id":"https://openalex.org/C166052673","wikidata":"https://www.wikidata.org/wiki/Q83021","display_name":"Empirical evidence","level":2,"score":0.5070092678070068},{"id":"https://openalex.org/C163428354","wikidata":"https://www.wikidata.org/wiki/Q1047513","display_name":"Cash flow","level":2,"score":0.47959744930267334},{"id":"https://openalex.org/C206217203","wikidata":"https://www.wikidata.org/wiki/Q1134378","display_name":"Earnings per share","level":3,"score":0.47467875480651855},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.4697573184967041},{"id":"https://openalex.org/C121955636","wikidata":"https://www.wikidata.org/wiki/Q4116214","display_name":"Accounting","level":1,"score":0.4422318637371063},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.4028240442276001},{"id":"https://openalex.org/C127413603","wikidata":"https://www.wikidata.org/wiki/Q11023","display_name":"Engineering","level":0,"score":0.0},{"id":"https://openalex.org/C138885662","wikidata":"https://www.wikidata.org/wiki/Q5891","display_name":"Philosophy","level":0,"score":0.0},{"id":"https://openalex.org/C78519656","wikidata":"https://www.wikidata.org/wiki/Q101333","display_name":"Mechanical engineering","level":1,"score":0.0},{"id":"https://openalex.org/C111472728","wikidata":"https://www.wikidata.org/wiki/Q9471","display_name":"Epistemology","level":1,"score":0.0}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.2308/acch.2004.18.4.263","doi":"https://doi.org/10.2308/acch.2004.18.4.263","is_oa":false,"landing_page_url":"https://doi.org/10.2308/acch.2004.18.4.263","pdf_url":null,"source":{"id":"https://openalex.org/S181356434","display_name":"Accounting Horizons","issn_l":"0888-7993","issn":["0888-7993","1558-7975"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a","anvur-class-a","anvur-scientific","cwts-core","fnege-2","jufo-2","norway-1","poland-100","russia-white-list-2","vabb-shw"],"host_organization":"https://openalex.org/P4310316290","host_organization_name":"American Accounting Association","host_organization_lineage":["https://openalex.org/P4310316290"],"host_organization_lineage_names":["American Accounting Association"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Accounting Horizons","raw_type":"journal-article"}],"best_oa_location":null,"sustainable_development_goals":[],"sustainable_development_goals_aurora":[{"score":0.4699999988079071,"id":"https://metadata.un.org/sdg/8","display_name":"Decent work and economic growth"}],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":31,"referenced_works":["https://openalex.org/W151535980","https://openalex.org/W1492155385","https://openalex.org/W1557358907","https://openalex.org/W1973099778","https://openalex.org/W1979825610","https://openalex.org/W2044758379","https://openalex.org/W2046942780","https://openalex.org/W2052398032","https://openalex.org/W2058676952","https://openalex.org/W2061981691","https://openalex.org/W2067294622","https://openalex.org/W2078838966","https://openalex.org/W2081432842","https://openalex.org/W2090758019","https://openalex.org/W2114600177","https://openalex.org/W2116347131","https://openalex.org/W2130392613","https://openalex.org/W2133034631","https://openalex.org/W2154398438","https://openalex.org/W2166215547","https://openalex.org/W2170694901","https://openalex.org/W2241738106","https://openalex.org/W2313419753","https://openalex.org/W3124293565","https://openalex.org/W3125788531","https://openalex.org/W3125895621","https://openalex.org/W3126003931","https://openalex.org/W3139198240","https://openalex.org/W4230336695","https://openalex.org/W4233445431","https://openalex.org/W6633281895"],"related_works":["https://openalex.org/W7136464600","https://openalex.org/W607003910","https://openalex.org/W2259678596","https://openalex.org/W62407913","https://openalex.org/W2061981691","https://openalex.org/W4400797003","https://openalex.org/W2807615247","https://openalex.org/W2611329632","https://openalex.org/W2153620300","https://openalex.org/W4283213504"],"abstract_inverted_index":{"An":[0],"extensive":[1],"body":[2],"of":[3,31,57,139,159,193],"academic":[4],"research":[5],"in":[6,126,161],"accounting":[7,45],"develops":[8],"theory":[9,40],"and":[10,19,41,60,84,88,108,113,116,131,152,155,166,195],"empirical":[11,77],"evidence":[12,42,78,171],"on":[13,43,79,142],"the":[14,29,39,55,80,103,122,137,157,174,178,190],"relation":[15,81,104,120,123],"between":[16,82,105,124],"earnings":[17,46,83,106,140,164,183],"information":[18,47,184],"stock":[20,51,109,132,143],"returns.":[21,133],"This":[22],"literature":[23],"provides":[24],"important":[25],"insights":[26],"for":[27,54],"understanding":[28],"relevance":[30],"financial":[32],"reporting.":[33],"In":[34,72],"this":[35,70],"article,":[36],"we":[37,74,100,117,135,169],"summarize":[38],"how":[44],"relates":[48],"to":[49,69,121,172,199],"firms'":[50],"returns,":[52,110,144],"particularly":[53],"benefit":[56],"students,":[58],"practitioners,":[59],"others":[61],"who":[62],"may":[63],"not":[64],"yet":[65],"have":[66],"been":[67],"exposed":[68],"literature.":[71],"addition,":[73],"present":[75],"new":[76],"returns":[85],"by":[86],"replicating":[87,111],"extending":[89,145],"three":[90],"classic":[91],"studies":[92,148],"using":[93],"data":[94],"from":[95,129,147],"1988":[96],"through":[97],"2002.":[98],"Specifically,":[99],"first":[101],"demonstrate":[102,136],"changes":[107,125],"Ball":[112],"Brown":[114],"(1968),":[115],"compare":[118],"that":[119,189],"cash":[127],"flows":[128],"operations":[130],"Second,":[134],"impact":[138],"persistence":[141,162],"findings":[146],"such":[149],"as":[150],"Kormendi":[151],"Lipe":[153],"(1987),":[154],"highlighting":[156],"effects":[158],"differences":[160],"across":[163],"increases":[165],"decreases.":[167],"Third,":[168],"provide":[170],"assess":[173],"efficiency":[175],"with":[176],"which":[177],"capital":[179],"markets":[180],"impound":[181],"quarterly":[182],"into":[185],"share":[186],"prices,":[187],"showing":[188],"post-earnings-announcement-drift":[191],"results":[192],"Bernard":[194],"Thomas":[196],"(1989)":[197],"extend":[198],"recent":[200],"data.":[201]},"counts_by_year":[{"year":2025,"cited_by_count":5},{"year":2024,"cited_by_count":9},{"year":2023,"cited_by_count":14},{"year":2022,"cited_by_count":14},{"year":2021,"cited_by_count":9},{"year":2020,"cited_by_count":12},{"year":2019,"cited_by_count":14},{"year":2018,"cited_by_count":13},{"year":2017,"cited_by_count":8},{"year":2016,"cited_by_count":11},{"year":2015,"cited_by_count":11},{"year":2014,"cited_by_count":7},{"year":2013,"cited_by_count":19},{"year":2012,"cited_by_count":11}],"updated_date":"2026-10-30T12:39:25.321706","created_date":"2016-06-24T00:00:00"}
