Business Cycles and the Relation between Security Returns and Earnings
dc.contributor.author | Johnson, Marilyn F. | en_US |
dc.date.accessioned | 2006-09-11T19:16:02Z | |
dc.date.available | 2006-09-11T19:16:02Z | |
dc.date.issued | 1999-06 | en_US |
dc.identifier.citation | Johnson, Marilyn F.; (1999). "Business Cycles and the Relation between Security Returns and Earnings." Review of Accounting Studies 4(2): 93-117. <http://hdl.handle.net/2027.42/47678> | en_US |
dc.identifier.issn | 1380-6653 | en_US |
dc.identifier.issn | 1573-7136 | en_US |
dc.identifier.uri | https://hdl.handle.net/2027.42/47678 | |
dc.description.abstract | This paper examines business cycle variation in the earnings-returns relation. Earnings are more persistent when growth rates are high (i.e., in an expansion) than when growth rates are low (i.e., in a recession). Earnings are more persistent when production is high (i.e., in a credit crunch period) than when production is low (i.e., in a reliquification period). Relatedly, earnings response coefficients are larger in expansions (credit crunch periods) than in recessions (reliquification periods). Thus, earnings persistence and earnings response coefficients are positively associated with the rate of growth in economic activity and the level of economic activity. | en_US |
dc.format.extent | 125056 bytes | |
dc.format.extent | 3115 bytes | |
dc.format.mimetype | application/pdf | |
dc.format.mimetype | text/plain | |
dc.language.iso | en_US | |
dc.publisher | Kluwer Academic Publishers; Springer Science+Business Media | en_US |
dc.subject.other | Economics / Management Science | en_US |
dc.subject.other | Public Finance & Economics | en_US |
dc.subject.other | Accounting/Auditing | en_US |
dc.subject.other | Finance /Banking | en_US |
dc.title | Business Cycles and the Relation between Security Returns and Earnings | en_US |
dc.type | Article | en_US |
dc.subject.hlbsecondlevel | Economics | en_US |
dc.subject.hlbtoplevel | Business | en_US |
dc.description.peerreviewed | Peer Reviewed | en_US |
dc.contributor.affiliationum | Business School, University of Michigan, 701 Tappan Street, Ann Arbor, MI, 48109-1234 | en_US |
dc.contributor.affiliationumcampus | Ann Arbor | en_US |
dc.description.bitstreamurl | http://deepblue.lib.umich.edu/bitstream/2027.42/47678/1/11142_2004_Article_231714.pdf | en_US |
dc.identifier.doi | http://dx.doi.org/10.1023/A:1009649018325 | en_US |
dc.identifier.source | Review of Accounting Studies | en_US |
dc.owningcollname | Interdisciplinary and Peer-Reviewed |
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