50 YEARS OF EXTRAORDINARY BUSINESS EDUCATION DISCOVER CASS AT 50

Faculties and Research

CeFARR Research

Please see below for a selection of publications from members of the Centre for Financial Analysis and Reporting Research.

2016

Bilinski, Pawel and Bradshaw, Mark Thomas. "Analyst Dividend Forecasts and Their Usefulness to Investors: International Evidence

Bilinski, Pawel and Cumming, Douglas J. and Hass, Lars Helge and Stathopoulos, Konstantinos and Walker, Martin. "Strategic Distortions in Analyst Target Prices in the Presence of Short-Term Institutional Investors"

Bilinski, Pawel and Yim, Andrew. "Knowledge Spillover and Accounting Firms’ Competitive Strength in the M&A Advisory Market"

Jung, J., A. Kumar, S. Lim, C. Yoo. “An analyst by any other last name: Country favorability and market reaction to analyst forecasts

Jung, J. J. Kang, S. Lim, C. Yoo. “Perceived firm trustworthiness and market underreaction to earnings news

Jung, J. S. Lim, J. Pae, C. Yoo. “Conservatism-matching analysts and their performance

2015

Bilinski, P., D.Cumming, L.Hass, K.Stathopoulos, M.Walker. "Strategic distortions in analyst target prices in the presence of short-term institutional investors".

Bilinski, P., J.Novak. "Social stigma and executive remuneration: The compensation premium in "sin" industries"

Bilinski, P., J.Ohlson. "Risk vs. Anomaly: A New Methodology Applied to Accruals", The Accounting Review.

Bilinski, P. "International Evidence on the Accuracy, Sophistication and the Usefulness of Analyst Dividend Forecasts to Investors".

Bilinski, A.Silva. "Prospectus Disclosure and the Long-Run Performance of Seasoned Equity Issuers in the UK".

Johnston, R., Jame, R, Markov, S., Wolfe, M. "The Value of Crowdsourced Earnings Forecasts".

Johnston R, Markov, S and Gurun, U (2015 Forthcoming), "Sell-side debt analysts and debt market efficiency", Management Science

Johnston, R., Petacchi, R. "Regulatory oversight of financial reporting: Securities and Exchange Commission comment letters"

Konstantinidi T, Pope P (2015 Forthcoming), "Forecasting risk in earnings", Contemporary Accounting Research

Konstantinidi T, Kraft A, Pope P (2015 Conditionally accepted), "Asymmetric persistence and the market pricing of accruals and cash flows", Abacus

Konstantinidi T, "Investment Reversals, Accounting Conservatism and Stock Returns". Working paper.

Konstantinidi T, Penman S, Pope P. "Returns to buying risky growth". Working paper.

Raonic, I., Gietzmann M and Isidro H. "Vulture Funds and Fresh Start Accounting for Firms Emerging" from Chapter 11 Bankruptcy.

Raonic, I., and Sahin A. "Analysts’ Strategic Use of Accrual Components".

Raonic, I., and Isidro H. 2015. "The Role of Accounting for Debt Contracting after Bankruptcy". 

Raonic, I., Gietzmann M and Isidro H. "Covenant Lite Bonds and the Impact of Accounting Quality".

2014

Bilinski P (2014), "Do analysts disclose their cash flow forecasts with earnings estimates when earnings quality is low?", Journal of Business Finance and Accounting, 41, p.401-434; [Peer Reviewed]

Bilinski P., Abdulkadir Mohamed (2014 Forthcoming), "The Signaling Effect of Durations between Equity and Debt Issues", Financial Markets, Institutions, & Instruments; [Peer Reviewed]

Gietzmann M., Raonic, I. (2014), "Thinly Traded Growth Stocks: A Joint Examination of Transparency in Communication and the Trading Platform", European Accounting Review, 23(2), p.257-289

Altamuro J, Johnston, R., Pandit, S. and Zhang, H., "Operating Leases and Credit Assessments", Contemporary Accounting Research, 31(2), p.551-580

Yim A (2014), "Failure Risk and Quality Cost Management in Single versus Multiple Sourcing Decision", Decision Sciences, 45(2), p.341-354

Tan F, Yim A (2014), "Can Strategic Uncertainty Help Deter Tax Evasion? An Experiment on Auditing Rules", Journal of Economic Psychology, 40(Special Issue - February), p.161-174

2013

Bilinski P, Danielle Lyssimachou, Martin Walker (2013), 'Target price accuracy: International evidence', The Accounting Review , 88, p.825-851; [Peer Reviewed]

Bilinski P, Norman Strong (2013), 'Managers' private information, investor underreaction and long-run SEO performance.', European Financial Management , 19(5), p.956-991; [Peer Reviewed]

2012

Amir, E., Kallunki, J.P., Nilsson, H. (Forthcoming) "The Association between Individual Audit Partners' Risk Preferences and the Composition of their Client Portfolios", Review of Accounting Studies

Aretz, K. and Pope, P. (Forthcoming), "Common Factors in Default Risk Across Countries and Industries", European Financial Management

Bilinski P, Weimin Liu and Norman Strong (2012), "Does liquidity risk explain low firm performance following seasoned equity offerings? ", Journal of Banking and Finance, 36, p.2770-2785; [Peer Reviewed]

Clatworthy, M., Peel, D. A. and Pope, P. (2012), "Are Analysts' Loss Functions Asymmetric", Journal of Forecasting, 31(8), pp. 736-756.

Florou, A., Pope, P.  (2012), "Mandatory IFRS Adoption and Institutional Investment Decisions", Accounting Review, 87(6), pp. 1993-2025.

Livne, G (2012), "Threats to Auditor Independence and Possible Remedies", Effective Auditing for Corporates (by invitation), ed. 2012 , Bloomsbury, p.41-56.

Raonic, I., Isidro, H. (2012), "Firm Incentives, Institutional Complexity and the Quality of "Harmonized" Accounting Numbers", International Journal of Accounting, 47(4), pp. 407-436.

2011

Aretz, K. Bartram, S. M., Pope, P. (2011), 'Assymetric Loss Functions and the Rationality of Expected Stock Returns', International Journal of Forecasting, 27 (2), pp. 413-427

Carapeto, M. and Gietzmann, M. (2011), 'Sell-side Analyst Bias when Investment Banks have Privileged Access to the Board', Financial Management, Winter, 40 (3), pp. 757-784

Chen, F., Kraft, A. and Weiss, I. (2011), 'Tax Planning by Mutual Funds: Evidence from Changes in the Capital Gains Tax Rate', National Tax Journal, 64 (1), pp. 105-134

Dargenidou, C., McLeay, S. J., Raonic, I. (2011), 'Accruals, Disclosure and the Pricing of Future Earnings in the European Market', Journal of Business Finance and Accounting, 38 (5-6), pp. 473-504

Livne, G., Simpson, A. and Talmor, E. (2011), 'Do Customer Acquisition Cost, Retention and Usage Matter for Firm Performance and Valuation?', Journal of Business Finance and Accounting, 38 (3/4), pp. 334-363

Livne, G., Markarian, G. and Milne, A. (2011), 'Bankers' Compensation and Fair Value Accounting', Journal of Corporate Finance, 17 (4), pp. 1096-1115

Pope, P. and McLeay, S. J. (2011), 'The European IFRS Experiment: Objectives, Research Challenges and some Early Evidence', Accounting and Business Research (by invitation), 41 (3), pp. 233-266

2010

Amir, E., Guan, Y. and Livne, G. (2010), "Auditor Independence and the Cost of Capital Before and After Sarbanes-Oxley: The Case of Newly Issued Public Debt", European Accounting Review, 19 (4), pp. 633-664

Aretz, K., Bartram, S. M. and Pope, P. (2010), "Macroeconomic Risks and Characteristic-based Factor Models", Journal of Banking and Finance, 34 (6), pp. 1383-1399

Pope, P. (2010), "Bridging the Gap between Accounting and Finance", British Accounting Review, 42 (2), pp. 88-102

2009

Ashton, D., Beattie, V., Broadbent, J., Brooks, C., Draper, P., Ezzamel, M., Gwilliam, D., Hodgkinson, R., Hoskin, K. and Pope, P. (2009), 'British Research in Accounting and Finance (2001-2007): The 2008 Research Assessment Exercise', British Accounting Review, 41 (4), pp. 199-207

Espinosa, M., Gietzmann, M. and Raonic, I. (2009), 'US Institutional Investors Response to the News Flow of Intangibles Intensive European Stocks: A Study of European BioTech and Pharma Stocks', European Accounting Review, 18 (1), pp. 63-92

Livne, G. and McNichols, M. (2009), 'An Empirical Investigation of the True and Fair Override in the United Kingdom', Journal of Business Finance and Accounting, 36 (1/2), pp. 1-30

Yim, A. (2009), 'Efficient Committed Budget for Implementing Target Audit Probability for Many Inspectees', Management Science, 55 (1/2), pp. 2000-2018

2008

Di Pietra, R., Grambovas, C., Raonic, I. and Riccaboni, A. (2008), 'The Effect of Board Size and Busy Directors on the Market Value of Italian Companies', Journal of Management and Governance, 12 (1), pp. 73-91

Florou, A. and Pope, P. (2008), 'Are Boards and Institutional Investors Active Monitors?', Managerial Auditing Journal, 23 (9), pp. 862-872

Gietzmann, M. and Ostaszewski, A. (2008), 'Value Creation with Dye's Disclosure Option: Optimal Risk Shielding with an Upper Tailed Disclosure Strategy', Review of Quantitative Finance and Accounting, 31 (1), pp. 1-27

2007

Amir, E., Guan, Y. and Livne, G. (2007), 'The Association of R&D and Capital Expenditures with Subsequent Earnings Variability', Journal of Business Finance and Accounting, 34 (1/2), pp. 222-246

Butler, M. Kraft, A. and Weiss, I. (2007), 'The Effect of Reporting Frequency on the Timeliness of Earnings: The Cases of Voluntary and Mandatory Interim Reports', Journal of Accounting & Economics, 43 (2/3), pp. 181-217

Clatworthy, M., Peel, D. and Pope, P. (2007), 'Evaluating the Properties of Analysts' Forecasts: A Bootstrap Approach', British Accounting Review, 39 (1), pp. 1-13

Dargenidou, C., McLeay, S. and Raonic, I. (2007), 'Ownership, Investor Protection and Earnings Expectations', Journal of Business Finance and Accounting, 34 (1-2), pp.247-268

Gore, P., Pope, P. and Singh, A. (2007), 'Earnings Management and the Distribution of Earnings Relative to Targets: UK Evidence', Accounting and Business Research, 37 (2), pp. 123-150

Kraft, A., Leone, A and Wasley, C. (2007), Regression-Based Tests of the Market Pricing of Accounting Numbers: The Mishkin Test and Ordinary Least Squares', Journal of Accounting Research, 45 (5), pp. 1081-1114

Livne, G. (2007), 'Discussion of Divergence of Opinion and Post Acquisition Performance', Journal of Business Finance and Accounting, 34 (3/4), pp. 461-466

McMeeking, K., Peasnell, K. and Pope, P. (2007), 'The Effect of Large Audit Mergers on Audit Pricing in the UK', Accounting and Business Research, 37 (4), pp. 301-319

2006

Choi, Y., O'Hanlon, J. and Pope, P. (2006), 'Conservative Accounting and Linear Information Valuation Models', Contemporary Accounting Research, 23 (1), pp. 73-102

Dargenidou, C., McLeay, S. and Raonic, I. (2006), 'Expected Earnings Growth and the Cost of Capital: An Analysis of Accounting Regime Change in the European Financial Market', Abacus, 42 (3-4), p. 291

Gietzmann, M. (2006), 'Disclosure of Timely and Forward-Looking Statements and Strategic Management of Major Institutional Ownership', Long Range Planning, 39 (4), pp. 409-427

Kraft, A., Leone, A. and Wasley, C. (2006), 'An Analysis of the Theories and Explanations Offered for the Mispricing of Accruals and Accrual Components', Journal of Accounting Research, 44 (2), pp. 297-339

Landsman, W., Peasnell, K., Pope, P. and Yeh, S. (2006), 'Which Approach to Accounting for Employee Stock Options Best Reflects Market Pricing?', Review of Accounting Studies, 11 (2/3), pp. 203-245

Landsman, W, Peasnell, K., Yeh, S. and Pope, P. (2006), 'The Value Relevance of Alternative Methods of Accounting for Employee Stock Options', Review of Accounting Studies, 11 (2-3), pp.203-245

McMeeking, K., Peasnell, K. and Pope, P. (2006), 'The Determinants of the UK Big Firm Premium', Accounting and Business Research, 36 (3), pp. 207-232

2005

Amir, E. and Livne, G. (2005), 'Accounting, Valuation and Duration of Football Player Contracts', Journal of Business Finance and Accounting, 32 (3/4), pp. 549-586

Gietzmann, M. and Ireland, J. (2005), 'Cost of Capital, Strategic Disclosures and Accounting Choice', Journal of Business Finance and Accounting, 32 (3/4), pp. 599-634

Peasnell, K., Young, S. and Pope, P. (2005), 'Board Monitoring and Earnings Management: Do Outside Diretors Influence Abnormal Accruals?', Journal of Business Finance and Accounting, 32 (7/8), pp. 1311-1346

Pope, P. (2005), 'Discussion - Accruals, Accounting-Based Valuation Models, and the Prediction of Equity Values', Journal of Accounting Auditing and Finance, 20 (4), pp. 347-354

Wang, P. and Pope, P. (2005), 'Earnings Components, Accounting Bias and Equity Valuation', Review of Accounting Studies, 10, pp. 387-407