Earnings Volatility, Cash Flow Volatility and Informed Trading

By Sudarshan Jayaraman. 2008

227 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/378429df971e4b8a682e2e17070157ef580bdfe1

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Citations in the corpus

Does Earnings Quality Affect Information Asymmetry? Evidence from Trading Costs*: Earnings Quality and Information Asymmetry (2013, unknown): “We examine a number of issues related to the association between earnings quality and information asymmetry that Jayaraman (2008) does not.”
Idiosyncratic Return Volatility and the Information Quality Underlying Managerial Discretion (2012, methodology): “We use bid-ask spread to measure trading informativeness (Glosten and Milgrom (1985), Jayaraman (2008)).9 Small bid-ask spread indicates low information asymmetry.”
Understanding Earnings Quality: A Review of the Proxies, Their Determinants and Their Consequences (2010, methodology): “, 2002), but a U-shaped relation between smoothness and spreads (Jayaraman, 2008).”
A simple approximation of intraday spreads using daily data (2014, background): “3 The bid-ask spread is also widely used as a proxy for market liquidity and information asymmetry in accounting literature (e.g., Greenstein and Semi, 1994; Kim and Verrecchia, 1994; Welker, 1995; Coller and Yohn, 1997; Healy, Hutton, and Palepu, 1999; Leuz and Verrecchia, 2000; Leuz, 2003; Guo, Le”
Earnings management and market liquidity (2012, background): “find little evidence of a relation between PIN and a measure of absolute value of abnormal accruals based on Jones (1991). Further, Mohanram and Rajgopal (2009) find that PIN has no association with ex-ante cost of capital while Francis et al.”
Firms’ earnings smoothing, corporate social responsibility, and valuation (2015, background): “smoothed earnings over time, the relationship between smoothed earnings and firm valuation remains questionable: On the one hand, smoothed earnings by managing reported earnings do not accurately represent economic earnings at every point of time (e.g., Goel and Thakor 2003; Jayaraman 2008).”
Customers’ Risk Factor Disclosures and Suppliers’ Investment Efficiency (2019, background): “…factors, and thus are more likely to reflect the informativeness of RFDs. Campbell et al. (2014) argue that when a firm is perceived as riskier, information asymmetry increases because the firm or informed investors may have a greater information advantage (Kyle 1985; Demsetz 1986; Jayaraman 2008).”
Transparency, Liquidity, and Valuation: International Evidence (2009, unknown): “However, Lang et al. (2004) argue that, in an international setting, analysts are likely to play a Additional transparency variables, other than a proxy for earnings management, are likely to be important determinants of liquidity as well.”