The Implications of Using Stock-Split Adjusted I/B/E/S Data in Empirical Research

By Jeff L. Payne, Wayne B. Thomas. 2003

304 citations recorded by the source corpus.

Subfields: Accounting, Finance, Strategy and Management

View Paper: https://www.semanticscholar.org/paper/6c3eaf711315f2002dfcb967b25fb21ea98c8acd

How researchers see this paper

The researchers whose trusted networks rank it highest, strongest advocate first. Every researcher gets a different order.

In Accounting

1. Sarah E. McVay
2. Jinhua Cui
3. Wayne B. Thomas
4. Theodore E. Christensen
5. Eric C. So
6. Ole‐Kristian Hope
7. John (Xuefeng) Jiang
8. Ervin L. Black

In Finance

1. Sarah E. McVay
2. Wayne B. Thomas
3. Theodore E. Christensen
4. Eric C. So
5. Ervin L. Black
6. Ole‐Kristian Hope
7. John (Xuefeng) Jiang
8. Richard D. Mergenthaler

In Strategy and Management

1. Jinhua Cui
2. Sarah E. McVay
3. John (Xuefeng) Jiang
4. Wayne B. Thomas
5. Haejung Na
6. Eric C. So
7. Ole‐Kristian Hope
8. Theodore E. Christensen

Citations in the corpus

• Discretionary Accruals and Earnings Management: An Analysis of Pseudo Earnings Targets (2006, unknown): “Consistent with prior research (e.g., Degeorge et al. 1999; Payne and Thomas 2003; Phillips et al. 2003), we round UEit to the nearest penny.”
• The relation between earnings management and financial statement fraud (2011, background): “Impact of I/B/E/S EPS adjustments Payne and Thomas (2003) show that adjusted I/B/E/S EPS figures contain potential rounding errors for firm years with stock splits.”
• Managing Earnings Using Classification Shifting: Evidence from Quarterly Special Items (2010, result): “These incentives are consistent with evidence of earnings management found in prior research (Burgstahler and Dichev 1997b; Degeorge et al. 1999; Payne and Thomas 2003).”
• Trading incentives to meet the analyst forecast (2006, methodology): “We use the unadjusted I/ B/E/S forecasts to avoid losing the precision in the decimal places of the forecasts due to the I/B/E/S adjustments of prior forecasts for subsequent stock splits (Baber & Kang, 2002; Payne & Thomas, 2003).”
• Beating Earnings Benchmarks and the Cost of Debt (2008, methodology): “Inferences are the same using the adjusted or unadjusted I/B/E/S file following Baber and Kang (2002) and Payne and Thomas (2003). benchmarks indicate that beating earnings benchmarks decreases the risk premium that bond investors require.”
• Identifying Expectation Errors in Value/Glamour Strategies: A Fundamental Analysis Approach (2012, unknown): “14 We use the unadjusted consensus file because the adjusted file contains earnings forecasts retroactively adjusted for stock splits (Baber and Kang 2002; Payne and Thomas 2003).”
• Earnings Management Through Real Activities Manipulation (2006, unknown): “33 See Payne and Thomas (2003).”