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Changes in Operating Margins during ...
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ProQuest Information and Learning Co.
Changes in Operating Margins during a Sales Decline and Abnormal Returns.
紀錄類型:
書目-語言資料,手稿 : Monograph/item
正題名/作者:
Changes in Operating Margins during a Sales Decline and Abnormal Returns./
作者:
Park, Han-Up.
面頁冊數:
1 online resource (96 pages)
附註:
Source: Dissertation Abstracts International, Volume: 79-01(E), Section: A.
Contained By:
Dissertation Abstracts International79-01A(E).
標題:
Accounting. -
電子資源:
click for full text (PQDT)
ISBN:
9780355171655
Changes in Operating Margins during a Sales Decline and Abnormal Returns.
Park, Han-Up.
Changes in Operating Margins during a Sales Decline and Abnormal Returns.
- 1 online resource (96 pages)
Source: Dissertation Abstracts International, Volume: 79-01(E), Section: A.
Thesis (Ph.D.)
Includes bibliographical references
I examine the implications of changes in operating profit margins during a sales decline for future earnings and abnormal stock returns. When sales decrease, managers decide whether to cut slack resources. Managers who are optimistic about their future operations often retain slack resources in anticipation of resurging sales, thereby decreasing concurrent profitability. Conversely, managers who are pessimistic about their future operations typically reduce slack resources to gain efficiency, thereby increasing concurrent profitability. I find that analysts and investors persistently underestimate the future profitability of firms that exhibit a large decrease in current profitability. I also find that subsequent quarterly earnings announcements gradually reveal future profitability, resulting in concentrated positive abnormal returns in short pre-announcement windows for about a year after a sales decline. These results suggest that analysts and investors have difficulties evaluating managers' resource adjustment decisions when a large decrease in concurrent profitability can indicate managers' optimistic expectations.
Electronic reproduction.
Ann Arbor, Mich. :
ProQuest,
2018
Mode of access: World Wide Web
ISBN: 9780355171655Subjects--Topical Terms:
561166
Accounting.
Index Terms--Genre/Form:
554714
Electronic books.
Changes in Operating Margins during a Sales Decline and Abnormal Returns.
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Source: Dissertation Abstracts International, Volume: 79-01(E), Section: A.
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Adviser: Rajiv Banker.
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I examine the implications of changes in operating profit margins during a sales decline for future earnings and abnormal stock returns. When sales decrease, managers decide whether to cut slack resources. Managers who are optimistic about their future operations often retain slack resources in anticipation of resurging sales, thereby decreasing concurrent profitability. Conversely, managers who are pessimistic about their future operations typically reduce slack resources to gain efficiency, thereby increasing concurrent profitability. I find that analysts and investors persistently underestimate the future profitability of firms that exhibit a large decrease in current profitability. I also find that subsequent quarterly earnings announcements gradually reveal future profitability, resulting in concentrated positive abnormal returns in short pre-announcement windows for about a year after a sales decline. These results suggest that analysts and investors have difficulties evaluating managers' resource adjustment decisions when a large decrease in concurrent profitability can indicate managers' optimistic expectations.
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click for full text (PQDT)
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