Consolidated Financial Reports Seminar

Consolidated Financial Reports Seminar

Financial Accounting - Doron Kliger


Course Syllabus
Download as a PDF file (FinAcct_Seminar_Syllabus_OpenU.pdf)

Download syllabus partial info as slided seen at class

Slides and other class material

  • Meeting #1: Financial Accounting Information and Market Efficiency (I)
    Market Efficiency: Download Slides.
    {Students begin contemplating Seminar Work topics}
    {Reminder: Please email me your details}
  • Meeting #2: Financial Accounting Information and Market Efficiency (II)
    Market Efficiency (cont'd).
  • Meeting #3: Event Studies: Measuring Investor Reaction to Accounting Information
    The Information Value of Bond Rating (Kliger & Sarig), Journal of Finance, LV(6), 2000: SlidesPaper.
    Merger Announcements and Insider Trading Activity: An Empirical Investigation (Keown & Pinkerton), Journal of Finance, 36(4), 1981: Paper.
    Empirical anomalies Based on Unexpected Earnings and the Importance of Risk Adjustments (Rendleman, Jones, & Latane), Journal of Financial Economics, 10, 1982: Paper.
    Slides of the above.
    {Event Study exercise distributed}
    Event Study InstructionsTemplate.
    {Setting Seminar Work topics EARLY due date}
  • Meeting #4: Event Studies: from Design to Execution
    Priming the Risk Attitudes of Professionals in Financial Decision Making (Gilad & Kliger), Review of Finance: Paper.
    {Technical reference for the Work}
    {Setting Seminar Work topics LAST due date}
  • Meeting #5: Work in Progress
    Short student presentations of the Seminar Works
    {Technical reference for the Work}
    {Exercise submission due date}

Related Links and References for the curious reader

  • Sample Event Study Applications
    The Association between Non-professional Investors' Information Choices and Their Portfolio Returns, The Importance of Investing Experience (Elliott, Hodge, & Jackson), Contemporary Accounting Research, 25(2), 2008: AbstractExecutive SummaryFull Paper of web downloaded preliminary version.
    Stock Price Response to Accounting Information (Joh & Lee), Journal of Business, 65(3), 1992: Paper.
    The Information Content of Dividends, Journal of Business, 46(2), 1973: Paper.
    Information content of Accounting Goodwill Numbers (Hirschey & Richardson), Journal of Accounting and Public Policy, 21, 2002: Paper.
    Perceived Auditor Quality and the ERC (Teoh and Wong), Accounting Review, 68(2), 1993: Paper.
  • On the Event Study Approach
    Measuring Security Price Performance (Brown & Warner), Journal of Financial Economics, 8(3), 1980: PDF.
    Using Daily Stock Returns: The Case of Event Studies (Brown & Warner), Journal of Financial Economics, 14, 1985: PDF.
    Event Studies in Economics and Finance (MacKinlay), Journal of Economic Literature, 35(1), 1997: PDF.
    The Event Study Methodology since 1969 (Binder), Review of Quantitative Finance and Accounting, 11, 1998: PDF.
  • Related Issues / Background
    Robert A. Haugen, Modern Investment Theory, 4th Edition, Prentice Hall, 1997, Chapter 7: The Capital Asset Pricing Model.
    Efficient Capital Markets: A Review of Theory and Empirical Work (Fama), Journal of Finance, 25(2), 1969: PDF.
  • More stuff (per our class discussion)
    Gaining from Loss: Property-Liability Insurer Stock Value in the Aftermath of 1989 California Earthquake, Journal of Risk and Insurance, LIX(3), 1992: PDF.
    Insider Trading: SEC Rule 10b5-1 at WikipediA.
    Estimating Betas from Nonsynchronous Data (Scholes & Williams), Journal of Financial Economics, 5, 1977.
    Instruction for regressions with Excel: IBM_and_sp500.xls.

Good luck!

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