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Empirical Evidence on the Evolution of International Earnings
Open accessAbstract
We examine whether cross-country differences in earnings-to-price multiples have changed between 1987–1992 and 1994–1999. Our results suggest that earnings multiples became more similar over this time period for the jurisdictions we analyze, although systematic differences remain. Economic determinants of earnings multiples (e.g., growth rates, interest rates, and returns) do not exhibit similar convergence and do not appear to explain the changes. The convergence is robust to controls for cash flow multiples and is apparent in the valuation of accruals. Accrual/cash flow correlations have also become more similar and generally less negative, suggesting a reduction in earnings smoothing. Overall, our evidence suggests convergence in accounting practice.
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Citations
Cited by
International Accounting Standards and Accounting Quality
Barth, M. E., Landsman, W. R., & Lang, M. H. (2005) · SSRN Electronic Journal · doi:10.2139/ssrn.688041 · Cited by 734
Self-citationThe information content of annual earnings announcements and mandatory adoption of IFRS
Landsman, W. R., Maydew, E. L., & Thornock, J. R. (2012) · Journal of Accounting and Economics · doi:10.1016/j.jacceco.2011.04.002 · Cited by 681
Textual analysis and international financial reporting: Large sample evidence
Lang, M., & Stice-Lawrence, L. (2015) · Journal of Accounting and Economics · doi:10.1016/j.jacceco.2015.09.002 · Cited by 460
Self-citationInternational Financial Reporting Standards and the quality of financial statement information
Iatridis, G. (2010) · International Review of Financial Analysis · doi:10.1016/j.irfa.2010.02.004 · Cited by 339
Earnings management and cross listing: Are reconciled earnings comparable to US earnings?
Lang, M., Smith Raedy, J., & Wilson, W. (2006) · Journal of Accounting and Economics · doi:10.1016/j.jacceco.2006.04.005 · Cited by 163
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Metadata
- Authors
- Land, J., & Lang, M. H.
- Venue
- The Accounting Review
- Publisher
- American Accounting Association
- Published
- 2002-03-01
- Volume
- 77
- Issue
- s-1
- Pages
- 115-133
- ISSN
- 0001-4826 (ISSN-L)
- 1558-7967
- OpenAlex
- W3125357378
- Cited by
- 190
- References
- 0
- FWCI
- 20.86
- Type
- journal article
- Language
- en
- Open access
- green
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