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Fundamental Analysis Conditioned on the Direction of Sales Change

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Title:Fundamental Analysis Conditioned on the Direction of Sales Change
Authors:Yu, Dongning
Anderson, Mark
Keywords:fundamental analysis
financial statement analysis
equity valuation
stock returns
sales change
Date Issued:01 Sep 2018
Abstract:We add to previous research on fundamental analysis by investigating why and how specific
signals provide value-relevant information under different conditions. Our analysis provides
empirical support for predictions about the value-relevance of various signals based on either
providing information about future sales growth or about the efficiency of the business in using or
consuming resources to generate sales. We demonstrate how specific signals are differentially
informative in sales-increase versus sales-decrease periods.
Appears in Collections: 13 Financial: Labor unions/Political connections/Equity valuation

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