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Fundamental Analysis Conditioned on the Direction of Sales Change
|Title:||Fundamental Analysis Conditioned on the Direction of Sales Change|
financial statement analysis
|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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