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earnings in consideration of both current and future relative performance. To provide a more direct evidence of anticipating smoothing and job security, we hypothesize that the extent of income smoothing ...
; and Schleicher et al., 2007 ) has shown that, in general, disclosure is able to enhance future earnings information in current stock returns. This earnings anticipation in prices has been investigated in a number ...
Previous studies have found that companies use income ‐increasing positive discretionary accruals (DAC) prior to initial public offerings (IPOs) to inflate earnings as a signal to anticipate future ...
of current period earnings . Firms may increase the percent of production added to inventory in anticipation of high levels of future sales. In this case, the estimated coefficient on CPAI should be positive ...
to smooth out and which they are not; (iii) differentiating responses to various components of earnings – in particular, the effect of shocks to primary earners and spouse. The large increase in wage ...
36$$\%$$ of the observed dividend smoothness in the data. Because turnover is only a transfer of wage income from the incumbent to future managers, this type of dividend smoothing is considered ...
as well. In particular, many viewed the purchase of durable goods as a means of smoothing their future consumption by increasing their independence, providing stable access to employment, and, anticipating ...
, earnings , income and consumption. The mechanisms used to insure labour market shocks are examined in a partial‐insurance setting where the manner and scope for insurance depends on the access to credit ...
. Hence, spending should not respond to such payments, and households should smooth out any predictable income changes by managing liquid assets. Significant responses are therefore called excess ...
will still typically levy income tax and, in some cases, payroll taxes on post‐retirement earnings ). Note also that many countries which operate such tests also disregard a certain level of earnings ...
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