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Discussion of: “Contextual Fundamental Analysis Through the Prediction of Extreme Returns”

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Abstract

Beneish, Lee and Tarpley (2000) represents one of a small, but growing number of studies that develop and test contextual fundamental analysis techniques. Such studies offer great promise for increasing our understanding of the role of accounting information in evaluating firm performance. However, these studies also introduce their own unique research design issues. In this paper, I discuss the opportunities and research design issues facing this new line of research, using Beneish, Lee and Tarpley to illustrate my points.

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References

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  • Beneish, D., C. Lee and R. Tarpley. (2001). “Contextual Fundamental Analysis Through the Prediction of Extreme Returns.” Review of Accounting Studies (this issue).

  • Magliolo. (1986). “Capital Market Analysis of Reserve Recognition Accounting.” Journal of Accounting Research, 69-108.

  • Ou, J. and S. Penman. (1989). “Financial Statement Analysis and the Prediction of Stock Returns.” Journal of Accounting and Economics, 295-329.

  • Piotroski. (2001). “Value Investing: The Use of Historical Financial Statement Information to Separate Winners From Losers.” Journal of Accounting Research (forthcoming).

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Authors and Affiliations

  1. School of Business Administration, University of Michigan, Ann Arbor, MI, 48109-1234, USA

    Richard G. Sloan

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  1. Richard G. Sloan
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Sloan, R.G. Discussion of: “Contextual Fundamental Analysis Through the Prediction of Extreme Returns”. Review of Accounting Studies 6, 191–195 (2001). https://doi.org/10.1023/A:1011610808326

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  • DOI: https://doi.org/10.1023/A:1011610808326

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