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Using an international sample of 16 countries, this paper examines if analyst- and country-specific characteristics explain the variation in target price (TP) accuracy. We find that significant variation in average TP accuracy across countries is due to differences in accounting disclosure quality, the origin of the legal system, cultural traits, and IFRS regulation. We also find that analysts exhibit differential and persistent ability to forecast target prices accurately, which confirms that some analysts have superior TP forecasting ability.

We use structural equation modelling for a robust test of the role information quality plays in explaining the cost of equity capital (CoE). SEM allows us to reliably identify the direct and indirect effects that three information quality attributes, quantity, asymmetry and precision, have on CoE. The method also reduces the error-in-variables problem, which stems from selectivity in proxies for information quality and CoE. Using nine proxies to capture the variation in information quality attributes and nine CoE measures, we document that the direct effects of precision and asymmetry are equally important in explaining variation in CoE, while quantity has a negative direct effect. Quantity has a positive indirect effect on CoE mediated through asymmetry and precision. The strength of the relations we identify varies according to firm size, maturity, profitability and with proxies for CoE, which suggests that sample compositions and measurement choices affect the power of tests. Our results consolidate mixed evidence on the relation between information quality and CoE that is often based on a single measure of information quality and ignores indirect channels.

Purpose This study aims to evaluate the earnings forecasting models of Hou et al. (J Account Econ, 53:504–526, 2012) and Li and Mohanram (Rev Account Stud, 19:1152–1185, 2014) in terms of bias and accuracy and validity of the implied cost of capital (ICC) estimates for a sample of initial public offerings (IPOs). Design/methodology/approach The authors use a sample of 1,657 NYSE, Amex and Nasdaq IPOs from 1972 to 2013. Findings The models of Hou et al. and Li and Mohanram produce relatively inaccurate and biased earnings forecasts, leading to unreliable ICC estimates, particularly for small and loss-making IPOs that constitute the bulk of new listings. As a remedy, the authors propose a new earnings forecasting model, a combination of Hou et al.’s and Li and Mohanram’s earnings persistence models, and show that it produces more accurate and less biased earnings forecasts and more valid ICC estimates. Originality/value The study contributes novel results to the literature on the validity of cross-sectional earnings models in forecasting IPO firm earnings and estimating the ICC. The findings are directly relevant for practitioners, who can improve their earnings forecasting accuracy for IPO firms and related ICC estimates. The insights can be extended to other settings where investors have limited access to financial information, such as acquisitions of private targets.

Research suggesting the existence of the accrual anomaly runs into the issue that risk serves as a competing explanation for abnormal returns. This paper proposes a novel approach to distinguish between risk and anomaly explanations for the negative association between accruals and returns. The intuition is that high-risk stocks should experience relatively high and low returns more often than low-risk stocks. Thus, a variable that has the opposite correlations with high returns than with low returns is unlikely to capture risk, which points toward an anomaly. The paper implements this perspective via two logistic regressions predicting relatively high and low returns. Controlling for standard risk measures, we document that low accruals increase the probability of large positive returns, but reduce the likelihood of large negative returns. This finding is inconsistent with the prediction that accruals reflect risk and supports the hypothesis that the accrual \"anomaly\" is indeed an anomaly.

Artykuł jest recenzją książki Adrianny Woroch To tylko sztuczka. O samoświadomości kina i technikach deziluzyjnych we współczesnych filmach (2022), zawierającej szeroko zakrojone omówienie rozmaitych rodzajów zabiegów refleksywnych, jakimi posługiwali się filmowcy w ciągu ostatnich czterdziestu lat. Autor zwraca uwagę na strukturę rozprawy, charakteryzowaną w niej teorię i przyjętą przez Woroch metodologię, a także sytuuje książkę na tle innych opracowań dotyczących refleksji nad filmowym autotematyzmem.

Artykuł dotyczy twórczości Kelly Reichardt – reżyserki, która od połowy lat 90. pozostaje jedną z kluczowych postaci amerykańskiego kina niezależnego. Wychodząc od założeń badaczy skoncentrowanych na zagadnieniu krajobrazu, autor przygląda się podejściu Reichardt do pejzażu jako takiego oraz charakteryzuje wizję stanu Oregon obecną w jej produkcjach. Przywoływane w tekście wypowiedzi Reichardt potwierdzają, jak istotne było dla niej poznanie Jonathana Raymonda – pisarza i przyszłego scenarzysty opisywanych w artykule dzieł. W kolejnych filmach – zwłaszcza tych, którym w tekście poświęcono najwięcej uwagi (Old Joy /2006/, Meek’s Cutoff /2010/, Pierwsza krowa /First Cow, 2019/) – oboje nie tylko przyglądali się stanowi z północno-zachodniego wybrzeża USA, ale też wykorzystali tamtejsze lokacje do nakreślenia portretu współczesnej amerykańskiej prowincji. Opowiedzieli o niej, operując poetyką slow cinema i odnosząc się do gatunku westernu.

Artykuł jest poświęcony twórczości Radu Judego – rumuńskiego reżysera, który po wyprodukowanym w 2015 r. Aferim! stale eksplorował tematykę historyczną. Autor przedstawia podstawowe koncepcje rozumienia filmu historycznego (odwołując się przy tym do ustaleń Williama Guynna czy Roberta Rosenstone’a) i szkicowo prezentuje estetyczno-narracyjne dominanty nowego kina rumuńskiego XXI w., by na tym tle odczytać dzieła Nie obchodzi mnie, czy przejdziemy do historii jako barbarzyńcy (Îmi este indiferent daca în istorie vom intra ca barbari, 2018) oraz Drukowanymi literami (Tipografic Majuscul, 2020) – dwa fabularne filmy Judego, w których reżyser, wyraźnie inspirując się teorią Bertolta Brechta, rozwija poetykę kina modernistycznego. Skupiając się na problematyce historycznej, którą analizuje za pomocą chwytów refleksywnych, Jude zdecydowanie zrywa z tematycznymi tendencjami kina Rumunii ostatnich kilkunastu lat.

The article concerns the work of Kelly Reichardt – a film director who since 1995 is regarded as one of the most prominent representatives of American independent cin- ema. Starting with the observations of researchers theo- rizing landscape, the author analyses Reichardt’s approach to landscape as such and describes the vision of Oregon present in her work. The director’s statements cited in the article confirm the importance of meeting the writer Jo- nathan Raymond – the future screenwriter of the dis- cussed productions. In their subsequent films – especially those that are at the centre of author’s interest (Old Joy /2006/, Meek’s Cutoff /2010/, First Cow /2019/) – not only did they look at Oregon, but also used the Pacific Northwest state’s locations to portray contemporary American coun- try. In doing so, they used the poetics of slow cinema and conventions of the western genre.

The article focuses on the work of the Romanian film director Radu Jude, who continued to examine historical topics after completing Aferim! in 2015. The author presents basic concepts of the historical film (with reference to William Guynn’s and Robert Rosenstone’s findings) and gives a brief overview of the dominant aesthetics and narratives of Romanian films produced in the 21st century. In this context, the author analyzes I Do Not Care If We Go Down in History as Barbarians (Îmi este indiferent daca în istorie vom intra ca barbari, 2018) and Uppercase Print (Tipografic Majuscul, 2020) – two feature films in which Jude refers to Bertolt Brecht’s theory and updates the poetics of modernist cinema. By focusing on historical issues, as analyzed with the use of reflexive modes of storytelling, Jude tries not to follow the thematic tendencies of recent Romanian cinema.