References
- Ahir, H., & Loungani, P. (2014). Fail again? Fail better? Forecasts by economists during the great recession. IMF prepared for presentation at George Washington University Research Program in Forecasting Seminar.
- Alessi, L., Ghysels, E., Onorante, L., Peach, R., & Potter, S. (2014). Central bank macroeconomic forecasting during the global financial crisis (European Central Bank working paper series no. 1688).
- Auerbach, A. J., & Gorodnichenko, Y. (2011). Measuring the output responses to fiscal policy (No. w16311). National Bureau of Economic Research.
- Balakrishnan, R., Harris, T. S., & Sen, P. K. (1990). The predictive ability of geographic segment disclosures. Journal of Accounting Research, 28, 305–325. doi: 10.2307/2491152
- Basu, S., Markov, S., & Shivakumar, L. (2010). Inflation, earnings forecasts, and post-earnings announcement drift. Review of Accounting Studies, 15, 403–440. doi: 10.1007/s11142-009-9112-9
- Berkmen, P., Gelos, G., Rennback, R., & Walsh, J. (2009). The global financial crisis: Explaining cross-country difference in the output impact (IMF working paper 09/280).
- Blanchard, O. J., & Leigh, D. (2013). Growth forecast errors and fiscal multipliers (No. w18779). National Bureau of Economic Research.
- Chordia, T., & Shivakumar, L. (2005). Inflation illusion and post-earnings-announcement drift. Journal of Accounting Research, 43(4), 521–556. doi: 10.1111/j.1475-679X.2005.00181.x
- Fama, E., & French, K. (1992). The cross-section of expected stock returns. Journal of Finance, 47, 427–465. doi: 10.1111/j.1540-6261.1992.tb04398.x
- Fama, E., & French, K. (1993). Common risk factors in the returns on stocks and bonds. Journal of Financial Economics, 33, 3–56. doi: 10.1016/0304-405X(93)90023-5
- Fildes, R., & Stekler, H. (2002). The state of macroeconomic forecasting. Journal of Macroeconomics, 24(4), 435–468. doi: 10.1016/S0164-0704(02)00055-1
- Filip, A., & Raffournier, B. (2014). Financial crisis and earnings management: The European evidence. The International Journal of Accounting, 49(4), 455–478. doi: 10.1016/j.intacc.2014.10.004
- Flannery, M. J., & Protopapadakis, A. A. (2002). Macroeconomic factors do influence aggregate stock returns. Review of Financial Studies, 15, 751–782. doi: 10.1093/rfs/15.3.751
- Gallo, L. A., Hann, R. N., & Li, C. (2013). Aggregate earnings surprises, monetary policy, and stock returns. Retrieved from SSRN: http://ssrn.com/abstract=2297490
- Glassner, V., & Galgoczi, B. (2009). Plant-level responses to the economic crisis in Europe (Working paper 2009.01). European Trade Union Institute for Research, Education and Health and Safety (ETUI-REHS).
- Graham, R., King, R., & Bailes, J. (2000). The value relevance of accounting information during a financial crisis: Thailand and the 1997 decline in the value of the baht. Journal of International Financial Management and Accounting, 11(2), 84–107. doi: 10.1111/1467-646X.00057
- Ho, L. J., Liu, C., & Sohn, P. S. (2001). The value relevance of accounting information around the 1997 Asian financial crisis—The case of South Korea. Asia-Pacific Journal of Accounting and Economics, 8, 83–107. doi: 10.1080/16081625.2001.10510591
- Johnson, M. F. (1999). Business cycles and the relation between security returns and earnings. Review of Accounting Studies, 4, 93–117. doi: 10.1023/A:1009649018325
- Konchitchki, Y. (2011). Inflation and nominal financial reporting: Implications for performance and stock prices. The Accounting Review, 86(3), 1045–1085. doi: 10.2308/accr.00000044
- Konchitchki, Y. (2016). Accounting valuation and cost of capital dynamics: Theoretical and empirical macroeconomic aspects. Discussion of Callen. Abacus, 52(1), 26–34. doi: 10.1111/abac.12071
- Konchitchki, Y., & Patatoukas, P. (2014b). Taking the pulse of the real economy using financial statement analysis: Implications for macro forecasting and stock valuation. The Accounting Review, 89(2), 669–694. doi: 10.2308/accr-50632
- Kothari, S. P. (2001). Capital markets research in accounting. Journal of Accounting and Economics, 31(1–3), 105–231. doi: 10.1016/S0165-4101(01)00030-1
- Kothari, S. P., Lewellen, J., & Warner, J. B. (2006). Stock returns, aggregate earnings surprises and behavioral finance. Journal of Financial Economics, 79, 537–568. doi: 10.1016/j.jfineco.2004.06.016
- Lewis, C., & Pain, N. (2014). Lessons from OECD forecasts during and after the financial crisis. OECD Journal: Economic Studies, 2014, 9–39.
- Li, N., Richardson, S., & Tuna, I. (2014). Macro to micro: Country exposures, firm fundamentals and stock returns. Journal of Accounting and Economics, 58, 1–20. doi: 10.1016/j.jacceco.2014.04.005
- Lyle, M. R., Callen, J. L., & Elliott, R. J. (2013). Dynamic risk, accounting-based valuation and firm fundamentals. Review of Accounting Studies, 18(4), 899–929. doi: 10.1007/s11142-013-9227-x
- Nissim, D., & Penman, S. H. (2003). The association between changes in interest rates, earnings, and equity values. Contemporary Accounting Research, 20, 775–804. doi: 10.1506/YKRX-HUQU-9V28-EA16
- Pastor, L., & Veronesi, P. (2009). Learning in financial markets. Annual Review of Financial Economics, 1(1), 361–381. doi: 10.1146/annurev.financial.050808.114428
- Peng, L., & Xiong, W. (2006). Investor attention, overconfidence and category learning. Journal of Financial Economics, 80, 563–602. doi: 10.1016/j.jfineco.2005.05.003
- Roberts, C. B. (1989). Forecasting earnings using geographical segment data: Some UK evidence. Journal of International Financial Management and Accounting, 1, 130–151. doi: 10.1111/j.1467-646X.1989.tb00007.x
- Schuh, S. (2001). An evaluation of recent macroeconomic forecast errors. New England Economic Review, ( January/February), 1, 35–56.
- Sloan, R. G. (1996). Do stock prices fully reflect information in accruals and cash flows about future earnings? The Accounting Review, 71, 289–315.
- Stiglitz, J. E. (2011). Rethinking macroeconomics: What failed, and how to repair it. Journal of the European Economic Association, 9(4), 591–645. doi: 10.1111/j.1542-4774.2011.01030.x
- Stock, J., & Watson, M. (2003). Forecasting output and inflation: The role of asset prices. Journal of Economic Literature, 41(3), 788–829. doi: 10.1257/jel.41.3.788
- Swanson, E. P., Rees, L., & Juarez-Valdes, L. F. (2003). The contribution of fundamental analysis after a currency devaluation. The Accounting Review, 78(3), 875–902. doi: 10.2308/accr.2003.78.3.875
- Thomas, W. (2000). A test of the market’s mispricing of domestic and foreign earnings. Journal of Accounting and Economics, 28, 243–267. doi: 10.1016/S0165-4101(00)00007-0
- Tomy, R. E. (2012). Earnings persistence over the business cycle. Retrieved from http://www.gsb.stanford.edu/sites/default/files/documents/acct_10_12_Tomy.pdf
- Vuolteenaho, T. (2002). What drives firm-level stock returns? Journal of Finance, 57, 233–264. doi: 10.1111/1540-6261.00421