Remove earnings
article thumbnail

Earnings News and Over-the-Counter Markets

Harvard Corporate Governance

We study how the arrival of firm-specific information during earnings announcements affects liquidity in over-the-counter (OTC) markets. Extensive research has found a decline in equity market liquidity during earnings announcements due to heightened information asymmetry. Bebchuk, Alma Cohen, and Scott Hirst. more…)

article thumbnail

Why Do Large Positive Non-GAAP Earnings Adjustments Predict Abnormally High CEO Pay?

Harvard Corporate Governance

For almost two decades, regulators, academics, and investor activists have attempted to understand the role of non-GAAP earnings, also commonly labeled “adjusted” or “pro forma” earnings. About two-thirds of S&P 500 firms announce non-GAAP earnings, which are significantly larger than GAAP earnings on average.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

The Quality of Earnings Information in Dual-Class Firms

Harvard Corporate Governance

Using the words of Warren Buffett, the chairman and CEO of Berkshire Hathaway, another dual-class firm, they promised shareholders, “We won’t ‘smooth’ quarterly or annual results: If earnings figures are lumpy when they reach headquarters, they will be lumpy when they reach you.”

article thumbnail

Seller’s Discretionary Earnings Explained

Viking Mergers

Seller’s Discretionary Earnings Definition. Seller’s Discretionary Earnings (SDE) is a cash-flow-based estimate of the total financial benefit a full time owner-operator derives from the business on an annual basis. In addition to SDE, another relevant earnings measure is EBITDA. Pre-Tax Earnings. +. SDE vs EBITDA.

EBITDA 130
article thumbnail

Aaron Fleitman Earns the Accredited Senior Appraiser Designation in Business Valuation

Trout CPA

Earlier this year, we proudly announced that Senior Associate Aaron Fleitman had earned his AM (Accredited Member) designation from the esteemed American Society of Appraisers. Earning this designation is no small feat; in addition to a college degree, it requires:

article thumbnail

Brady Lausch Earns CPA Designation at Trout CPA

Trout CPA

Today, we are thrilled to shine the spotlight on Brady Lausch, who recently earned his Certified Public Accountant (CPA) designation. At Trout CPA, we take immense pride in recognizing and celebrating the achievements of our dedicated team members.

101
101
article thumbnail

Themes from Q4 2023 Earnings Calls

Auto Dealer Valuation Insights

In our most recent earnings call blog posts, Themes from Q3 Earnings Calls, Part 1: Upstream and Themes from Q3 Earnings Calls, Part 2: Oilfield Services (“OFS”) Companies, we explored the transformation of the energy sector due to M&A activity and the persistent drive to optimize efficiency in well operations and services.