Published 2012
Table of Contents:
“…Geleitwort; Vorwort; Table of Contents; List of Figures; List of Tables; List of Abbreviations; List of Symbols; 1 Introduction; 2 The Cost Stickiness Phenomenon; 2.1 Evidence on the Stickiness of Costs and its Potential Causes; 2.2 Characteristics of Cost Stickiness; 2.2.1 General Characteristic of Cost Stickiness; 2.2.1.1 Stickiness of Different Cost Components; 2.2.1.2 The Influence of the Magnitude of Changes in Activity; 2.2.1.
3 The Time Horizon of Cost Stickiness; 2.2.1.4 Cyclical Characteristics of Cost Stickiness; 2.2.2 Firm-Specific Characteristics of Cost Stickiness 2.2.
3 Industry-Specific Characteristics of Cost Stickiness2.2.4 Country-Specific Characteristics of Cost Stickiness; 2.
3 Cost Stickiness and Managerial Incentives; 2.4 Criticism of the Cost Stickiness Concept; 2.5 Applications of the Cost Stickiness Concept to Related Financial Research;
3 Cost Stickiness and the Information Content of the SG&
A Ratio;
3.1 Introduction;
3.2 The SG&
A Ratio in Fundamental Analysis;
3.
3 Research Design and Data;
3.
3.1 Research Design;
3.
3.1.1 Impact on Future Operating Earnings per Share;
3.
3.1.2 Impact on Future Sales, Cost of Goods Sold, and SG&
A Costs
3.
3.1.
3 Influence of Potential for Enhancements of Operating Processes
3.
3.2 Sample Data;
3.
3.
3 Descriptive Statistics;
3.4 Results;
3.4.1 Impact on Future Operating Earnings per Share;
3.4.2 Impact on Future Sales, Cost of Goods Sold, and SG&
A Costs;
3.4.3 Influence of Potential for Enhancements of Operating Processes;
3.5 Differentiation from an Explanation in Terms of Cost Stickiness;
3.6 Sensitivity Analyses;
3.6.1 Changes in the Segmentation of the Sample;
3.6.2 Impact on Earnings per Share;
3.7 Conclusion; 4 Cost Stickiness and Analysts' Implied Cost Forecasts; 4.1 Introduction 4.2 Literature Review and Hypothesis Development4.2.1 Cost Stickiness; 4.2.2 Earnings Forecast Optimism; 4.2.
3 Hypotheses Development; 4.
3 Research Design and Sample; 4.
3.1 Research Design; 4.
3.2 Sample and Descriptive Statistics; 4.4 Results; 4.5 Sensitivity Analyses; 4.5.1 More Extensive Data Trimming; 4.5.2 Median Consensus Forecasts; 4.5.
3 Problematic Cost Components; 4.5.4 Individual Forecasts; 4.5.5 Industrial Firms; 4.5.6 Clustered Standard Errors or Fama-
MacBeth [1973] Regression; 4.5.7 Main Effect of Decrease Dummy; 4.5.8 Experienced Analysts; 4.6 Conclusion; 5 Concluding Remarks References…”
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