Chapter 36
Earnings Quality
Outline
What Exactly Is Earnings Quality?
Who Cares About Earnings Quality?
What Affects Earnings Quality?
Can Investors See Through the Quality Veil?
And Earnings Quality Around the World?
From Descriptive to Prescriptive: How to Assess Earnings Quality?
A Case in Point
On 18 April 2006, Johnson & Johnson (J&J), a large pharmaceutical company, publicly disclosed that its first-quarter 2006 earnings per share (EPS) were $1.10, beating analysts’ consensus forecast of earnings by 3¢.1 Gilead Sciences, another pharma company, disclosed its first-quarter 2006 earnings of $0.275 EPS (split ...
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