Publications by year
In Press
Dargenidou C, Tonks I, Tsoligkas F (In Press). Insider Trading and the Post-Earnings Announcement Drift.
SSRN Electronic Journal DOI.
2021
Dargenidou C (2021). Capitalisation of R&D and the informativeness of stock prices: Pre- and post-IFRS evidence.
The British Accounting Review DOI.
2018
Andronoudis D, Dargenidou C, Konstantinidi E (2018). Accounting-Based Risk and the Valuation of R&D Intensive Firms.
DOI.
2017
Dargenidou C, Jackson RHG, Tsalavoutas I, Tsoligkas F (2017). Capitalisation of R&D and the Informativeness of Stock Prices: Pre and Post IFRS Evidence.
DOI.
Andronoudis D, Dargenidou C, Konstantinidi E, Pope PF (2017). Conservative Accounting and the Pricing of Risk: the Case of Research and Development.
DOI.
Dargenidou C, Tonks I, Tsoligkas F (2017). Insider trading and the post-earnings announcement drift.
Journal of Business Finance and Accounting DOI.
2016
Dargenidou C, Gregory A, Hua S (2016). How far does financial reporting allow us to judge whether M&A activity is successful?.
Accounting and Business Research,
46(5), 467-499.
DOI.
2014
Dargenidou C, Jaafar A, McLeay S (2014). Regulation, Bonding and the Quality of Financial Statements. In (Ed)
Accounting and Regulation, 191-228.
DOI.
2013
Dargenidou C, Jaafar A, McLeay SJ (2013). Regulation, Bonding and the Quality of Financial Statements: an Analysis of Cross-Listing in European Markets. In Di Pietra R, McLeay S, Ronen J (Eds.)
Accounting and Regulation: New Insights on Governance, Markets and Institutions, New York: Springer, 191-228.
Abstract:
Regulation, Bonding and the Quality of Financial Statements: an Analysis of Cross-Listing in European Markets
Abstract.
2011
Dargenidou C, Raonic I, McLeay SJ (2011). Accruals, Disclosure and the Pricing of Future Earnings in the European Market.
Journal of Business Finance and Accounting,
38(5-6), 473-504.
Abstract:
Accruals, Disclosure and the Pricing of Future Earnings in the European Market
The present study examines the role of disclosure in assisting market participants to form expectations of future earnings by observing the accrual content of reported earnings. Accounting research has been focusing on investigating the ability of accounting numbers and practices to provide relevant information to market participants. In the context of the association between market returns and accounting numbers or practices, conclusions can be only drawn on the effect of these numbers and practices at an average level of disclosure. Here it is shown that these conclusions can be significantly altered at varying levels of disclosure. Employing a sample of European firms and their Transparency and Disclosure ratings conducted by Standard and Poor’s, we show how disclosure and accruals jointly affect earnings expectations that are included in current stock returns. It is shown that both the joint effect of disclosure and accruals depends on the magnitude, sign and the nature of accruals (i.e. current and non-current accruals), and that increased disclosure appears to correct overstated expectations arising mostly from the extensive use of current accruals and negative non-current accruals.
Abstract.
DOI.
2010
Dargenidou C, McLeay SJ (2010). The impact of introducing estimates of the future on international comparability in earnings expectations.
European Accounting Review,
19(3), 511-534.
Abstract:
The impact of introducing estimates of the future on international comparability in earnings expectations
The objective of this paper is to assess whether the inclusion of improved estimates of the future in corporate annual financial statements has brought about greater international comparability. It is argued that including more relevant information in financial reporting enables users to estimate earnings that are more able to reflect current economic conditions and up-to-date expectations of the future and thus recognize news in a more timely manner. To reflect the underlying economics of integrating financial markets, earnings expectations must be not only more timely but also more comparable. Thus, in examining the increasingly widespread adoption of International Financial Reporting Standards, this study considers both the timeliness and the comparability of earnings expectations in the European Union, before and after the mandatory IFRS implementation. The empirical findings support the view that users’ earnings estimates have indeed become more timely in recognizing market news and significantly more comparable.
Abstract.
DOI.
2007
Dargenidou C, McLeay S, Raonic I (2007). Ownership, investor protection and earnings expectations.
Journal of Business, Finance and Accounting,
34(1-2), 247-268.
Abstract:
Ownership, investor protection and earnings expectations
This study examines the interactive influence of corporate ownership, corporate governance and investor protection on the incorporation of current value shocks in the accounting earnings of European companies. This influence is investigated not only by means of the association between current news and current earnings but also with respect to the association of the same news with expected future earnings, and its persistence. Consistent with the contractual explanation of accounting conservatism, it is shown that the accounting behaviour examined is a function of the demand created by shareholders, and that the institutional arrangements in force are of lesser significance in the presence of widely held ownership. On the other hand, greater separation between supervision and management and stronger investor protection are seen to be influential under close ownership, as these are shown to curb aggressive accounting in the form of a persistently lower recognition of bad news in earnings. Evidence is also provided that stricter corporate governance practices in Europe can substitute for weaknesses in investor protection provisions in law.
Abstract.
DOI.
2006
Dargenidou C, McLeay S, Raonic I (2006). Expected Earnings Growth and the Cost of Capital: an Analysis of Accounting Regime Change in the European Financial Market.
DOI.
Dargenidou C, McLeay S, Raonic I (2006). Expected earnings growth and the cost of capital: an analysis of accounting regime change in the European financial market.
ABACUS - a Journal of Accounting Finance and Business Studies,
42(3-4), 388-414.
Abstract:
Expected earnings growth and the cost of capital: an analysis of accounting regime change in the European financial market
This study focuses on the relation between the cost of equity capital and earnings expectations when the properties of accounting that determine earnings vary across different regulatory regimes. More particularly, it addresses the European setting where different type of GAAP regime have continued to function in the presence of the gradual harmonization of the underlying legal framework, and where the adoption of internationally recognized accounting standards by certain firms has anticipated the requirement for International Financial Reporting Standards. On the basis of estimates of the cost of equity that are implied by analysts' earnings forecasts, the article provides evidence that financial market integration may have already contributed to mitigating the economic consequences of accounting diversity, and that switching to IFRS could have a short lived impact on capital markets. Moreover, based on firm level transparency and disclosure rankings provided by Standard and Poor's, it is shown how the quality of financial reporting conditions the implied cost of equity under different GAAP.
Abstract.
DOI.
Raonic I, Dargenidou C, McLeay S (2006). Ownership, Investor Protection and Earnings Expectations.
DOI.