Selected Bibliography for Ray Ball

Sidney Davidson Distinguished Service Professor of Accounting

Published Works

"On Earnings and Cash Flows as Predictors of Future Cash Flows." Ray Ball and Valeri V. Nikolaev; Journal of Accounting and Economics, 2022, 73(1), pp. 101430.

"Using Accounting Earnings and Aggregate Economic Indicators to Estimate Firm-Level Systematic Risk." Ray Ball, Gil Sadka and Ayung Tseng; Review of Accounting Studies, 2021.

"Earnings, Retained Earnings, and Book-to-Market in the Cross Section of Expected Returns." Ray Ball, Joseph Gerakos, Juhani T. Linnainmaa and Valeri Nikolaev; Journal of Financial Economics, 2020, 135(1), pp. 231-54.

"Ball and Brown (1968) after Fifty Years." Ray Ball and Philip Brown; Pacific-Basin Finance Journal, 2019, 53, pp. 410-31.

"IFRS – 10 Years Later." Ray Ball; Accounting and Business Research, 2016, 46(5), pp. 545-71.

"Why We Do International Accounting Research." Ray Ball; Journal of International Accounting Research, 2016, 15, pp. 1-6.

"Accruals, Cash Flows, and Operating Profitability in the Cross Section of Stock Returns." Ray Ball, Joseph Gerakos, Juhani T. Linnainmaa and Valeri Nikolaev; Journal of Financial Economics, 2016, 121(1), pp. 28-45.

"Deflating Profitability." Ray Ball, Joseph Gerakos, Juhani T. Linnainmaa and Valeri V. Nikolaev; Journal of Financial Economics, 2015, 117(2), pp. 225-48.

"Contractibility and Transparency of Financial Statement Information Prepared under Ifrs: Evidence from Debt Contracts around Ifrs Adoption." Ray Ball, Xi Li and Lakshmanan Shivakumar; Journal of Accounting Research, 2015, 53(5), pp. 915-63.

"Aggregate Earnings and Why They Matter." Ray Ball and Gil Sadka; Journal of Accounting Literature, 2015, 34(0), pp. 39-57.

"Ball and Brown (1968): A Retrospective." Ray Ball and Philip R. Brown; Accounting Review, 2014, 89(1), pp. 1-26.

"Accounting Informs Investors and Earnings Management Is Rife: Two Questionable Beliefs." Ray Ball; Accounting Horizons, 2013, 27, pp. 847-53.

"Econometrics of the Basu Asymmetric Timeliness Coefficient and Accounting Conservatism." Ray Ball, S. P. Kothari and Valeri V. Nikolaev; Journal of Accounting Research, 2013, 51(5), pp. 1071-97.

"On Estimating Conditional Conservatism." Ray Ball, S. P. Kothari and Valeri V. Nikolaev; The Accounting Review, 2012, 88(3), pp. 755-87.

"Audited Financial Reporting and Voluntary Disclosure as Complements: A Test of the Confirmation Hypothesis." Ray Ball, Sudarshan Jayaraman and Lakshmanan Shivakumar; Journal of Accounting and Economics, 2012, 53(1–2), pp. 136-66.

"The Global Financial Crisis and the Efficient Market Hypothesis: What Have We Learned?" Ray Ball; Journal of Applied Corporate Finance, 2009, 21(4), pp. 8-16.

"Aggregate Earnings and Asset Prices." Ray Ball, Gil Sadka and Ronnie Sadka; Journal of Accounting Research, 2009, 47(5), pp. 1097-133.

"Market and Political/Regulatory Perspectives on the Recent Accounting Scandals." Ray Ball; Journal of Accounting Research, 2009, 47(2), pp. 277-323.

"What Is the Actual Economic Role of Financial Reporting?" Ray Ball; Accounting Horizons, 2008, 22(4), pp. 427-32.

"How Much New Information Is There in Earnings?" Ray Ball and Lakshmanan Shivakumar; Journal of Accounting Research, 2008, 46(5), pp. 975-1016.

"Earnings Quality at Initial Public Offerings." Ray Ball and Lakshmanan Shivakumar; Journal of Accounting and Economics, 2008, 45(2-3), pp. 324-49.

"Is Financial Reporting Shaped by Equity Markets or by Debt Markets? An International Study of Timeliness and Conservatism." Ray Ball, Ashok Robin and Gil Sadka; Review of Accounting Studies, 2008, 13(2), pp. 168-205.

"International Financial Reporting Standards (Ifrs): Pros and Cons for Investors." Ray Ball; Accounting & Business Research, 2006, 36(Special Issue), pp. 5-27.

"The Role of Accruals in Asymmetrically Timely Gain and Loss Recognition." Ray Ball and Lakshmanan Shivakumar; Journal of Accounting Research, 2006, 44(2), pp. 207-42.

"Earnings Quality in Uk Private Firms: Comparative Loss Recognition Timeliness." Ray Ball and Lakshmanan Shivakumar; Journal of Accounting & Economics, 2005, 39(1), pp. 83.

"Daimler-Benz Ag: Evolution of Corporate Governance from a Code-Law “Stakeholder” toward a Common-Law “Shareholder Value” System," Ray Ball, in The Economics and Politics of Accounting : International Perspectives on Research, Trends, Policy, and Practice. C. Leuz, D. Pfaff and A. Hopwood, Oxford ; New York: Oxford University Press, 2004, pp. 101-05.

"The Effect of International Institutional Factors on Properties of Accounting Earnings," Ray Ball, S. P. Kothari and Ashok Robin, in Developments in International Accounting--General Issues and Classification. C. W. Nobes, Cheltenham, U.K. and Northampton, Mass.: Elgar, 2004, pp. 195-245.

"Incentives Versus Standards: Properties of Accounting Income in Four East Asian Countries." Ray Ball, Ashok Robin and Joanna Shuang Wu; Journal of Accounting and Economics, 2003, 36(1-3), pp. 235-70.

"Rationality of Capital Markets." John A. Doukas, Ray Ball, Kent Daniel, Kenneth French, Stephen Ross and Jay Shanken; European Financial Management, 2002, 8(2), pp. 229.

"Infrastructure Requirements for an Economically Efficient System of Public Financial Reporting and Disclosure." Ray Ball; Brookings-Wharton Papers on Financial Services, 2001, pp. 127-69.

"Problems in Measuring Portfolio Performance: An Application to Contrarian Investment Strategies," Ray Ball, S. P. Kothari and Jay Shanken, in Behavioral Finance. H. Shefrin, Cheltenham, U.K. and Northampton, Mass.: Elgar, 2001, pp. 576-604.

"The Effect of International Institutional Factors on Properties of Accounting Earnings." Ray Ball, S. P. Kothari and Ashok Robin; Journal of Accounting and Economics, 2000, 29(1), pp. 1-51.

"Corrigendum to "the Effect of International Institutional Factors on Properties of Accounting Earnings "." Ray Ball, S. P. Kothari and Ashok Robin; Journal of Accounting and Economics, 2000, 30(2), pp. 241.

"Historical Cost as a Commitment Device." Ray Ball, A. Scott Keating and Jerold Zimmerman; Maandblad voor Accountancy en Bedrijfse-economie, 2000, 74, pp. 12-23.

"Discussion: "The Association between Firms' Values and Accounting Numbers after Adoption of Fresh Start Reporting "." Ray Ball; Journal of Accounting, Auditing and Finance, 1999, 14(3), pp. 212-18.

"The Theory of Stock Market Efficiency: Accomplishments and Limitations," Ray Ball, in The Revolution in Corporate Finance. J. M. Stern and D. H. Chew, Jr., Third edition. Malden, Mass. and Oxford: Blackwell Business, 1998, pp. 2-15.

"Five Year Report on the Journal of Accounting and Economics: Editorial." Ray Ball, Ross L. Watts and Jerold L. Zimmerman; Journal of Accounting and Economics, 1997, 23(1), pp. 3-6.

"An Empirical Evaluation of Accounting Income Numbers," Ray Ball and Philip Brown, in Market Efficiency: Stock Market Behaviour in Theory and Practice. A. W. Lo, Cheltenham, U.K. and Lyme, N.H.: Elgar, 1997, pp. 281-300.

"How Naive Is the Stock Market's Use of Earnings Information?" Ray Ball and Eli Bartov; Journal of Accounting and Economics, 1996, 21(3), pp. 319-37.

Institutions of Innovation and Prosperity Thirteenth Annual John Bonython Lecture Ray Ball; Occasional Papers 58; Centre for Independent Studies, 1996.

"The Earnings Event-Time Seasonal and the Calendar-Time Seasonal in Stock Returns: Naive Use of Earnings Information or Announcement Timing Effect?" Ray Ball and Eli Bartov; Journal of Accounting, Auditing and Finance, 1995, 10(Issue 4), pp. 677.

"Problems in Measuring Portfolio Performance: An Application to Contrarian Investment Strategies." Ray Ball, S. P. Kothari and Jay Shanken; Journal of Financial Economics, 1995, 38(1), pp. 79-107.

"Making Accounting More International: Why, How, and How Far Will It Go?" Ray Ball; Journal of Applied Corporate Finance, 1995, 8(Fall), pp. 19-29.

"The Theory of Stock Market Efficiency: Accomplishments and Limitations." Ray Ball; Journal of Applied Corporate Finance, 1995, 8(Spring), pp. 4-17.

"The Development, Accomplishments and Limitations of the Theory of Stock Market Efficiency." Ray Ball; Managerial Finance, 1994, 20(2,3), pp. 3.

Financial Statement Analysis Ray Ball and S. P. Kothari; Mcgraw-Hill Series in Advanced Topics in Finance and Accounting;; New York: McGraw-Hill, 1994.

"Economic Determinants of the Relation between Earnings Changes and Stock Returns." Ray Ball, S. P. Kothari and Ross L. Watts; Accounting Review, 1993, 68(3), pp. 622-38.

"Accounting Is International Now (but It Is National Too, and It Always Will Be)." Ray Ball; Simon International, 1993, 1(Summer), pp. 25-30.

The Economics of Accounting Policy Choice Ray Ball and Clifford W. Smith; Mcgraw-Hill Series in Advanced Topics in Finance and Accounting;; New York: McGraw-Hill, 1992.

"The Earnings-Price Anomaly." Ray Ball; Journal of Accounting and Economics, 1992, 15(2-3), pp. 319-45.

"Security Returns around Earnings Announcements." Ray Ball and S. P. Kothari; Accounting Review, 1991, 66(4), pp. 718-38.

"Discussion of "Specification Problems with Information Content of Earnings: Revisions and Rationality of Expectations and Self-Selection Bias"." Ray Ball; Contemporary Accounting Research, 1990, 7(Issue 1), pp. 178.

Share Markets and Portfolio Theory : Readings and Australian Evidence Ray Ball; St. Lucia.: University of Queensland Press, 1989.

"The Effect of Block Transactions on Share Prices: Australian Evidence." Ray Ball and Frank J. Finn; Journal of Banking and Finance, 1989, 13(3), pp. 397-419.

"Nonstationary Expected Returns: Implications for Tests of Market Efficiency and Serial Correlation in Returns." Ray Ball and S. P. Kothari; Journal of Financial Economics, 1989, 25(1), pp. 51-74.

"Daily Seasonals in Equity and Fixed-Interest Returns: Australian Evidence and Tests of Plausible Hypotheses," Ray Ball and John Bowers, in Stock Market Anomalies. E. Dimson, Cambridge; New York and Melbourne: Cambridge University Press, 1988, pp. 74-90.

"The First Eight Years of the Journal of Accounting and Economics." Ray Ball, Ross L. Watts and Jerold L. Zimmerman; Journal of Accounting and Economics, 1987, 9(1), pp. 3-6.

"A Corrected Statex-Actuaries Daily Accumulation Index." Ray Ball and John Bowers; Australian Journal of Management, 1987, 12(1), pp. 1.

Beyond the Current Pessimism Ray Ball; Occasional Papers 18; Centre for Independent Studies, 1987.

"Shares, Bonds, Treasury Notes, Property Trusts and Inflation: Historical Returns and Risks, 1974-1985." Ray Ball and John Bowers; Australian Journal of Management, 1986, 11(2), pp. 117.

"Risks and Returns from Australian Mining and Industrial Equities: Further Evidence." Ray Ball; Journal of the Securities Institute of Australia, 1986, 1986(3), pp. 10-12.

"Political Interference in the Rental Market," Ray Ball, in Policy Forum. Centre for Independent Studies, 1986, pp.

Personal Finance in Australia : Using Your Money, Wisely Ray Ball, John Bowers and Justin Wood; Sydney: McGraw-Hill, 1985.

The Resource Rent Tax : A Penalty on Risk-Taking Ray Ball and C. J. Bowers; Cis Policy Monographs ;; 5;; St. Leonards, N.S.W.: Centre for Independent Studies, 1984.

"The Natural Taxation of Capital Gains and Losses When Income Is Taxed." Ray Ball; Journal of Banking and Finance, 1984, 8(3), pp. 471-81.

"Risk-Taking and the Resource Rent Tax." Ray Ball and John Bowers; Institute of Public Affairs Review, 1984, 38, pp. 92-95.

"Distortions Created by Taxes Which Are Options on Value Creation: The Australian Resources Rent Tax Proposal." Ray Ball and John Bowers; Australian Journal of Management, 1983, 8(2), pp. 1.

"Discussion of Corporate Financial Reporting: A Methodological Review of Empirical Research : A Reply." Ray Ball and George Foster; Journal of Accounting Research, 1982, 20(Supplement: Studies on Current Research Methodologies in Accounting: A Critical Evaluation), pp. 245-48.

"Corporate Financial Reporting: A Methodological Review of Empirical Research." Ray Ball and George Foster; Journal of Accounting Research, 1982, 20(Supplement: Studies on Current Research Methodologies in Accounting: A Critical Evaluation), pp. 161-234.

"Comments on Papers by Peter L. Swan and R. R. Officer," Ray Ball, in Australian Financial System Inquiry. 1982, pp. 191-94.

"Measurement of Portfolio Performance," Ray Ball, in Proceedings of Seminar on Modern Portfolio Management. Macquarie University, 1981, pp. 26-36.

Share Markets and Portfolio Theory : Readings and Australian Evidence Ray Ball; St. Lucia: University of Queensland Press, 1980.

"Risk and Return from Equity Investments in the Australian Mining Industry: Jan 1958-Feb 1979." Ray Ball and Philip Brown; Australian Journal of Management, 1980, 5(1 & 2), pp. 45-66.

"Discussion of Accounting for Research and Development Costs: The Impact on Research and Development Expenditures." Ray Ball; Journal of Accounting Research, 1980, 18(Studies on Economic Consequences of Financial and Managerial Accounting: Effects on Corporate Incentives and Decisions), pp. 27-37.

"The Performance of Australian Mining Equities, 1958-79." Ray Ball; The Investment Analyst, 1980, 57, pp. 11-18.

"Dividends and the Value of the Firm: Evidence from the Australian Equity Market." Ray Ball, Philip Brown, Frank J. Finn and R. R. Officer; Australian Journal of Management, 1979, 4(Issue 1), pp. 13.

"Review of 'Introduction to Financial Management'." Ray Ball; Journal of Finance, 1979, 34( 3), pp. 812.

"Audit Qualifications and Share Prices." Ray Ball, R. G. Walker and G. P. Whittred; Abacus, 1979, 15(1), pp. 23.

"Some Additional Evidence on Survival Biases." Ray Ball and Ross Watts; Journal of Finance, 1979, 34(1), pp. 197-206.

"Anomalies in Relationships between Securities' Yields and Yield-Surrogates." Ray Ball; Journal of Financial Economics, 1978, 6(2-3), pp. 103-26.

"Try This on Your Chartist." Ray Ball and R. R. Officer; Superfunds, 1978, 63, pp. 18-19.

"Investment Recommendations and Share Prices." Ray Ball, Philip Brown and Frank J. Finn; Journal of the Securities Institute of Australia, 1978, (4-10).

"A Note on Errors in Variables and Estimates of Systematic Risk." Ray Ball; Australian Journal of Management, 1977, 2(1), pp. 79.

"Asset Pricing in the Australian Industrial Equity Market: Reply." Ray Ball, Philip Brown and R. R. Officer; Australian Journal of Management, 1977, 2(2), pp. 195-99.

"Share Capitalization Changes, Information, and the Australian Equity Market." Ray Ball, Philip Brown and Frank J. Finn; Australian Journal of Management, 1977, 2(2), pp. 105-25.

"Reply to Salamon and Smith." Ray Ball and Ross Watts; Journal of Finance, 1977, 32(5), pp. 1802-08.

"Will Australian Investors Get Index Funds?" Ray Ball; Journal of the Securities Institute of Australia, 1977, pp. 3-10.

"Asset Pricing in the Australian Industrial Equity Market." Ray Ball, Philip Brown and R. R. Officer; Australian Journal of Management, 1976, 1(1), pp. 1.

"Income Variation and Balance Sheet Compositions." Ray Ball, Baruch Lev and Ross Watts; Journal of Accounting Research, 1976, 14(1), pp. 1-9.

"Risk and Return in the Share Market - Some Implications." Ray Ball, Philip Brown and R. R. Officer; Australian Accountant, 1976, 46, pp. 138-42.

"Inflation - Its Causes and Effects." Ray Ball; Australian Accountant, 1975, 45, pp. 322-32.

"Introduction to Portfolio Construction," Ray Ball, in Proceedings of the 1974 Portfolio Management. Seminar Securities Institute of Australia, 1974, pp.

"Introduction to Capital Market Concepts," Ray Ball, in Proceedings of the 1974 Portfolio Management Seminar. Securities Institute of Australia, 1974, pp.

"Further Evidence on the Efficiency of the Australian Sharemarket," Ray Ball, in Proceedings of the 1974 Portfolio Management Seminar. Securities Institute of Australia, 1974, pp.

"Company Reports and the Market," Ray Ball, in Proceedings of the 1973 Portfolio Management Seminar. Securities Institute of Australia, 1973, pp.

"Capital Market Efficiency," Ray Ball, in Proceedings of the 1973 Portfolio Management Seminar Securities Institute of Australia. Securities Institute of Australia, 1973, pp.

"The Roles of the Analyst and the Portfolio Manager in an Efficient Market of Securities," Ray Ball, in Proceedings of the 1973 Portfolio Management Seminar. Securities Institute of Australia, 1973, pp.

Changes in Accounting Techniques and Stock Prices; Ray Ball; Ph.D Dissertation, University of Chicago, 1972.

"Risk, Return and Disequilibrium: An Application to Changes in Accounting Techniques." Ray Ball; Journal of Finance, 1972, 27(2), pp. 343-53.

"Some Time Series Properties of Accounting Income." Ray Ball and Ross Watts; Journal of Finance, 1972, 27(3), pp. 663-81.

"Changes in Accounting Techniques and Stock Prices." Ray Ball; Journal of Accounting Research, 1972, 10(Empirical Research in Accounting: Selected Studies 1972), pp. 1-38.

"Index of Empirical Research in Accounting." Ray Ball; Journal of Accounting Research, 1971, 9(1), pp. 1-31.

"Review of 'Management Decision Making under Uncertainty: An Introduction to Probability and Statistical Decision Theory'." Robert R. Sterling and Ray Ball; Accounting Review, 1970, 45(2), pp. 402.

"Portfolio Theory and Accounting." Ray Ball and Philip Brown; Journal of Accounting Research, 1969, 7(2), pp. 300-23.

"An Empirical Evaluation of Accounting Income Numbers." Ray Ball and Philip Brown; Journal of Accounting Research, 1968, 6(2), pp. 159-78.

"Some Preliminary Findings on the Association between the Earnings of a Firm, Its Industry, and the Economy." Philip Brown and Ray Ball; Journal of Accounting Research, 1967, 5(Empirical Research in Accounting: Selected Studies 1967), pp. 55-77.

Working Papers

Incentives Versus Standards: Properties of Accounting Income in Four East Asian Countries, and Implications for Acceptance of IAS; Ray Ball, Ashok Robin and Joanna Shuang Wu; Simon School of Business Working Paper No. FR 00-04; University of Rochester, 2000.
http://papers.ssrn.com/sol3/Delivery.cfm/000324314.pdf?abstractid=216429&mirid=1

Commitment, Historical Cost Accounting, and Accounting Depreciation; Ray Ball; Financial research and policy studies working paper series ;; FR 98-02;; Rochester, N.Y.: William E. Simon Graduate School of Business Administration University of Rochester, 1998.

The Development, Accomplishments and Limitations of the Theory of Stock Market Efficiency; Ray Ball; Financial research and policy studies working paper series ;; FR 93-06; Rochester, N.Y.: Bradley Policy Research Center, 1993.

Problems in Measuring Portfolio Performance : An Application to Contrarian Investment Strategies; Ray Ball, S. P. Kothari and Jay Shanken; Financial research and policy studies working paper series ;; FR 93-07; Rochester, N.Y.: Bradley Policy Research Center, 1993.

Economic Determinants of the Relation between Earnings Changes and Stock Returns; Ray Ball, S. P. Kothari and Ross L. Watts; Working paper series ;MERC 91-04; Rochester, NY: William E. Simon Graduate School of Business Administration University of Rochester, 1990.

The Effect of Block Transactions on Share Prices : Australian Evidence; Ray Ball and Frank J. Finn; Working paper series ;MERC 89-04.; Rochester, N.Y.: University of Rochester William E. Simon Graduate School of Business Administration Managerial Economics Research Center, 1989.

What do We Know About Stock Market "Efficiency"?; Ray Ball; Working paper series ;MERC 89-05.; Rochester, N.Y.: University of Rochester William E. Simon Graduate School of Business Administration Managerial Economics Research Center, 1989.

Nonstationary Expected Returns : Implications for Tests of Market Efficiency and Serial Correlation in Returns; Ray Ball and S. P. Kothari; Working paper series ; 89-16.; Rochester, N.Y.: University of Rochester Managerial Economics Research Center, 1989.

Accounting, Auditing and the Nature of the Firm; Ray Ball; Working paper series ;; MERC 89-0; Rochester, N.Y.: University of Rochester William E. Simon Graduate School of Business Administration Managerial Economics Research Center, 1987.

A Corrected Statex-Actuaries Daily Accumulation Index; Ray Ball and John Bowers; Working paper series; 86-031.; Kensington N.S.W.: Australian Graduate School of Management University of New South Wales, 1986.

Shares, Bonds, Treasury Notes, Property Trusts and Inflation : Historical Returns and Risks; Ray Ball and John Bowers; Working paper series ; 86-027.; Kensington . Australian Graduate School of Management University of New South Wales, 1986.

Short-Term Supply-Side Instability in the Oil Market; Ray Ball and Robert E. Marks; Working paper series ; 86-023.; Kensington: Australian Graduate School of Management University of New South Wales, 1986.

Distortions Created by Taxes Which Are Options on Value Creation : The Australian Resources Rent Tax Proposal; Ray Ball and John Bowers; Working paper; 83-034.; Kensington, N.S.W.: Australian Graduate School of Management University of New South Wales, 1983.

Corporate Financial Reporting : A Methodological Review of Empirical Research; Ray Ball and George Foster; Working paper series no. 82-008.; Kensington: Australian Graduate School of Management University of New South Wales, 1982.

When Are Capital Gains-Losses Taxed?; Ray Ball; Working paper series; 82-009.; Kensington: Australian Graduate School of Management University of New South Wales, 1982.

The Effect of Large Transactions on Share Prices : Experimental Issues and Australian Evidence; Ray Ball and Frank J. Finn; Working paper no. 81-003.; Kensington: Australian Graduate School of Management University of New South Wales, 1981.