Accounting theory and accounting researchers stress the importance of clean surplus accounting and comprehensive income to corporate valuation. However, casual observation suggests that sell-side equity analysts routinely ignore other comprehensive income (OCI) in their forecasts and instead focus on forecasting earnings (before OCI). Using a sample of analyst reports, I first confirm that analysts normally omit forecasts of OCI or comprehensive income from their reports, consistent with analysts forecasting OCI as zero. I then predict and find that a zero forecast for OCI generally produces lower forecasting errors than alternative time-series models, such as a random walk or AR(1) model, suggesting a rational reason why analysts take this approach. Finally, I predict and find that although analysts’ point forecasts of future OCI are usually zero, their implied cost of equity estimates are consistent with analysts forecasting a positive variance for OCI.
Positive valence ≠ positive effect: impact of positive meta-stereotypes on the cognitive performance
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Ostracism and suggestibility: how temporary cognitive deficits drive suggestibility after ostracism
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Growth decomposition of the Indian states using panel data techniques
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Gambling preference and entity corporate financialization: evidence from China
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Registration system and IPO pricing efficiency: Evidence from China
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The war effect: a macro view of the economic and environmental situation of Ukraine
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How is the Illusio of Gender Equality in Entrepreneurship Sustained? A Bourdieusian Perspective
Abstract
Studies of gender and entrepreneurship highlight the problematic emphasis of the gender equality discourse in entrepreneurship that ignores wider structural inequalities but provide a limited explanation of how the allure of this discourse is sustained. To address this lacuna, we draw on Bourdieu's theoretical ideas to theorize and demonstrate how certain women trade-off their capital endowments to compensate for gender inequality in entrepreneurship. Through an analysis of forty-nine biographical interviews with women entrepreneurs in London (UK), we show two forms that the ‘illusio’ of gender equality manifests: ‘illusio of work-life balance’, and ‘illusio of meritocracy’, and reveal how this doxic experience that escapes questioning and allows certain women to continue to play the game, entrenches the illusio of an entrepreneurial field free from gender bias. We thus illustrate the conditions of possibility and the various trade-off mechanisms through which gender inequality in entrepreneurship is reproduced or contested.
Universal basic income, time inconsistency and saving regret
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Reconceptualizing destination image
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