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Joshua Livnat

New York University

Professor, Accounting

44 West 4th Street, Suite 10-76

Stern School of Business

New York, NY 10012-1118

United States

Prudential Financial - Quantitative Management Associates

2 Gateway Center

6th Fl.

Newark, NJ 07102

United States

  • New York University

    • Email
    • Tel: 212-998-0022
    • Fax: 212-995-4004

  • Prudential Financial - Quantitative Management Associates

SCHOLARLY PAPERS

42

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13,944

CITATIONS
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in Total Papers Citations

131

Scholarly Papers (42)

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1.

Investor Sentiment, Post-Earnings Announcement Drift, and Accruals

AAA 2009 Financial Accounting and Reporting Section (FARS) Paper
Number of pages: 40 Posted: 03 Sep 2008 Last Revised: 24 Jun 2009
Joshua Livnat and Christine Petrovits
New York University and College of William and Mary - Mason School of Business
Downloads 1,250 (9,906)
Citation 12

Abstract:

investor sentiment, post-earnings announcement drift, accruals, anomalies

2.

Post-Earnings-Announcement Drift: The Role of Revenue Surprises and Earnings Persistence

Downloads 1,207 ( 13,149)
Citation 2

Post-Earnings-Announcement Drift: The Role of Revenue Surprises and Earnings Persistence

Number of pages: 39 Posted: 14 Jul 2003
Joshua Livnat
New York University
Downloads 1,038 (16,239)
Citation 2

Abstract:

revenue forecasts, revenue surprises, post-earnings announcement drift, persistence

Post-Earnings-Announcement Drift: The Role of Revenue Surprises and Earnings Persistence

NYU Working Paper No. 2451/27572
Number of pages: 39 Posted: 08 Oct 2008
Joshua Livnat
New York University
Downloads 169 (149,621)
Citation 2

Abstract:

3.

Option Prices Leading Equity Prices: Do Option Traders Have an Information Advantage?

Downloads 1,153 ( 14,133)
Citation 2

Option Prices Leading Equity Prices: Do Option Traders Have an Information Advantage?

Columbia Business School Research Paper No. 12-4
Number of pages: 48 Posted: 10 Jan 2011 Last Revised: 13 Jan 2012
Wen Jin, Joshua Livnat and Yuan Zhang
Quantitative Management Associates, New York University and University of Texas at Dallas
Downloads 791 (24,416)
Citation 2

Abstract:

Option Prices Leading Equity Prices: Do Option Traders Have an Information Advantage?

Journal of Accounting Research, Forthcoming
Number of pages: 48 Posted: 10 Jan 2012
Wen Jin, Joshua Livnat and Yuan Zhang
Quantitative Management Associates, New York University and University of Texas at Dallas
Downloads 362 (67,421)
Citation 2

Abstract:

Volatility Skew, Volatility Spread, Information Advantage

4.

Accounting Restatements: Are They Always Bad News for Investors?

Journal of Investing, Forthcoming
Number of pages: 27 Posted: 10 Nov 2005
Jeffrey L. Callen, Joshua Livnat and Dan Segal
University of Toronto - Rotman School of Management, New York University and Interdisciplinary Center (IDC) Herzliyah
Downloads 1,124 (13,459)
Citation 15

Abstract:

restatements, accounting errors, accounting principles

5.

Labor Costs and Investments in Human Capital

Downloads 823 ( 23,442)

Labor Costs and Investments in Human Capital

Number of pages: 35 Posted: 09 May 2000
Marta Ballester, Joshua Livnat and Nishi Sinha
Universidad de Malaga, New York University and Analysis Group
Downloads 823 (23,047)

Abstract:

Labor Costs and Investments in Human Capital

Journal of Accounting, Auditing and Finance, Vol. 17, No. 4, 2002
Posted: 04 Mar 2008
Marta Ballester, Joshua Livnat and Nishi Sinha
Universidad de Malaga, New York University and Analysis Group

Abstract:

6.

The Incremental Information Content of Tone Change in Management Discussion and Analysis

Downloads 490 ( 30,332)
Citation 6

The Incremental Information Content of Tone Change in Management Discussion and Analysis

Number of pages: 51 Posted: 30 Apr 2008
Ronen Feldman, Suresh Govindaraj, Joshua Livnat and Benjamin Segal
Hebrew University of Jerusalem - Jerusalem School of Business Administration, Rutgers University - Rutgers Business School - Newark and New Brunswick, New York University and Fordham University
Downloads 490 (46,476)
Citation 6

Abstract:

Tone, SEC filings, MD&A, Earnings surprises, Accruals

7.

The High-Volume Return Premium and Post-Earnings Announcement Drift

Number of pages: 43 Posted: 18 Apr 2008
Alina Lerman, Joshua Livnat and Richard R. Mendenhall
Yale School of Management, New York University and University of Notre Dame - Department of Finance
Downloads 652 (32,445)
Citation 4

Abstract:

Market efficiency, Trading volume, High-volume return premium, Post-earnings announcement drift

8.

Earnings Guidance after Regulation FD

Downloads 638 ( 33,389)
Citation 1

Earnings Guidance after Regulation FD

Journal of Investing, Winter 2003
Number of pages: 30 Posted: 26 Aug 2003
Ronen Feldman, Ron Lazer and Joshua Livnat
Bar-Ilan University - Department of Computer Science, New York University (NYU) - Department of Accounting and New York University
Downloads 587 (36,751)
Citation 1

Abstract:

management forecast, earnings guidance, text mining, regulation FD

Earnings Guidance after Regulation Fd

NYU Working Paper No. 2451/27574
Number of pages: 30 Posted: 08 Oct 2008
Ronen Feldman, Ron Lazer and Joshua Livnat
Bar-Ilan University - Department of Computer Science, New York University (NYU) - Department of Accounting and New York University
Downloads 51 (335,303)
Citation 1

Abstract:

9.

Differential Persistence of Extremely Negative and Positive Earnings Surprises: Implications for the Post-Earnings-Announcement Drift

Number of pages: 37 Posted: 17 Aug 2003
Joshua Livnat
New York University
Downloads 613 (32,839)
Citation 1

Abstract:

Post-earnings-announcement-drift, fourth quarter, persistence

10.

The Impact of Earnings on the Pricing of Credit Default Swaps

Downloads 574 ( 38,434)
Citation 14

The Impact of Earnings on the Pricing of Credit Default Swaps

Number of pages: 37 Posted: 07 Dec 2006
Jeffrey L. Callen, Joshua Livnat and Dan Segal
University of Toronto - Rotman School of Management, New York University and Interdisciplinary Center (IDC) Herzliyah
Downloads 574 (37,870)
Citation 14

Abstract:

Credit Default Swaps, credit risk, earnings

The Impact of Earnings on the Pricing of Credit Default Swaps

Accounting Review, Forthcoming
Posted: 03 Dec 2008
Jeffrey L. Callen, Joshua Livnat and Dan Segal
University of Toronto - Rotman School of Management, New York University and Interdisciplinary Center (IDC) Herzliyah

Abstract:

Credit Default Swaps, Earnings, Default Risk, Cash Flows, Accruals

11.

Analysts’ Earnings Forecast, Recommendation and Target Price Revisions

Number of pages: 31 Posted: 12 Jul 2011
Ronen Feldman, Joshua Livnat and Yuan Zhang
Hebrew University of Jerusalem - Jerusalem School of Business Administration, New York University and University of Texas at Dallas
Downloads 529 (32,377)
Citation 1

Abstract:

12.

Management's Tone Change, Post Earnings Announcement Drift and Accruals

Number of pages: 65 Posted: 20 Oct 2008 Last Revised: 16 Jul 2009
Ronen Feldman, Suresh Govindaraj, Joshua Livnat and Benjamin Segal
Hebrew University of Jerusalem - Jerusalem School of Business Administration, Rutgers University - Rutgers Business School - Newark and New Brunswick, New York University and Fordham University
Downloads 507 (33,830)
Citation 23

Abstract:

Textual analysis, earnings drift, accruals, earnings surprises, management tone change, MD&A

13.

Who, if Anyone, Reacts to Accrual Information?

Journal of Accounting and Economics, Vol. 53, No. 1-2, 2012
Number of pages: 49 Posted: 20 Mar 2007 Last Revised: 10 Apr 2017
Robert H. Battalio, Alina Lerman, Joshua Livnat and Richard R. Mendenhall
University of Notre Dame - Department of Finance, Yale School of Management, New York University and University of Notre Dame - Department of Finance
Downloads 357 (64,671)
Citation 7

Abstract:

Market efficiency, Anomalies, Accruals, Earnings

14.

The Post Earnings Announcement Drift and Option Traders

Number of pages: 43 Posted: 14 Sep 2012 Last Revised: 16 Jan 2013
Suresh Govindaraj, Sangsang Liu and Joshua Livnat
Rutgers University - Rutgers Business School - Newark and New Brunswick, Rutgers, The State University of New Jersey - Rutgers Business School at Newark & New Brunswick and New York University
Downloads 322 (58,297)

Abstract:

Post-Earnings Announcement Drift Anomaly, Risk Premium Hypothesis, Under-Reaction Hypothesis, Implied (Option) Volatility

15.

The New Form 8-K Disclosures

Review of Accounting Studies, Vol. 15, No. 4, 2010
Number of pages: 39 Posted: 30 Apr 2008 Last Revised: 10 Apr 2017
Alina Lerman and Joshua Livnat
Yale School of Management and New York University
Downloads 315 (79,780)
Citation 6

Abstract:

16.

Is There News in the Timing of Earnings Announcements?

Journal of Investing, Forthcoming
Posted: 17 Sep 2014 Last Revised: 02 Nov 2015
Joshua Livnat and Li Zhang
New York University and Rutgers, The State University of New Jersey - Accounting

Abstract:

Timing, Earnings announcements, Trading strategy

17.

Insider Trading and Analyst Forecast Revisions: Global Evidence

Number of pages: 40 Posted: 31 Jan 2013
Wen Jin, Joshua Livnat and Yuan Zhang
Quantitative Management Associates, New York University and University of Texas at Dallas
Downloads 283 (68,264)

Abstract:

18.

Information Interpretation or Information Discovery: Which Role of Analysts Do Investors Value More?

Downloads 279 ( 91,426)
Citation 2

Information Interpretation or Information Discovery: Which Role of Analysts Do Investors Value More?

Number of pages: 48 Posted: 23 Aug 2009 Last Revised: 06 Sep 2011
Joshua Livnat and Yuan Zhang
New York University and University of Texas at Dallas
Downloads 279 (90,934)
Citation 2

Abstract:

Information Interpretation or Information Discovery: Which Role of Analysts Do Investors Value More?

Review of Accounting Studies, Forthcoming
Posted: 08 Feb 2012
Joshua Livnat and Yuan Zhang
New York University and University of Texas at Dallas

Abstract:

19.

Accounting Restatements: Are They Always Bad News for Investors?

NYU Working Paper No. 2451/27575
Number of pages: 27 Posted: 08 Oct 2008
Jeffrey L Callen, Joshua Livnat and Dan Segal
University of Toronto - Rotman School of Management, New York University and Interdisciplinary Center (IDC) Herzliyah
Downloads 201 (117,435)
Citation 15

Abstract:

20.

Using Option Implied Volatilities to Predict Absolute Stock Returns - Evidence from Earnings Announcements and Annual Shareholders’ Meetings

Number of pages: 36 Posted: 27 Sep 2014
Suresh Govindaraj, Wen Jin, Joshua Livnat and Chen Zhao
Rutgers University - Rutgers Business School - Newark and New Brunswick, Quantitative Management Associates (QMA) LLC, New York University and Rutgers Business School - Newark and New Brunswick
Downloads 160 (113,880)

Abstract:

Earnings Announcement, Annual Meeting of Shareholders, Option Implied Volatility, Absolute Stock Return

21.

The Impact of Earnings on the Pricing of Credit Default Swaps

NYU Working Paper No. 2451/27576
Number of pages: 37 Posted: 08 Oct 2008
Jeffrey L Callen, Joshua Livnat and Dan Segal
University of Toronto - Rotman School of Management, New York University and Interdisciplinary Center (IDC) Herzliyah
Downloads 134 (168,611)
Citation 14

Abstract:

22.

Labor Costs and Investments in Human Capital

NYU Working Paper No. 2451/27573
Number of pages: 35 Posted: 09 Oct 2008
Marta Ballester, Joshua Livnat and Nishi Sinha
affiliation not provided to SSRN, New York University and Analysis Group
Downloads 118 (194,368)
Citation 3

Abstract:

23.

Earnings Revisions in SEC Filings from Prior Preliminary Announcements

Journal of Accounting, Auditing and Finance, Forthcoming
Number of pages: 50 Posted: 21 Jan 2011
Dana Hollie, Joshua Livnat and Benjamin Segal
Louisiana State University, New York University and Fordham University
Downloads 88 (218,386)
Citation 1

Abstract:

market efficiency, asset pricing, earnings announcement, SEC filings, earnings revisions

24.

Market Reaction to Quantitative and Qualitative Order Backlog Disclosures

Number of pages: 45 Posted: 08 Dec 2014 Last Revised: 13 Jun 2017
Ronen Feldman, Suresh Govindaraj, Joshua Livnat and Kate Suslava
Hebrew University of Jerusalem - Jerusalem School of Business Administration, Rutgers University - Rutgers Business School - Newark and New Brunswick, New York University and Rutgers, The State University of New Jersey - Accounting
Downloads 70 (193,210)

Abstract:

earnings surprise, future sales growth, order backlog, qualitative disclosures, stock returns.

25.

Eternal Sunshine: Are U.S. Analysts More Optimistic than Foreign Analysts?

Number of pages: 30 Posted: 11 Sep 2014 Last Revised: 10 Dec 2014
Joshua Livnat and Li Zhang
New York University and Rutgers, The State University of New Jersey - Accounting
Downloads 61 (264,536)

Abstract:

U.S. analysts, Foreign analysts, Optimistic bias

26.

Reevaluation of Revaluations: A Cross-Country Examination of the Motives and Effects on Future Performance

Journal of Business Finance & Accounting, Vol. 34, No. 7-8, pp. 1025-1050, September/October 2007
Number of pages: 26 Posted: 15 Oct 2007
Benzion Barlev, Dov Fried, Joshua Rene Haddad and Joshua Livnat
Hebrew University of Jerusalem - Jerusalem School of Business Administration, affiliation not provided to SSRN, affiliation not provided to SSRN and New York University
Downloads 17 (467,154)
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Abstract:

27.

Optimal Holdings of Active, Passive and Smart Beta Strategies

Number of pages: 36 Posted: 19 Jun 2017 Last Revised: 06 Sep 2017
Edmund Bellord, Joshua Livnat, Dan Porter and Martin B. Tarlie
Quantitative Management Associates (QMA) LLC, New York University, Quantitative Management Associates, LLC and Quantitative Management Associates (QMA) LLC
Downloads 0 (55,640)

Abstract:

Portfolio Management, Smart Beta, Factor Investing, Passive Index, Enhanced Index, Factor Allocation, Asset Allocation, Modern Portfolio Theory, Mean Variance, Tracking Error, Shortfall, Optimization

28.

Are Extended Hours Prices Predictive of Subsequent Stock Returns?

Number of pages: 38 Posted: 15 Jul 2016 Last Revised: 01 Dec 2016
Shai Levi, Joshua Livnat, Li Zhang and Xiao-Jun Zhang
Tel Aviv University, New York University, Rutgers, The State University of New Jersey - Accounting and University of California, Berkeley
Downloads 0 (90,724)

Abstract:

Extended hours trading, earnings announcements, stock recommendation changes, SEC filings, under-reaction

29.

Do Directors Have a Use-By Date? Examining the Impact of Board Tenure on Firm Performance

Number of pages: 51 Posted: 05 Feb 2016 Last Revised: 14 Aug 2017
Joshua Livnat, Gavin Smith, Kate Suslava and Martin B. Tarlie
New York University, Prudential Financial - Quantitative Management Associates, Rutgers, The State University of New Jersey - Accounting and Quantitative Management Associates (QMA) LLC
Downloads 0 (119,636)

Abstract:

board tenure, firm value, abnormal returns, growth firms

30.

Modified IR As a Predictor of Fund Performance

Number of pages: 40 Posted: 22 Nov 2015
Joshua Livnat, Gavin Smith and Martin B. Tarlie
New York University, Prudential Financial - Quantitative Management Associates and Quantitative Management Associates (QMA) LLC
Downloads 0 (180,553)

Abstract:

Modified Information Ratio, Fund selection, Predicting Fund Performance

31.

Large Price Changes and Subsequent Returns

Downloads 0 (568,424)

Large Price Changes and Subsequent Returns

Journal of Investment Management, 2013
Posted: 13 Sep 2014
Suresh Govindaraj, Joshua Livnat, Pavel G. Savor and Chen Zhao
Rutgers University - Rutgers Business School - Newark and New Brunswick, New York University, Temple University - Fox School of Business and Rutgers Business School - Newark and New Brunswick

Abstract:

Analyst price target revisions, Analyst earnings forecast revisions, Large price changes, Trading strategy

Large Price Changes and Subsequent Returns

Journal of Investment Management (JOIM), Third Quarter 2014
Posted: 16 Nov 2014
Suresh Govindaraj, Joshua Livnat, Pavel G. Savor and Zhao Chen
Rutgers University - Rutgers Business School - Newark and New Brunswick, New York University, Temple University - Fox School of Business and Independent

Abstract:

Large price changes, analyst revisions, earnings forecasts, target price, abnormal returns, momentum, reversals

32.

Conditional Versus Unconditional Persistence of RNOA Components: Implications for Valuation

Review of Accounting Studies, Forthcoming
Posted: 20 Dec 2009 Last Revised: 11 Aug 2010
Eli Amir, Itay Kama and Joshua Livnat
Tel Aviv University, Tel Aviv University - The Leon Recanati Graduate School of Business Administration and New York University

Abstract:

Persistence, DuPont Decomposition, Market Reaction, Financial Analysis, Ratios

33.

Quarterly Accruals or Cash Flows in Portfolio Construction?

Financial Analysts Journal, Vol. 64, No. 3, 2008
Posted: 11 Sep 2008
Joshua Livnat and Germán López-Espinosa
New York University and University of Navarra

Abstract:

Portfolio Management: Equity Strategies, Equity Investments, Fundamental Analysis and Valuation Models, Industry Analysis, Financial Statement Analysis, Financial and Ratio Analysis

34.

First Come First Disserved

Journal of Investment Management, Vol. 6, No. 2, Second Quarter 2008
Posted: 15 May 2008
Joseph A. Cerniglia and Joshua Livnat
Aberdeen Asset Management Inc. and New York University

Abstract:

Standardized unexpected earnings, drift, abnormal returns, timelines of earnings, industry information transfer

35.

Double Surprise into Higher Future Returns

Financial Analysts Journal, Vol. 63, No. 4, pp. 63-71, July/August 2007
Posted: 26 Jul 2007
Alina Lerman, Joshua Livnat and Richard R. Mendenhall
Yale School of Management, New York University and University of Notre Dame - Department of Finance

Abstract:

Equity Investments, Research Sources, Fundamental Analysis and Valuation Models, Portfolio Management: Equity Strategies

36.

Post-Earnings-Announcement Drift: The Role of Revenue Surprises

Financial Analysts Journal, Vol. 62, No. 2, pp. 22-34, April 2006
Posted: 22 May 2006
Narasimhan Jegadeesh and Joshua Livnat
Emory University - Department of Finance and New York University

Abstract:

Equity Investments, Fundamental Analysis and Valuation Models, Portfolio Management, Equity Strategies

37.

The Information Content of SEC Filings and Information Environment: A Variance Decomposition Analysis

Accounting Review, Forthcoming
Posted: 26 Mar 2006
Jeffrey L. Callen, Joshua Livnat and Dan Segal
University of Toronto - Rotman School of Management, New York University and Interdisciplinary Center (IDC) Herzliyah

Abstract:

SEC Filings, Value Relevance, Variance Decomposition

38.

The Economic Value of the R&D Intangible Asset

European Accounting Review, Vol. 12, No. 4, 2003
Posted: 04 Nov 2003
Marta Ballester, Manuel Garcia-Ayuso and Joshua Livnat
Universidad de Malaga, University of Seville and New York University

Abstract:

R&D, Valuation Models, Intangibles, Fundamental Analysis

39.

Internet Traffic and Portfolio Returns

Financial Analysts Journal, Vol. 57, No. 3, May/June 2001
Posted: 31 Jul 2001
Baruch Lev, Ron Lazer and Joshua Livnat
New York University - Stern School of Business, New York University (NYU) - Department of Accounting and New York University

Abstract:

40.

A Free Cash Flow Investment Anomaly

As published in Journal of Accounting, Auditing & Finance, Vol 15, No 1 (New Series, Winter 2000
Posted: 17 Sep 2000
Kenneth S. Hackel, Joshua Livnat and Atul Rai
Free Cash Flow, Inc., New York University and Wichita State University

Abstract:

41.

Capital Expenditures: Value-Relevance and Fourth-Quarter Effects

JOURNAL OF FINANCIAL STATEMENT ANALYSIS, Vol 1, No 3, Spring 1996
Posted: 05 Jul 1998
Jeffrey L. Callen, Joshua Livnat and Stephen G. Ryan
University of Toronto - Rotman School of Management, New York University and New York University (NYU) - Leonard N. Stern School of Business

Abstract:

42.

Modeling Dividends, Earnings, and Book Value Equity: An Empirical Investigation of the Ohlson Valuation Dynamics

REVIEW OF ACCOUNTING STUDIES, Vol 1, No. 3, 1997
Posted: 20 Dec 1996
Sasson Bar-Yosef, Jeffrey L. Callen and Joshua Livnat
Hebrew University, University of Toronto - Rotman School of Management and New York University

Abstract:

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