Jacob K. Thomas

Yale School of Management

135 Prospect Street

P.O. Box 208200

New Haven, CT 06520-8200

United States

  • Yale School of Management

SCHOLARLY PAPERS

33

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SSRN CITATIONS
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375

CROSSREF CITATIONS

325

Scholarly Papers (33)

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1.

Equity Valuation Using Multiples

Number of pages: 51 Posted: 18 Oct 2000
Jing Liu, Doron Nissim and Jacob K. Thomas
The Cheung Kong Graduate School of Business, Columbia University - Columbia Business School and Yale School of Management
Downloads 5,029 (3,143)
Citation 30

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2.

Cash Flow is King? Comparing Valuations Based on Cash Flow Versus Earnings Multiples

Number of pages: 19 Posted: 25 Aug 2006
Jing Liu, Jacob K. Thomas and Doron Nissim
The Cheung Kong Graduate School of Business, Yale School of Management and Columbia University - Columbia Business School
Downloads 2,849 (8,032)
Citation 10

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cash flows, earnings, valuation, multiples

3.

Stock Returns and Accounting Earnings

Number of pages: 55 Posted: 12 Nov 1998
Jing Liu and Jacob K. Thomas
The Cheung Kong Graduate School of Business and Yale School of Management
Downloads 2,676 (8,832)
Citation 14

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4.

The Equity Risk Premium is Lower than You Think it is: Empirical Estimates from a New Approach

Number of pages: 48 Posted: 06 Jun 1999
James J. Claus and Jacob K. Thomas
GSA Capital and Yale School of Management
Downloads 2,672 (8,852)
Citation 38

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5.

Measuring Equity Premium Using Earnings Forecasts: An International Analysis

Number of pages: 39 Posted: 13 Aug 1999
James J. Claus and Jacob K. Thomas
GSA Capital and Yale School of Management
Downloads 1,312 (26,886)
Citation 5

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6.

Inventory Changes and Future Returns

Review of Accounting Studies, Vol. 7, 1pp. 63-187, 2002
Number of pages: 42 Posted: 12 Jul 2010 Last Revised: 14 Jul 2010
Jacob K. Thomas and Huai Zhang
Yale School of Management and Nanyang Business School, Nanyang Technological University
Downloads 1,179 (31,460)
Citation 20

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Accruals, Earnings management, Market efficiency

7.

Tax Expense Momentum

Downloads 1,013 (39,053)
Citation 48

Tax Expense Momentum

Number of pages: 48 Posted: 12 Dec 2007 Last Revised: 14 Oct 2010
Jacob K. Thomas and Frank Zhang
Yale School of Management and Yale School of Management
Downloads 733 (60,003)
Citation 1

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tax expense, stock return, anomaly, momentum

Tax Expense Momentum

Journal of Accounting Research, Forthcoming
Number of pages: 46 Posted: 13 Dec 2010
Jacob K. Thomas and Frank Zhang
Yale School of Management and Yale School of Management
Downloads 280 (187,171)
Citation 12

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tax expense, momentum, stock returns

8.

More Evidence of Bias in the Differential Timeliness Measure of Conditional Conservatism

The Accounting Review, September 2011
Number of pages: 46 Posted: 26 May 2010 Last Revised: 11 Apr 2014
Panos N. Patatoukas and Jacob K. Thomas
Berkeley Haas and Yale School of Management
Downloads 949 (42,859)
Citation 32

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Conservatism, Differential Timeliness, Losses, Scaling by Share Price

9.

Non-Executive Employee Ownership and Corporate Risk

Downloads 929 (44,094)
Citation 24

Non-Executive Employee Ownership and Corporate Risk

Rotman School of Management Working Paper No. 2297996
Number of pages: 52 Posted: 25 Jul 2013 Last Revised: 11 Jun 2014
Francesco Bova, Kalin S. Kolev, Jacob K. Thomas and Frank Zhang
University of Toronto - Rotman School of Management, City University of New York (CUNY) - Stan Ross Department of Accountancy, Yale School of Management and Yale School of Management
Downloads 517 (93,660)
Citation 4

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Employee ownership, employee compensation, executive compensation, risk

Non-Executive Employee Ownership and Corporate Risk

Accounting Review, Forthcoming
Number of pages: 52 Posted: 13 Jun 2014 Last Revised: 04 Aug 2014
Francesco Bova, Kalin S. Kolev, Jacob K. Thomas and Frank Zhang
University of Toronto - Rotman School of Management, City University of New York (CUNY) - Stan Ross Department of Accountancy, Yale School of Management and Yale School of Management
Downloads 412 (122,740)
Citation 5

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Employee ownership, employee compensation, executive compensation, risk

10.

Valuation of Tax Expense

Downloads 823 (52,141)
Citation 18

Valuation of Tax Expense

Number of pages: 48 Posted: 30 Aug 2009 Last Revised: 27 Jun 2012
Jacob K. Thomas and Frank Zhang
Yale School of Management and Yale School of Management
Downloads 447 (111,506)
Citation 10

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Valuation, stock returns, tax expense

Valuation of Tax Expense

Review of Accounting Studies, Forthcoming
Number of pages: 48 Posted: 28 Aug 2013
Jacob K. Thomas and Frank Zhang
Yale School of Management and Yale School of Management
Downloads 376 (136,356)
Citation 9

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Tax expense, stock returns, profitability, value relevance, valuation

11.

Overreaction to Intra-Industry Information Transfers?

Downloads 778 (56,159)
Citation 12

Overreaction to Intra-Industry Information Transfers?

Number of pages: 50 Posted: 07 Dec 2006 Last Revised: 12 Nov 2007
Jacob K. Thomas and Frank Zhang
Yale School of Management and Yale School of Management
Downloads 778 (55,413)
Citation 12

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Intra-industry information transfer, market efficiency, stock returns, earnings surprises

Overreaction to Intra-Industry Information Transfers?

Journal of Accounting Research, Forthcoming
Posted: 21 Nov 2007
Jacob K. Thomas and Frank Zhang
Yale School of Management and Yale School of Management

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information transfer, earnings, returns, overreaction

12.

Regulating via Social Media: Deterrence Effects of the SEC's Use of Twitter

Number of pages: 58 Posted: 02 Nov 2021 Last Revised: 17 Oct 2023
Raphael Duguay, Jinjie Lin, Jacob K. Thomas and Laiyi Yin
Yale School of Management, Yale School of Management, Yale School of Management and Yale School of Management
Downloads 773 (56,664)

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13.

The Long-Run Average Cost Puzzle

Number of pages: 45 Posted: 25 May 2018
Aytekin Ertan, Stefan Lewellen and Jacob K. Thomas
London Business School, Pennsylvania State University - Department of Finance and Yale School of Management
Downloads 687 (66,207)

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scale economies; scale efficiencies; average cost; marginal cost; fixed cost

14.

Spring-Loading Future Performance When No One is Looking? Earnings and Cash Flow Management Around Acquisitions

Review of Accounting Studies, Forthcoming
Number of pages: 49 Posted: 27 Jul 2011 Last Revised: 29 Nov 2015
Shuping Chen, Jacob K. Thomas and Frank Zhang
University of Texas at Austin - Red McCombs School of Business, Yale School of Management and Yale School of Management
Downloads 626 (74,500)
Citation 6

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Earnings management, cash flow management, merger and acquisition, accruals

15.

Placebo Tests of Conditional Conservatism

The Accounting Review, March 2016
Number of pages: 48 Posted: 23 Apr 2015 Last Revised: 27 Jun 2016
Panos N. Patatoukas and Jacob K. Thomas
Berkeley Haas and Yale School of Management
Downloads 619 (75,692)
Citation 19

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Conditional conservatism; asymmetric timeliness; differential timeliness; placebo tests

16.

Meet, Beat, and Pollute

Review of Accounting Studies, forthcoming
Number of pages: 62 Posted: 21 Apr 2021 Last Revised: 19 May 2022
Jacob K. Thomas, Wentao Yao, Frank Zhang and Wei Zhu
Yale School of Management, Xiamen University - School of Management, Yale School of Management and University of Illinois at Urbana-Champaign - Department of Accountancy
Downloads 529 (92,555)

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ESG; corporate sustainability; managerial short-termism; meeting earnings benchmarks; real earnings management; externality

17.

Evidence of Conditional Conservatism: Fact or Artifact?

Number of pages: 42 Posted: 25 Oct 2009
Panos N. Patatoukas and Jacob K. Thomas
Berkeley Haas and Yale School of Management
Downloads 423 (120,096)
Citation 8

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conservatism, asymmetric timeliness, losses, scaling by share price

18.

Why do EPS Forecast Error and Dispersion not Vary with Scale? Implications for Analyst and Managerial Behavior

Journal of Accounting Research, Forthcoming
Number of pages: 50 Posted: 12 Sep 2010
Foong Soon Cheong and Jacob K. Thomas
Nanyang Technological University (NTU) - Division of Accounting and Yale School of Management
Downloads 394 (131,062)
Citation 18

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Analyst Forecast, Forecast Error, Dispersion, Price Deflation

19.

Comment On 'On Estimating Conditional Conservatism' by Ball, Kothari, and Nikolaev

Number of pages: 37 Posted: 05 Sep 2011
Panos N. Patatoukas and Jacob K. Thomas
Berkeley Haas and Yale School of Management
Downloads 389 (132,553)
Citation 4

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Conservatism, Differential Timeliness, Earnings

20.

Surprising Absence of Scale for Forecast Error Magnitudes and Forecast Dispersion

Number of pages: 37 Posted: 24 Oct 2009
Foong Soon Cheong and Jacob K. Thomas
Nanyang Technological University (NTU) - Division of Accounting and Yale School of Management
Downloads 369 (140,616)
Citation 1

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Analyst Forecast, Predictability, Disagreement, Deflator

21.

Do Profit Margins Expand for High Growth Firms?

Aytekin Ertan, Stefan Lewellen, and Jacob Thomas (2020) Do profit margins expand for high growth firms?. Journal of Management Accounting Research In-Press DOI:10.2308/jmar-18-079
Number of pages: 45 Posted: 19 Feb 2020
Aytekin Ertan, Stefan Lewellen and Jacob K. Thomas
London Business School, Pennsylvania State University - Department of Finance and Yale School of Management
Downloads 350 (148,998)

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scale economies, scale efficiencies, average cost, marginal cost, fixed cost

22.

Thumb on the Scale: Do Employers Manage Glassdoor Reviews?

Number of pages: 49 Posted: 31 May 2023
Ping Gong and Jacob K. Thomas
Yale School of Management and Yale School of Management
Downloads 221 (239,103)

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Employee relations, Crowdsourcing, Glassdoor reviews, Disinformation, Managing third party reports

23.

Management of Reported and Forecast EPS, Investor Responses, and Research Implications

Management Science, Forthcoming
Number of pages: 52 Posted: 25 Jul 2017
Foong Soon Cheong and Jacob K. Thomas
Nanyang Technological University (NTU) - Division of Accounting and Yale School of Management
Downloads 218 (240,188)
Citation 6

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EPS Forecast Errors, Earnings Management, Forecast Guidance, Scale Deflation, and Earnings Response Coefficients

24.

Tax Benefits of Leasing

Economics Letters, Forthcoming
Number of pages: 11 Posted: 28 Aug 2013
Timothy J. Bell and Jacob K. Thomas
affiliation not provided to SSRN and Yale School of Management
Downloads 189 (273,539)

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Tax Benefits, Leasing, Economic Depreciation

25.

Goodwill Impairment After M&A: Acquisition-Level Evidence

Number of pages: 49 Posted: 17 Oct 2022 Last Revised: 17 Apr 2023
James Potepa and Jacob K. Thomas
American University - Accounting and Yale School of Management
Downloads 176 (291,118)

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Goodwill impairment, SFAS 142, conditional conservatism, mergers and acquisitions

26.

Management of Reported and Forecast EPS and the Extent to Which Investors Adjust

Number of pages: 49 Posted: 28 Aug 2016
Foong Soon Cheong and Jacob K. Thomas
Nanyang Technological University (NTU) - Division of Accounting and Yale School of Management
Downloads 150 (333,355)
Citation 4

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EPS forecast errors; earnings management; forecast guidance; scale deflation; and earnings response coefficients

27.

Online Appendix for: Management of Reported and Forecast EPS, Investor Responses, and Research Implications

Management Science, Forthcoming
Number of pages: 11 Posted: 26 Jul 2017
Foong Soon Cheong and Jacob K. Thomas
Nanyang Technological University (NTU) - Division of Accounting and Yale School of Management
Downloads 34 (764,563)

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EPS forecast errors, earnings management, forecast guidance, scale deflation, and earnings response coefficients

28.

Dark trading and post earnings announcement drift

Management Science
Posted: 01 Aug 2018 Last Revised: 17 Sep 2020
Jacob K. Thomas, Frank Zhang and Wei Zhu
Yale School of Management, Yale School of Management and University of Illinois at Urbana-Champaign - Department of Accountancy

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Dark trading; Post-earnings-announcement-drift; Arbitrage costs; Price efficiency

29.

Measuring the information content of disclosures: The role of return noise

The Accounting Review https://doi.org/10.2308/TAR-2021-0075
Posted: 29 Jun 2018 Last Revised: 15 Feb 2022
Jacob K. Thomas, Frank Zhang and Wei Zhu
Yale School of Management, Yale School of Management and University of Illinois at Urbana-Champaign - Department of Accountancy

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Return noise; return volatility; information content; U-statistic

30.

Is Cash Flow King in Valuations?

Financial Analysts Journal, Vol. 63, No. 2, pp. 56-65, 2007
Posted: 19 Apr 2007
Jing Liu, Doron Nissim and Jacob K. Thomas
The Cheung Kong Graduate School of Business, Columbia University - Columbia Business School and Yale School of Management

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Equity Investments, Fundamental Analysis and Valuation Models, Industry Analysis

31.

Potential Errors in Detection of Earnings Management: Reexamining Studies Investigating the Amt of 1986

Posted: 30 Oct 2000
Won W. Choi, Jeffrey Gramlich and Jacob K. Thomas
Dongguk University, Carson College of Business and Yale School of Management

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32.

Accounting-Based Stock Price Anomalies: Separating Market Inefficiencies from Research Design Flaws

Posted: 04 Aug 1998
Victor Bernard, Jacob K. Thomas and James Michael Wahlen
University of Michigan at Ann Arbor, Yale School of Management and Indiana University - Kelley School of Business - Department of Accounting

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33.

Accounting-Based Stock Price Anomalies: Separating Market Inefficiencies from Risk

Posted: 20 Dec 1996
Victor Bernard, Jacob K. Thomas and James Michael Wahlen
University of Michigan at Ann Arbor, Yale School of Management and Indiana University - Kelley School of Business - Department of Accounting

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