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

28

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Top 2,917

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42

CROSSREF CITATIONS

317

Scholarly Papers (28)

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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 4,624 (1,738)
Citation 13

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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 2,717 (4,357)
Citation 8

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cash flows, earnings, valuation, multiples

3.

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 2,572 (4,782)
Citation 28

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4.

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 2,561 (4,809)
Citation 7

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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 1,272 (15,193)
Citation 2

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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 Technological University (NTU)
Downloads 937 (24,021)
Citation 3

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Accruals, Earnings management, Market efficiency

7.

Tax Expense Momentum

Downloads 808 ( 29,625)
Citation 19

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 582 (45,476)

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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 226 (135,960)
Citation 2

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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
University of California, Berkeley - Haas School of Business and Yale School of Management
Downloads 789 (30,692)
Citation 4

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Conservatism, Differential Timeliness, Losses, Scaling by Share Price

9.

Valuation of Tax Expense

Downloads 725 ( 34,406)
Citation 4

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 421 (68,439)
Citation 6

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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 304 (99,715)

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

10.

Non-Executive Employee Ownership and Corporate Risk

Downloads 691 ( 36,705)
Citation 11

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 - Stan Ross Department of Accountancy, Yale School of Management and Yale School of Management
Downloads 403 (72,183)
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 - Stan Ross Department of Accountancy, Yale School of Management and Yale School of Management
Downloads 288 (105,767)
Citation 1

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Employee ownership, employee compensation, executive compensation, risk

11.

Overreaction to Intra-Industry Information Transfers?

Downloads 684 ( 37,230)
Citation 6

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 684 (36,653)
Citation 6

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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.

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 536 (51,185)
Citation 1

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

13.

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
University of California, Berkeley - Haas School of Business and Yale School of Management
Downloads 535 (51,307)
Citation 11

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Conditional conservatism; asymmetric timeliness; differential timeliness; placebo tests

14.

The Long-Run Average Cost Puzzle

Number of pages: 47 Posted: 25 May 2018
Aytekin Ertan, Stefan Lewellen and Jacob K. Thomas
London Business School, Pennsylvania State University and Yale School of Management
Downloads 388 (76,098)

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

15.

Evidence of Conditional Conservatism: Fact or Artifact?

Number of pages: 42 Posted: 25 Oct 2009
Panos N. Patatoukas and Jacob K. Thomas
University of California, Berkeley - Haas School of Business and Yale School of Management
Downloads 386 (76,543)
Citation 6

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conservatism, asymmetric timeliness, losses, scaling by share price

16.

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
University of California, Berkeley - Haas School of Business and Yale School of Management
Downloads 355 (84,342)
Citation 3

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Conservatism, Differential Timeliness, Earnings

17.

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 335 (90,109)
Citation 5

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Analyst Forecast, Forecast Error, Dispersion, Price Deflation

18.

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 333 (90,738)
Citation 1

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Analyst Forecast, Predictability, Disagreement, Deflator

19.

Measuring the Information Content of Accounting Disclosures

Number of pages: 64 Posted: 29 Jun 2018 Last Revised: 07 Aug 2019
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
Downloads 279 (109,980)

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U-statistic; earnings announcements; information content; return volatility

20.

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 151 (196,119)

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Tax Benefits, Leasing, Economic Depreciation

21.

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 138 (211,066)
Citation 1

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

22.

Off-Exchange Trading and Post Earnings Announcement Drift

29th Annual Conference on Financial Economics & Accounting 2018
Number of pages: 57 Posted: 01 Aug 2018 Last Revised: 07 Aug 2019
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
Downloads 113 (245,613)
Citation 1

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Off-exchange trading; Post-earnings-announcement-drift; Limits to arbitrage; Liquidity; Price discovery; Price efficiency

23.

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 107 (255,258)
Citation 3

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

24.

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 16 (550,219)

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

25.

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

26.

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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27.

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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28.

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

CONTEMPORARY ACCOUNTING RESEARCH, Vol 14, No 2, Summer 1997
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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