Valuation, Price-Earnings Ratio, Industry comparison, Comparable company analysis

Examines empirically the prediction of long-term stock return volatility. Using historical volatility to predict five-year monthly volatility; Constructing a forecast based on historical volatilities of comparable films; Forming a shrinkage forecast by adjusting a historical forecast toward a comparable-firms forecast.

We present evidence that 20 percent of the 10-Ks in our sample are filed with the SEC after the 90-day statutory due date. Firms that delay filing their 10-K are not a random sample of firms; up to 25 (10) percent of the firms experiencing unfavorable (favorable) economic events delay their 10-K. Firms that delay their 10-K are, on average, small, have negative accounting rates of return, negative earnings changes, low liquidity, and high financial leverage; they also experience negative market- adjusted stock returns.