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Author : Dennis K. K. Fan
Publisher :
ISBN 13 :
Total Pages : 17 pages
Book Rating : 4.:/5 (321 download)
Download or read book Accuracy of Financial Analysts' Forecasts of Earnings Per Share written by Dennis K. K. Fan and published by . This book was released on 1994 with total page 17 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Sundaresh Ramnath
Publisher : Now Publishers Inc
ISBN 13 : 1601981627
Total Pages : 125 pages
Book Rating : 4.6/5 (19 download)
Download or read book Financial Analysts' Forecasts and Stock Recommendations written by Sundaresh Ramnath and published by Now Publishers Inc. This book was released on 2008 with total page 125 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial Analysts' Forecasts and Stock Recommendations reviews research related to the role of financial analysts in the allocation of resources in capital markets. The authors provide an organized look at the literature, with particular attention to important questions that remain open for further research. They focus research related to analysts' decision processes and the usefulness of their forecasts and stock recommendations. Some of the major surveys were published in the early 1990's and since then no less than 250 papers related to financial analysts have appeared in the nine major research journals that we used to launch our review of the literature. The research has evolved from descriptions of the statistical properties of analysts' forecasts to investigations of the incentives and decision processes that give rise to those properties. However, in spite of this broader focus, much of analysts' decision processes and the market's mechanism of drawing a useful consensus from the combination of individual analysts' decisions remain hidden in a black box. What do we know about the relevant valuation metrics and the mechanism by which analysts and investors translate forecasts into present equity values? What do we know about the heuristics relied upon by analysts and the market and the appropriateness of their use? Financial Analysts' Forecasts and Stock Recommendations examines these and other questions and concludes by highlighting area for future research.
Author : Praveen Sinha
Publisher :
ISBN 13 :
Total Pages : 42 pages
Book Rating : 4.:/5 (129 download)
Download or read book A Re-Examination of Financial Analysts' Differential Earnings Forecast Accuracy written by Praveen Sinha and published by . This book was released on 2014 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: This research re-examines whether there are differences in the forecast accuracy of financial analysts by comparing their annual earnings per share forecasts. The comparison of analyst forecast accuracy is made on both an ex post (within sample) and an ex ante (out of sample) basis. Early examinations of this issue by O'Brien (1990), Richards (1976), Brown and Rozeff (1980), O'Brien (1987), Coggin and Hunter (1989), Butler and Lang (1991) were ex post and suggest the absence of analysts who can provide relatively more accurate forecasts over multiple years. Contrary to the results of prior research, and consistent with the belief in the popular press, we document that differences do exist in financial analysts' ex post forecast accuracy. We show that the previous studies failed to find differences in forecast accuracy due to inadequate (or no) control for differences in the recency of forecasts issued by the analysts. It has been well documented in the literature that forecast recency is positively related to forecast accuracy (Crichfield, et al, 1978; O'Brien, 1988; Brown, 1991). Thus, failure to control for forecast recency may reduce the power of tests, making it difficult to reject the null hypothesis of no differences in forecast accuracy even if they do exist.
Author : Tanja Klettke
Publisher : Springer Science & Business
ISBN 13 : 3658056347
Total Pages : 120 pages
Book Rating : 4.6/5 (58 download)
Download or read book New Determinants of Analysts’ Earnings Forecast Accuracy written by Tanja Klettke and published by Springer Science & Business. This book was released on 2014-04-28 with total page 120 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial analysts provide information in their research reports and thereby help forming expectations of a firm’s future business performance. Thus, it is essential to recognize analysts who provide the most precise forecasts and the accounting literature identifies characteristics that help finding the most accurate analysts. Tanja Klettke detects new relationships and identifies two new determinants of earnings forecast accuracy. These new determinants are an analyst’s “general forecast effort” and the “number of supplementary forecasts”. Within two comprehensive empirical investigations she proves these measures’ power to explain accuracy differences. Tanja Klettke’s research helps investors and researchers to identify more accurate earnings forecasts.
Author : R. M. Barefield
Publisher :
ISBN 13 :
Total Pages : 12 pages
Book Rating : 4.:/5 (714 download)
Download or read book The Accuracy of Analysts' Forecasts of Earnings Per Share written by R. M. Barefield and published by . This book was released on 1976 with total page 12 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Patrick J. Butler
Publisher : diplom.de
ISBN 13 : 3832461671
Total Pages : 99 pages
Book Rating : 4.8/5 (324 download)
Download or read book The Accuracy of Analyst Forecasts written by Patrick J. Butler and published by diplom.de. This book was released on 2002-12-04 with total page 99 pages. Available in PDF, EPUB and Kindle. Book excerpt: Inhaltsangabe:Abstract: This paper investigates the quality of financial analysts' earnings forecasts for companies which conducted initial public offerings (IPOs) during the years 1997 to 1999. The Neue Markt in Frankfurt offers a good setting to also study the development of a young market from the beginning of its operation onwards. I find support for the notion that initial returns and analysts' forecast accuracy are negatively related. I find that analysts' forecasts were by no means accurate. Mean forecast deviation, measured as percent deviation from actual earnings per share for the fiscal year, is 186.61 percent for the average broker. The sample is inhibited by serious availability problems, but all the same allows significant findings. Inhaltsverzeichnis:Table of Contents: 1.Introduction5 2.Literature10 2.1Banking systems the German framework10 2.2Conflict of interest as regulated in the German legal system12 2.3The quality of analysts' forecasts and conflicts of interest16 2.4The long-run underperformance phenomenon23 2.5Predicting the aftermarket performance of IPOs27 2.6Summary39 3.Data41 4.Method49 5.Empirical Results53 5.1IPOs differentiated by year of issue53 5.2Disparities of actual values58 5.3Earning per share found in annual reports as basis62 5.4IPOs differentiated by industry classification67 5.5Percentage deviations differentiated by Brokers73 6.Additional Results80 6.1Large German banks seasoned vs. IPO companies80 6.2The time factor86 6.3The relevance of accounting policy88 7.Summary and Conclusion92 8.References95
Author : Financial Analysts Federation
Publisher :
ISBN 13 :
Total Pages : 216 pages
Book Rating : 4.F/5 ( download)
Download or read book Disclosure of Corporate Forecasts to the Investor written by Financial Analysts Federation and published by . This book was released on 1973 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : William S. Hopwood
Publisher :
ISBN 13 :
Total Pages : 42 pages
Book Rating : 4.:/5 (31 download)
Download or read book A Multivariate Analysis of Annual Earnings Forecasts Generated from Quarterly Forecasts of Financial Analysts and Univariate Time Series Models written by William S. Hopwood and published by . This book was released on 1979 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: The study compares the forecast accuracy of financial analysts, ARIMA models, and various permier models considered in the literature in the predicting of annual earnings per share. Various refinements were made of previously used methodologies. The results of the multivariate analysis indicated that financial analysts provide the most accurate forecasts. In addition, the divergence in accuracy between the various sources of forecasts tend to decrease as the end of the year approaches, while at the same time there is a general increase in accuracy. Also specific results are provided for individual model performance.
Author : Wenjuan Xie
Publisher :
ISBN 13 :
Total Pages : 138 pages
Book Rating : 4.:/5 (891 download)
Download or read book Three Essays on Analyst Earnings Forecast written by Wenjuan Xie and published by . This book was released on 2008 with total page 138 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : William S. Hopwood
Publisher :
ISBN 13 :
Total Pages : 36 pages
Book Rating : 4.:/5 (31 download)
Download or read book A Multivariate Analysis of Earnings Forecasts Generated by Financial Analysts and Univariate Time Series Models written by William S. Hopwood and published by . This book was released on 1978 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: The study provides evidence on the relative accuracy of forecasts of earnings generated from five sources including statistical models and financial analysts. The statistical models were chosen on the basis of their usage in recent studies in the literature. The results indicate that the five types of forecasts are not significantly different using a multivariate testing procedure.
Author : Malwina Woznik
Publisher : GRIN Verlag
ISBN 13 : 3656478236
Total Pages : 38 pages
Book Rating : 4.6/5 (564 download)
Download or read book Discussion and review of Bradshaw (2004): "How do analysts use their earnings forecasts in generating stock recommendations" written by Malwina Woznik and published by GRIN Verlag. This book was released on 2013-08-12 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2011 in the subject Business economics - Controlling, grade: 1,3, University of Cologne (Seminar für allgemeine BWL und Controlling), language: English, abstract: Since the beginning of the 90s research on issues referring to analysts’ practise grew rapidly to such an extent that even several publications are concerned with giving an overview of this development. Besides the principal-agent problematic between the firm’s managers and the equity investors, investors are dependent on analysts’ information in times where equity trading soared and the trading turnover in 2008 was 35 times higher than in 1980. That is why shareholders are not able to analyse the amount of information regarding a company due to lack of time or ability. Therefore analysts advise investors to make a profitable decision by publishing a report including for instance stock recommendations or earnings forecasts. Another reason why there is so much research about analysts’ practise is the fact that their information influences investors’ trading behaviour. Thus, it is crucial to know how reliable those statements are and accordingly to be able to assess the quality of the outputs. However, to answer the question of analysts’ process of transforming various information of stock recommendations have to be examined in detail. Recent investigations rather focus on the single properties of analysts’ analyses as earnings forecasts and stock recommendations, but did not connect those two values. Prior studies deal with research questions like the effect of earnings forecasts on the stock prices or the use of stock recommendations to foretell abnormal return. Bradshaw (2004) is the first research paper which follows the question whether there is a link and if so how analysts incorporate the earnings forecasts into their stock recommendation. Because of the importance of Bradshaw (2004), this paper reviews the main issues and embeds them into the existing literature concerning the role of analysts. The rest of this paper is organized as follows. The first chapter focuses on the character of analysts and potential key input factors which might be used by analysts for issuing recommendations. Then a brief review of Bradshaw (2004) is given to present the main results. This enables a discussion about potential and realized extensions in literature which follows in the third chapter. The final chapter concludes.
Author : Brian R. Bruce
Publisher : Irwin Professional Publishing
ISBN 13 :
Total Pages : 398 pages
Book Rating : 4.3/5 (512 download)
Download or read book The Handbook of Corporate Earnings Analysis written by Brian R. Bruce and published by Irwin Professional Publishing. This book was released on 1994 with total page 398 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Paul A. Janell
Publisher :
ISBN 13 :
Total Pages : 354 pages
Book Rating : 4.3/5 (129 download)
Download or read book An Empirical Evaluation of the Relationship Between Errors in Analysts' Forecasts of Earnings Per Share and Stock Prices written by Paul A. Janell and published by . This book was released on 1974 with total page 354 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Gerardine DeSanctis
Publisher :
ISBN 13 :
Total Pages : 68 pages
Book Rating : 4.:/5 (319 download)
Download or read book Forecasting Earnings Per Share written by Gerardine DeSanctis and published by . This book was released on 1987 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Robert M. Conroy
Publisher :
ISBN 13 : 9780943205274
Total Pages : 59 pages
Book Rating : 4.2/5 (52 download)
Download or read book Analysts' Earnings Forecast Accuracy in Japan and the United States written by Robert M. Conroy and published by . This book was released on 1994-01-01 with total page 59 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Andrew Stotz
Publisher :
ISBN 13 :
Total Pages : 122 pages
Book Rating : 4.:/5 (13 download)
Download or read book An Empirical Study of Financial Analysts Earnings Forecast Accuracy written by Andrew Stotz and published by . This book was released on 2017 with total page 122 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the past 12 years, financial analysts across the world have been optimistically wrong with their 12-month earnings forecasts by 25.3%. This study may be the first of its kind to assess analyst earnings forecast accuracy at all listed companies across the globe, covering 70 countries. A review of prior research shows little uniformity in the preparation of the data set, yet differences in how outliers are treated, for example, can create substantially different results. This research lays out six specific steps to prepare the data set before any analysis is done.Three main conclusions come from this research: First, analyst earnings forecasts globally were 25.3% optimistically wrong, meaning on average, analysts started each year forecasting company profits of US$125, but 12 months later that company reported profits of US$100. Second, analysts had a harder time forecasting earnings for companies in emerging markets, where they were 35% optimistically wrong. Third, that analyst optimism mainly occurred when the companies they forecasted experienced very low levels of actual earnings growth, analysts did not make an equal, but opposite error for fast growth companies.
Author : Francis A. Lees
Publisher :
ISBN 13 :
Total Pages : 56 pages
Book Rating : 4.3/5 (97 download)
Download or read book Public Disclosure of Corporate Earnings Forecasts written by Francis A. Lees and published by . This book was released on 1981 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt:
