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Causes And Consequences Of Disaggregating Earnings Guidance
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Book Synopsis Causes and Consequences of Disaggregating Earnings Guidance by : Benjamin Lansford
Download or read book Causes and Consequences of Disaggregating Earnings Guidance written by Benjamin Lansford and published by . This book was released on 2019 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Whether managers should provide earnings guidance, especially quarterly guidance, has been a hotly debated policy issue. Influential organizations have urged firms to stop providing earnings guidance to reduce earnings fixation and short-termism in the capital markets. Little attention has been paid to an alternative proposal: instead of ceasing earnings guidance, companies could provide disaggregated earnings guidance. No archival evidence exists regarding the determinants of disaggregated earnings guidance and its effects on the firm and its information environment. We find that once managers provide guidance, the decision to disaggregate this guidance is primarily driven by demand-and-supply factors that exhibit little change from year to year rather than by opportunistic factors. We find more timely analyst forecast revisions (with no compromise of forecast accuracy), a greater magnitude of revisions, and a larger reduction in analyst disagreement for disaggregating firms than for non-disaggregating firms. These findings suggest that disaggregation enriches a firm's information environment. We also find that disaggregation helps managers align analyst expectations with their own, but firms are punished by investors for providing multiple performance targets but missing them.
Book Synopsis To Guide Or Not to Guide? Causes and Consequences of Stopping Quarterly Earnings Guidance by : Joel F. Houston
Download or read book To Guide Or Not to Guide? Causes and Consequences of Stopping Quarterly Earnings Guidance written by Joel F. Houston and published by . This book was released on 2019 with total page 51 pages. Available in PDF, EPUB and Kindle. Book excerpt: In recent years, quarterly earnings guidance has been harshly criticized for inducing managerial short-termism and other ills. Managers are, therefore, urged by influential institutions to cease guidance. We examine empirically the causes of such guidance cessation and find that poor operating performance - decreased earnings, missing analyst forecasts, and lower anticipated profitability - is the major reason firms stop quarterly guidance. After guidance cessation, we do not find an appreciable increase in long-term investment once managers free themselves from investors' myopia. Contrary to the claim that firms would provide more alternative, forward-looking disclosures in lieu of the guidance, we find that such disclosures are curtailed. We also find a deterioration in the information environment of guidance stoppers in the form of increased analyst forecast errors and forecast dispersion and a decrease in analyst coverage. Taken together, our evidence indicates that guidance stoppers are primarily troubled firms and stopping guidance does not benefit either the stoppers or their investors.
Book Synopsis Unintended Consequences of Forecast Disaggregation by : Lei Dong
Download or read book Unintended Consequences of Forecast Disaggregation written by Lei Dong and published by . This book was released on 2016 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: Prior research finds that investors respond more favorably to a disaggregated earnings forecast than to an aggregated one immediately after the forecast. The present study examines the impact of this initial favorable effect on investors' decisions following earnings surprise announcements. Based on Expectation Violation Theory, we posit that the benefit of a disaggregated earnings forecast can backfire when management subsequently reports an earnings surprise. The results of our experiment indicate that investors' negative reactions are stronger if they first observed a disaggregated forecast than if they first saw an aggregated forecast. We find that investors make the greatest downward adjustments in investment interest when the disaggregated forecast is later found to be disappointing. This study provides evidence of the complexity of the effect of disaggregated earnings forecast and adds to the literature concerning the costs and benefits of accounting information disaggregation.
Book Synopsis How Disaggregated Forecasts Influence Investor Response to Subsequent Earnings Announcements by : Shana Clor-Proell
Download or read book How Disaggregated Forecasts Influence Investor Response to Subsequent Earnings Announcements written by Shana Clor-Proell and published by . This book was released on 2018 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: Firms often issue disaggregated earnings forecasts, and prior research reveals benefits to doing so. However, we hypothesize and experimentally find that the benefits of disaggregated forecasts do not necessarily carry over to the time of actual earnings announcements. Rather, disaggregated forecasts create multiple points of possible comparison between the forecast and the subsequent earnings announcement. Thus, when firms disaggregate forecasts and subsequently release disaggregated actual earnings numbers, investors reward firms that beat those multiple benchmarks, but punish firms that miss those multiple benchmarks. Thus, we show that issuing a disaggregated earnings forecast to achieve the associated benefits can backfire after the announcement of actual earnings. Our results have implications for researchers and firm managers.
Book Synopsis How Disaggregation Enhances the Credibility of Management Earnings Forecasts by : D. Eric Hirst
Download or read book How Disaggregation Enhances the Credibility of Management Earnings Forecasts written by D. Eric Hirst and published by . This book was released on 2015 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: An important problem facing firm managers is how to enhance the credibility, or believability, of their earnings forecasts. In this paper, we experimentally test whether a characteristic of an earnings forecast from managementyacute;namely, whether it is disaggregatedyacute;can affect its credibility. We also test whether disaggregation moderates the relation between managerial incentives and forecast credibility. Disaggregated forecasts include an earnings forecast as well as forecasts of other key line items comprising that earnings forecast. Our results indicate that disaggregated forecasts are judged to be more credible than aggregated ones and that disaggregation works to counteract the effect of high incentives. We also develop and test an original model that explains how disaggregation positively impacts three factors that, in turn, influence forecast credibility: perceived precision of management's beliefs, perceived clarity of the forecast, and perceived financial reporting quality. We show that forecast disaggregation works to remedy incentive problems only via its effect on perceived financial reporting quality. Overall, our study adds to our understanding of how firm managers can credibly communicate their expectations about the future to market participants.
Book Synopsis Winning Investors Over by : Baruch Lev
Download or read book Winning Investors Over written by Baruch Lev and published by Harvard Business Press. This book was released on 2012 with total page 394 pages. Available in PDF, EPUB and Kindle. Book excerpt: A guide to dealing with Wall Street in order to boost a company's earnings and stock price features advice for executives on such topics as addressing investors' concerns and maintaining credibility on Wall Street.
Book Synopsis Practical Guidebook on Data Disaggregation for the Sustainable Development Goals by : Asian Development Bank
Download or read book Practical Guidebook on Data Disaggregation for the Sustainable Development Goals written by Asian Development Bank and published by Asian Development Bank. This book was released on 2021-05-01 with total page 137 pages. Available in PDF, EPUB and Kindle. Book excerpt: The "leave no one behind" principle espoused by the 2030 Agenda for Sustainable Development requires measures of progress for different segments of the population. This entails detailed disaggregated data to identify subgroups that might be falling behind, to ensure progress toward achieving the Sustainable Development Goals (SDGs). The Asian Development Bank and the Statistics Division of the United Nations Department of Economic and Social Affairs developed this practical guidebook with tools to collect, compile, analyze, and disseminate disaggregated data. It also provides materials on issues and experiences of countries regarding data disaggregation for the SDGs. This guidebook is for statisticians and analysts from planning and sector ministries involved in the production, analysis, and communication of disaggregated data.
Book Synopsis Disaggregated Impacts of CAP Reforms Proceedings of an OECD Workshop by : OECD
Download or read book Disaggregated Impacts of CAP Reforms Proceedings of an OECD Workshop written by OECD and published by OECD Publishing. This book was released on 2011-02-08 with total page 317 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report collects papers presented at the OECD Workshop on Disaggregated Impacts of CAP Reforms, held in Paris in 2010, which focused on recent reforms. In particular, it examined the implementation of the single payment scheme since 2005 and the transfer of funds between different measures.
Book Synopsis The Cost Stickiness Phenomenon by : Daniel Baumgarten
Download or read book The Cost Stickiness Phenomenon written by Daniel Baumgarten and published by Springer Science & Business Media. This book was released on 2012-04-23 with total page 124 pages. Available in PDF, EPUB and Kindle. Book excerpt: Understanding cost behavior is a fundamental element of cost accounting and the management of a firm. Deviating from the traditional assumption of symmetric cost behavior, numerous recent research studies show that costs are sticky, that is, they decrease less when sales fall than they increase when sales rise. Daniel Baumgarten comprehensively analyzes the cost stickiness phenomenon by discussing its development and all relevant findings presented in the research literature. Furthermore, he provides several suggestions for future research and discusses important implications of cost stickiness for fundamental analysis and analysts’ forecasts by means of two comprehensive empirical analyses.
Book Synopsis The C.F.A. Digest by : Institute of Chartered Financial Analysts
Download or read book The C.F.A. Digest written by Institute of Chartered Financial Analysts and published by . This book was released on 2008 with total page 972 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis A disaggregated social accounting matrix by : Al-Riffai, Perrihan
Download or read book A disaggregated social accounting matrix written by Al-Riffai, Perrihan and published by Intl Food Policy Res Inst. This book was released on 2016-10-06 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Central Agency for Public Mobilization and Statistics (CAPMAS) is pleased to present a disaggregated version of the Egypt SAM for 2010/11. This new SAM builds on the previous SAM 2010/11 built and published by CAPMAS with the support of the International Food Policy Research Institute (IFPRI). The value added of this new disaggregated version of the SAM is its focus on the agricultural sector and different types of households. By disaggregating the single agricultural sector into 22 agricultural sub-sectors and the single household of the previous SAM into 20 household groups, defined by expenditure decile and rural or urban residence, the disaggregated SAM now allows for analyzing agricultural issues at the detailed crop level and to better understand the potential im-pacts of policy changes for both better off and more vulnerable households.
Book Synopsis Interregional Migration and Public Policy in Canada by : Kathleen M. Day
Download or read book Interregional Migration and Public Policy in Canada written by Kathleen M. Day and published by McGill-Queen's Press - MQUP. This book was released on 2012-01-27 with total page 432 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using a unique dataset based on income tax records, authors Kathleen Day and Stanley Winer examine the factors influencing the decision to migrate within Canada, paying special attention to the role of regional variation in the generosity of public policies including unemployment insurance, taxation, and public expenditure. The influence of extraordinary events such as the election of a separatist government in Quebec and the closure of the east coast cod fishery is also considered. They look at why we ought to be concerned about public policies that interfere with market-based incentives to move, provide a wealth of information on interregional differences in public policies and market conditions, and examine what other researchers have discovered about fiscally induced migration, culminating in a discussion of the likely impact of various policy changes on migration and provincial unemployment rates. The authors' assessment of the lessons to be learned from their own and past research on policy-induced migration in Canada will be of interest to students of migration and policy makers alike.
Book Synopsis Not-for-Profit Entities 2020 by : AICPA
Download or read book Not-for-Profit Entities 2020 written by AICPA and published by John Wiley & Sons. This book was released on 2020-06-23 with total page 96 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Not-for-Profit Industry Development Audit Risk Alert shows changes on the horizon as well as current business environment issues and accounting and auditing challenges such as: Cybersecurity and outsourcing Implementation of FASB's revenue recognition standards Changes to the auditor’s report Preparation for FASB’s leases and other accounting standards updates Delivered in an easily digestible format, this alert also covers legislative and regulatory issues like the unrelated business income tax and changes to IRS Form 990-T as well as a discussion of the Department of Labor’s overtime rule.
Book Synopsis International Accounting by : Shahrokh M. Saudagaran
Download or read book International Accounting written by Shahrokh M. Saudagaran and published by CCH. This book was released on 2009 with total page 292 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :Food and Agriculture Organization of the United Nations Publisher :Food & Agriculture Org. ISBN 13 :9251339422 Total Pages :145 pages Book Rating :4.2/5 (513 download)
Book Synopsis Guidelines on data disaggregation for SDG Indicators using survey data by : Food and Agriculture Organization of the United Nations
Download or read book Guidelines on data disaggregation for SDG Indicators using survey data written by Food and Agriculture Organization of the United Nations and published by Food & Agriculture Org.. This book was released on 2021-02-05 with total page 145 pages. Available in PDF, EPUB and Kindle. Book excerpt: As a member of the working group on data disaggregation, the Food and Agriculture Organization of the United Nations (FAO) has taken numerous steps towards supporting Member Countries in the production of disaggregated estimates. Within this framework, these Guidelines offer methodological and practical guidance for the production of direct and indirect disaggregated estimates of SDG indicators having surveys as their main or preferred data source. Furthermore, the publication provides tools to assess the accuracy of these estimates and presents strategies for the improvement of output quality, including Small Area Estimation methods.
Book Synopsis The Regulation of Corporate Disclosure by : James Robert Brown
Download or read book The Regulation of Corporate Disclosure written by James Robert Brown and published by Wolters Kluwer. This book was released on 1999-01-01 with total page 1709 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Regulation of Corporate Disclosure, Third Edition is a complete and up-to-date handbook on the issue of corporate disclosure, covering the impact of the federal securities laws on both informal communications and the process of communicating with shareholders. The Third Edition expands topics previously covered, addressing the legal issues and practical concerns surrounding implementation of the Private Securities Litigation Reform Act of 1995, the Sarbanes-Oxley Act of 2002, and the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. The book also has an in-depth treatment of managementand’s discussion and analysis (MDand&A), something that, although appearing in required SEC filings, involves many of the same difficult and complex issues raised by the informal disclosure process. Also addressed are: SEC reforms of the periodic reporting process; issues pertaining to stock research analysts and conflicts of interest; and various relevant corporate governance requirements and their disclosure implications. Critical areas analyzed include ;Disclosure requirements and anti-fraud provisions The duty to disclose Dissemination Issues involving materiality Disclosure of bad news Negotiations Dealing with analysts And much more!
Download or read book FAA Aviation Forecasts written by and published by . This book was released on 1977 with total page 360 pages. Available in PDF, EPUB and Kindle. Book excerpt:
