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Customer Value Disclosure And Analyst Forecasts
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Book Synopsis Customer Value Disclosure and Analyst Forecasts by : Marie-Josée Ledoux
Download or read book Customer Value Disclosure and Analyst Forecasts written by Marie-Josée Ledoux and published by . This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper, we study the economic benefits of a pro-active disclosure strategy in a dynamic environment. More specifically, we explore the relationships between customer value disclosure, analyst following, and earnings forecasts, taking into account environmental dynamism as captured by R&D intensity, sales variability and competition. Controlling for endogeneity, we rely on regression estimations to test the hypotheses. First, results show that customer value disclosure is positively associated with analyst following and consensus in analyst earning forecasts. Second, environmental dynamism enhances the association between customer value disclosure and analyst following as well as consensus among analysts. Those results suggest that customer metrics attract analysts and improve their ability to forecast earnings. Moreover, customer value disclosure appears particularly relevant for forecasting earnings of firms involved in dynamic environments. Our findings reveal that the relations between customer value disclosure, analyst following and analyst forecasts are not straightforward but are affected by a firm's environmental uncertainty.
Book Synopsis Public Disclosure of Corporate Earnings Forecasts by : Francis A. Lees
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:
Book Synopsis Financial Analysts' Forecasts and Stock Recommendations by : Sundaresh Ramnath
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.
Book Synopsis CORPORATE DISCLOSURE POLICY AND ANALYSIS by : MARK LANG
Download or read book CORPORATE DISCLOSURE POLICY AND ANALYSIS written by MARK LANG and published by . This book was released on 1993 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Management Earnings Forecasts and Value of Analyst Forecast Revisions by : Yongtae Kim
Download or read book Management Earnings Forecasts and Value of Analyst Forecast Revisions written by Yongtae Kim and published by . This book was released on 2014 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study examines the stock-price reactions to analyst forecast revisions around earnings announcements to test whether pre-announcement forecasts reflect analysts' private information or piggybacking on confounding events and news. We find that management earnings forecasts influence the timing and precision of analyst forecasts. More importantly, evidence suggests that prior studies' finding of weaker (stronger) stock-price responses to forecast revisions in the period immediately after (before) the prior-quarter earnings announcement disappears once management earnings forecasts are controlled for. To the extent that management earnings forecasts are public disclosures, our results suggest that the importance of analysts' information discovery role documented in prior studies is likely to be overstated.
Book Synopsis Disclosure of Corporate Forecasts to the Investor by : Financial Analysts Federation
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:
Book Synopsis Do Firms' Nonfinancial Disclosures Enhance the Value of Analyst Services?* by : Craig Nichols
Download or read book Do Firms' Nonfinancial Disclosures Enhance the Value of Analyst Services?* written by Craig Nichols and published by . This book was released on 2014 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Regulation FD recommends press releases as a primary avenue for timely disclosure of material information to market participants. Firms commonly issue product-related and business expansion information through press releases, yet no study examines how analysts respond to these information events. We find that forecasting activity nearly doubles at the disclosure date, and that forecasts associated with these disclosures become more accurate and less dispersed across analysts. Finally, in short windows around the disclosure date, the market's reaction is concentrated at the date of the subsequent forecast revision. Overall, our results suggest that nonfinancial disclosures improve the quality and quantity of information in capital markets and appear to enhance the value of analysts' services, even though the information is made widely available to all market participants at the time the firm makes the disclosure.
Book Synopsis Corporate Disclosure, Analyst Forecast Dispersion, and Stock Returns by : Ashiq Ali
Download or read book Corporate Disclosure, Analyst Forecast Dispersion, and Stock Returns written by Ashiq Ali and published by . This book was released on 2016 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines whether a corporate disclosure practice is a reason for the forecast dispersion anomaly -- the negative relation between analyst forecast dispersion and future stock returns. Prior studies have shown that firms tend to disclose good news in a timely manner and delay the disclosure of bad news, and that withholding of news leads to greater dispersion in analysts' forecasts. Accordingly, we predict that firms with higher dispersion in analysts' earnings forecasts are more likely to experience poor earnings in subsequent quarters, and find evidence consistent with this prediction. After controlling for the relation between forecast dispersion and future earnings, we find that forecast dispersion is no longer negatively related to future stock returns. These results suggest that firms' tendency to withhold bad news increases forecast dispersion as well as causes the market to temporarily overvalue stocks until the bad news is publicly released.
Book Synopsis The Magnitude and Timing of Analyst Forecast Response to Quarterly Earnings Announcements by : Lise Newman Graham
Download or read book The Magnitude and Timing of Analyst Forecast Response to Quarterly Earnings Announcements written by Lise Newman Graham and published by . This book was released on 1993 with total page 334 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Line of Business Reporting, the Marginal Information Content of Earnings Announcements, and the Accuracy of Analyst Earnings Forecasts by : Shu Yeh
Download or read book Line of Business Reporting, the Marginal Information Content of Earnings Announcements, and the Accuracy of Analyst Earnings Forecasts written by Shu Yeh and published by . This book was released on 1990 with total page 220 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis New Determinants of Analysts’ Earnings Forecast Accuracy by : Tanja Klettke
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.
Book Synopsis Determinants of Earnings Forecast Error, Earnings Forecast Revision and Earnings Forecast Accuracy by : Sebastian Gell
Download or read book Determinants of Earnings Forecast Error, Earnings Forecast Revision and Earnings Forecast Accuracy written by Sebastian Gell and published by Springer Science & Business Media. This book was released on 2012-03-26 with total page 144 pages. Available in PDF, EPUB and Kindle. Book excerpt: Earnings forecasts are ubiquitous in today’s financial markets. They are essential indicators of future firm performance and a starting point for firm valuation. Extremely inaccurate and overoptimistic forecasts during the most recent financial crisis have raised serious doubts regarding the reliability of such forecasts. This thesis therefore investigates new determinants of forecast errors and accuracy. In addition, new determinants of forecast revisions are examined. More specifically, the thesis answers the following questions: 1) How do analyst incentives lead to forecast errors? 2) How do changes in analyst incentives lead to forecast revisions?, and 3) What factors drive differences in forecast accuracy?
Book Synopsis The Impact of SFAS 107 Fair Value Footnote Disclosures on Bank Valuation and Analysts' Earnings Forecasts by : Dawn Marie Hukai
Download or read book The Impact of SFAS 107 Fair Value Footnote Disclosures on Bank Valuation and Analysts' Earnings Forecasts written by Dawn Marie Hukai and published by . This book was released on 1998 with total page 174 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Disclosure, Analyst Forecast Bias, and the Cost of Equity Capital by :
Download or read book Disclosure, Analyst Forecast Bias, and the Cost of Equity Capital written by and published by . This book was released on 2003 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: PhD.
Book Synopsis Best Practices for Equity Research (PB) by : James Valentine
Download or read book Best Practices for Equity Research (PB) written by James Valentine and published by McGraw Hill Professional. This book was released on 2011-01-07 with total page 465 pages. Available in PDF, EPUB and Kindle. Book excerpt: The first real-world guide for training equity research analysts—from a Morgan Stanley veteran Addresses the dearth of practical training materials for research analysts in the U.S. and globally Valentine managed a department of 70 analysts and 100 associates at Morgan Stanley and developed new programs for over 500 employees around the globe He will promote the book through his company's extensive outreach capabilities
Book Synopsis The Impact of Corporate Textutal Disclosure on Capital Markets by : Saskia Jarick
Download or read book The Impact of Corporate Textutal Disclosure on Capital Markets written by Saskia Jarick and published by GRIN Verlag. This book was released on 2011-07-12 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2011 in the subject Business economics - Accounting and Taxes, grade: 1.3, University of Mannheim, language: English, abstract: Each year, firms disclose information that is analyzed and eventually reflected in the market price. Sources of information are for example annual reports, earnings announcements and press releases. In the past, financial accounting research focused primarily on the numerical financial information disclosed (cf. Hales et al. 2011, 224).1 Interestingly, research showed that asset price movements could only partly be explained by this quantitative information and thus must have additional influencing factors (cf. Demers/Vega 2010, 2). Since corporate disclosure generally consists only to a small fraction of qualitative data and dominantly of textual information (cf. Li 2011, 1)2, and since language is the natural medium through which people communicate, financial accounting research started to focus on the analysis of textual disclosure (cf. Hales et al. 2011, 224). Results of these studies show that different aspects of textual disclosure, like the tone (how information is written/expressed) or the readability can influence for example market prices or analyst behavior (e.g. Li 2010 or Tetlock/Saar-Tsechansky/Macskassy 2008). This paper focuses on research in the field of tone as important characteristic of corporate textual disclosure. Its aim is to provide an overview about the most recent approaches and about challenges that researchers face. The remainder of this paper proceeds as follows. In section 2 the importance of textual analysis and the information content of textual information are discussed. Furthermore this section provides an overview about different approaches to characterize textual disclosure and a tabular classification of the recent literature. Since this paper focuses on the tone of textual disclosure, different approaches to measure tone are discussed as well. In section 3 two recent studies are discussed and section 4 concludes with a summary of the main results of this paper and gives suggestions for future research.
Book Synopsis Advances in Quantitative Analysis of Finance and Accounting by : Cheng F. Lee
Download or read book Advances in Quantitative Analysis of Finance and Accounting written by Cheng F. Lee and published by World Scientific Publishing Company. This book was released on 2007 with total page 352 pages. Available in PDF, EPUB and Kindle. Book excerpt: "[These volumes are] and annual publication desinged to dissemiante developoments in the quantitative analysis of finance and accounting"-back cover of volume 1.
