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Determinants Of The Incidence And Precision Of Earnings Forecasts
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Book Synopsis Determinants of the Incidence and Precision of Earnings Forecasts by : Jacob Nelson
Download or read book Determinants of the Incidence and Precision of Earnings Forecasts written by Jacob Nelson and published by . This book was released on 2000 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: I investigate two related aspects of corporate disclosure of earnings forecasts. Specifically, I empirically model managers' disclosure decisions as a sequential choice: managers first decide whether to publicly issue an earnings forecast and, if they decide to disclose, they choose the precision with which to make this disclosure. I classify point forecasts as the most precise, and all other forecasts as less precise. I estimate dichotomous choice logistic regressions for each of these decisions. I examine the effect of both capital market and product market considerations on these two aspects of the disclosure decision. Broadly, the analysis suggests that while capital market considerations are the primary determinant of the decision to disclose, product market considerations appear to be important in determining disclosure precision. In particular, disclosure precision appears to be decreasing (increasing) in proprietary costs for good (bad) news firms. This study adds to recent analytical and empirical research on the influence of product market considerations on disclosure decisions.
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 Determinants of the Accuracy of Analysts' Earnings Forecasts by : Svetlana Mira
Download or read book The Determinants of the Accuracy of Analysts' Earnings Forecasts written by Svetlana Mira and published by . This book was released on 2005 with total page 672 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis An Empirical Examination Into the Determinants of the Accuracy of Management Forecasts of Earnings by : Gary Allen Porter
Download or read book An Empirical Examination Into the Determinants of the Accuracy of Management Forecasts of Earnings written by Gary Allen Porter and published by . This book was released on 1977 with total page 278 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Determinants of Voluntary Release of Earnings Forecasts Information to the Public by : Anne Wu
Download or read book The Determinants of Voluntary Release of Earnings Forecasts Information to the Public written by Anne Wu and published by . This book was released on 1990 with total page 238 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Theory and Evidence of Ex-ante Determinants of Analyst Earnings Forecast Accuracy in the International Context by : Huong Ngo Higgins
Download or read book Theory and Evidence of Ex-ante Determinants of Analyst Earnings Forecast Accuracy in the International Context written by Huong Ngo Higgins and published by . This book was released on 1998 with total page 170 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Relative Importance of Forecast Accuracy Determinants Revisited by : Alain Coen
Download or read book The Relative Importance of Forecast Accuracy Determinants Revisited written by Alain Coen and published by . This book was released on 2008 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: We analyze earnings forecasting errors made by financial analysts for 18 European countries over the 1995-2006 period. We use the Heston-Rouwenhorst approach to unravel country-, industry-, and firm-specific effects as a source of variation in financial analysts' earnings forecast errors. We first estimate each effect with a dummy variable regression, and then decompose the variance of forecast errors into different effects. We provide evidence that the differences among countries, industrial sectors, or analyst following offer a weak explanation for differences in forecast errors. Country effects however largely dominate industry and analyst following effects on European stock markets. By contrast, the type of earnings - profits or losses - and variations in earnings - increases or decreases - play a significant role in the performance of financial analysts.
Book Synopsis Determinants of Managerial Earnings Guidance Prior to Regulation Fair Disclosure and Bias in Analysts' Earnings Forecasts by : Amy P. Hutton
Download or read book Determinants of Managerial Earnings Guidance Prior to Regulation Fair Disclosure and Bias in Analysts' Earnings Forecasts written by Amy P. Hutton and published by . This book was released on 2005 with total page 53 pages. Available in PDF, EPUB and Kindle. Book excerpt: Prior to Regulation Fair Disclosure (Reg FD) some management spent considerable time and effort guiding analyst earnings estimates, often through detailed reviews of analysts' earnings models. In this paper I use proprietary survey data from the National Investor Relations Institute to identify firms that reviewed analysts' earnings models prior to Reg FD and those that did not. Under the maintained assumption that firms conducting reviews implicitly or explicitly guided analysts' earnings forecasts, I document firm characteristics associated with the decision to provide private managerial earnings guidance. Then, I document the characteristics of 'guided' versus 'unguided' analyst earnings forecasts. Findings demonstrate an association between several firm characteristics and guidance practices: managers are more likely to review analyst earnings models when the firm's stock is highly followed by analysts and largely held by institutions, when the firm's market-to-book ratio is high, and its earnings are important to valuation (high Industry-ERC R2), but hard to predict because its business is complex (high # of Segments). A comparison of guided and unguided quarterly forecasts indicates that guided analyst estimates are more accurate, but also more frequently pessimistic. An examination of analysts' annual earnings forecasts over the fiscal year does not distinguish between guidance and no guidance firms; both experience a quot;walk downquot; in annual estimates. To distinguishing between guidance and no guidance firms, one must examine quarterly earnings news: unguided analysts walk down their annual estimates when the majority of the quarterly earnings news is negative, guided analysts walk down their annual estimates even though the majority of the quarterly earnings news is positive.
Book Synopsis Determinants of the Bias and Inaccuracy of Management Earnings Forecasts by : Andrew A. Anabila
Download or read book Determinants of the Bias and Inaccuracy of Management Earnings Forecasts written by Andrew A. Anabila and published by . This book was released on 2014 with total page 12 pages. Available in PDF, EPUB and Kindle. Book excerpt: The safe harbor provisions have increased over the years, following the Private Securities Litigation Reform Act (PSLRA) of 1996 and the Securities Litigation Uniform Standards Act (SLUSA) of 1998. The objective is to encourage more earnings guidance by managers. However, a number of firms like Coca Cola and Gillette moved to abandon quantitative earnings forecasts, due to concerns over the markets' response when they miss their forecasts. This study examines the determinants of management earnings forecasts bias and inaccuracy. The evidence suggests that forecast bias and inaccuracy are not systematically associated with diversification however, are associated with the fraction of nonoperating assets. Also, capital structure, audit quality and institutional holdings are systematic determinants of forecast bias and inaccuracy. Finally, industry attributes of munificence, dynamism and concentration are indicators of inherent imperfections of management forecasts, but are exogenous to management's control. The reasons for, and implications of these findings are discussed.
Book Synopsis Analyst Information Precision and Small Earnings Surprises by : Sanjay Bissessur
Download or read book Analyst Information Precision and Small Earnings Surprises written by Sanjay Bissessur and published by . This book was released on 2017 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study proposes and tests an alternative to the extant earnings management explanation for zero and small positive earnings surprises (i.e., analyst forecast errors). We argue that analysts' ability to strategically induce slight pessimism in earnings forecasts varies with the precision of their information. Accordingly, we predict that the probability that a firm reports a small positive instead of a small negative earnings surprise is negatively related to earnings forecast uncertainty and present evidence consistent with this prediction. Our findings have important implications for the earnings management interpretation of the asymmetry around zero in the frequency distribution of earnings surprises. We demonstrate how empirically controlling for earnings forecast uncertainty can materially change inferences in studies that employ the incidence of zero and small positive earnings surprises to categorize firms as “suspect” of managing earnings.
Book Synopsis An Examination of the Bias and Determinants of Prospectus Earnings Forecasts by : Yuen May Lum
Download or read book An Examination of the Bias and Determinants of Prospectus Earnings Forecasts written by Yuen May Lum and published by . This book was released on 1996 with total page 100 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Capital Market Implications of Earnings Quality by : Bianca Ahrens
Download or read book Capital Market Implications of Earnings Quality written by Bianca Ahrens and published by BoD – Books on Demand. This book was released on 2010 with total page 282 pages. Available in PDF, EPUB and Kindle. Book excerpt: In his speech from 1998 the former chairman of the United States Securities and Exchange Commission (SEC) Arthur Levitt pointed out that trust "is the bedrock of our capital markets" and that this must not be shaken by the erosion of earnings quality. He made clear that it is the challenge of the whole financial community to counteract such a development. This thesis deals with the question whether the importance of earnings for the capital market varies with its quality. The question arises, because in recent years a large number of firm scandals has shaken the trust in the reliability of reported earnings. In order to properly address the research questions, the literature on earnings quality definitions, quality measures as well as implications of earnings quality on capital markets is reviewed and critically discussed. The author investigates whether well known results concerning capital market implications of earnings quality remain stable for all measures considered. She answers the question of how earnings quality affects firm value, cost of equity capital, and the accuracy of analysts' forecasts taking into account the effects of determinants of earnings quality.
Download or read book Multinational Finance Journal written by and published by . This book was released on 2000 with total page 336 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis International Perspectives on Accounting and Corporate Behavior by : Kunio Ito
Download or read book International Perspectives on Accounting and Corporate Behavior written by Kunio Ito and published by Springer. This book was released on 2014-07-08 with total page 337 pages. Available in PDF, EPUB and Kindle. Book excerpt: Despite the globalization of accounting standards occurring through convergence to International Financial Reporting Standards, local accounting systems are deeply intertwined with each country’s unique institutions such as its corporate system, disclosure practices and enforcement mechanisms. First, this book empirically analyzes the effects of globalization and localization of accounting rules on corporate behavior such as earnings management, signaling, investment behavior and dividend payout policy. Second, the book unravels the economic consequences of disclosure based on the concept of self-disciplining enforcement such as management forecasts, environmental disclosures and risk disclosures by Japanese firms. This volume is a step forward in understanding the link between accounting and corporate behavior based on a new institutional accounting approach.
Book Synopsis Earnings Management by : Joshua Ronen
Download or read book Earnings Management written by Joshua Ronen and published by Springer Science & Business Media. This book was released on 2008-08-06 with total page 587 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is a study of earnings management, aimed at scholars and professionals in accounting, finance, economics, and law. The authors address research questions including: Why are earnings so important that firms feel compelled to manipulate them? What set of circumstances will induce earnings management? How will the interaction among management, boards of directors, investors, employees, suppliers, customers and regulators affect earnings management? How to design empirical research addressing earnings management? What are the limitations and strengths of current empirical models?
Book Synopsis Comprehensive Dissertation Index: Business & economics, A-K by :
Download or read book Comprehensive Dissertation Index: Business & economics, A-K written by and published by . This book was released on 1984 with total page 808 pages. Available in PDF, EPUB and Kindle. Book excerpt:
