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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. Gray (III.)
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (91 download)
Download or read book Disclosure of Corporate Forecasts to the Investor written by William S. Gray (III.) and published by . This book was released on 1973 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Financial Analysts Federation
Publisher :
ISBN 13 :
Total Pages : 49 pages
Book Rating : 4.:/5 (439 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 1972 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : A.T. Kearney, Inc
Publisher :
ISBN 13 :
Total Pages : 132 pages
Book Rating : 4.3/5 (512 download)
Download or read book Public Disclosure of Business Forecasts written by A.T. Kearney, Inc and published by . This book was released on 1972 with total page 132 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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:
Author : Samuel S. Stewart
Publisher :
ISBN 13 :
Total Pages : 204 pages
Book Rating : 4.:/5 (632 download)
Download or read book Disclosure of corporate forecasts to the investor written by Samuel S. Stewart and published by . This book was released on 1973 with total page 204 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Phyllis S. McGrath
Publisher :
ISBN 13 :
Total Pages : 36 pages
Book Rating : 4.3/5 (97 download)
Download or read book Disclosure of Financial Forecasts to Security Analysts and the Public written by Phyllis S. McGrath and published by . This book was released on 1973 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : United States. Securities and Exchange Commission. Advisory Committee on Corporate Disclosure
Publisher :
ISBN 13 :
Total Pages : 540 pages
Book Rating : 4.3/5 (91 download)
Download or read book Report of the Advisory Committee on Corporate Disclosure to the Securities and Exchange Commission: Appendix written by United States. Securities and Exchange Commission. Advisory Committee on Corporate Disclosure and published by . This book was released on 1977 with total page 540 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Saskia Jarick
Publisher : GRIN Verlag
ISBN 13 : 3640956672
Total Pages : 81 pages
Book Rating : 4.6/5 (49 download)
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 with total page 81 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 studi
Author : Luo Zuo (Ph. D.)
Publisher :
ISBN 13 :
Total Pages : 59 pages
Book Rating : 4.:/5 (861 download)
Download or read book The Informational Feedback Effect of Stock Prices on Corporate Disclosure written by Luo Zuo (Ph. D.) and published by . This book was released on 2013 with total page 59 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies whether managers use investor information they learn from the stock market when making forward-looking disclosures. Using annual management earnings forecasts from 1996 to 2010, I find that the association between forecast revisions and stock price changes over the revision periods is stronger when there is more informed trading. Further, the effect of investor information on the revision-return relation remains after controlling for various sources of managerial and public information, and is more pronounced when the information is more relevant to predicted earnings. In addition, more investor information contained in stock prices leads to a greater improvement in forecast accuracy but a weaker market reaction to the subsequent forecast announcement. My study highlights the two-way information flows between firms and capital markets and has implications for the real effects of financial markets.
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 : Carol Ann Frost
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Characteristics and Information Value of Corporate Disclosures of Forward-Looking Information in Global Equity Markets written by Carol Ann Frost and published by . This book was released on 2000 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study documents the characteristics and information value of corporate disclosures of forward-looking information in different equity markets. It focuses on the extent to which national differences in legal and regulatory environments, and systems of corporate governance and finance influence the frequency, specificity, and conservativeness of managers' timely forward-looking disclosures. To provide evidence on the information value of forward-looking disclosures to investors, the stock price responses to forward-looking disclosures in the five countries studied are compared. The primary question motivating this analysis is whether the stringent legal and regulatory climate in the US deters firms from releasing forward-looking disclosures as compared with those in countries such as France, Germany, and Japan, where the legal and regulatory climates are less stringent. I include analysis of UK disclosures for further comparative evidence since the UK, like the US, imposes stringent legal standards. Analysis focuses on forward-looking disclosures made during 1993 by 400 firms, 80 each selected from France, Germany, Japan, the UK, and the US. The five national samples are matched on firm size (1993 equity market value) and are all drawn from the manufacturing industry group. The evidence in this study is generally consistent with the view that the legal and regulatory climate in the US does influence US firms' forward-looking disclosure policies. Specifically, relatively fewer US (and UK) firms disclose forecasts, and forecast frequency is lower then in France, Germany, and Japan, even though US and UK firms release press releases more frequently overall. Also, in the US and the UK, only 38% and 20%, respectively, of the announcements with forward-looking information contain specific forecasts, compared to 64% of the announcements in France, 64% in Germany, and 80% in Japan. Two analyses also support the view that US firms' forward-looking disclosure policies are relatively conservative. for example, forecast horizons are shorter in the US (and the UK), consistent with the view that US managers may delay releasing forecasts to decrease the probability of making an incorrect forecast, which might lead to increased legal risk. All types of US forward-looking disclosure appear to convey relevant new information to investors, suggesting that the stringent US legal and regulatory environment does not necessarily impair US investors' access to the most highly relevant forward-looking information. The market responses to earnings and sales forecasts and "soft" prospective disclosures for the US subsample are statistically significant, especially for forecasts, and the market responses to forecasts are greater than the response to earnings and sales results. However, forward-looking disclosures also appear to be informative in France, Germany, and the UK (but not in Japan). For example, for the French subsample, both mean and median market responses to earnings forecasts and "soft" earnings prospective disclosures are statistically significant at conventional levels. Thus, even though the legal and regulatory climates in France and Germany are less stringent than in the US, firms in these countries also disclose credible and timely forward-looking information.
Author : MARK LANG
Publisher :
ISBN 13 :
Total Pages : 52 pages
Book Rating : 4.L/5 ( download)
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:
Author : Stevan Kent Olson
Publisher :
ISBN 13 :
Total Pages : 496 pages
Book Rating : 4.:/5 (89 download)
Download or read book Individual Investors' Perceptions of the Credibility of Corporate Forecast Communications written by Stevan Kent Olson and published by . This book was released on 1974 with total page 496 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Nittai Bergman
Publisher :
ISBN 13 :
Total Pages : 37 pages
Book Rating : 4.:/5 (129 download)
Download or read book Investor Sentiment and Corporate Disclosure written by Nittai Bergman and published by . This book was released on 2008 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates how firms react strategically to investor sentiment via their disclosure policies in an attempt to influence the sentiment-induced biases in expectations. Proxying for sentiment using the Michigan Consumer Confidence Index, we show that during low-sentiment periods, managers increase forecasts to quot;walk upquot; current estimates of future earnings over long horizons. In contrast, during periods of high sentiment, managers reduce their long-horizon forecasting activity. Further, while there is an association between sentiment and the biases in analysts' estimates of future earnings, management disclosures vary with sentiment even after controlling for analyst pessimism, indicating that managers attempt to communicate with investors at large, and not just analysts. Our study provides evidence that firms' long-horizon disclosure choices reflect managers' desire to maintain optimistic earnings valuations.
Author : Ziyao San
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (136 download)
Download or read book Voluntary Disclosure and Corporate Innovation written by Ziyao San and published by . This book was released on 2021 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This research consists of two parts. In the first part, I examine whether a firm whose chief executive officer (CEO) is more future-oriented (as measured by commitment to voluntary disclosure practices, i.e., issuing more frequent and more disaggregated earnings forecasts) is likely to be more successful in corporate innovation investment. Using a global sample of 26,364 firms from 27 countries and a single-country sample of 8,980 firms (domiciled in the US), I find that firms with more future-oriented CEO are granted more patents and receive more citations per patent. The results of additional cross-sectional analyses indicate that the relationship between commitments to voluntary disclosure and corporate innovation varies with various CEO-, firm-, and country-level factors. In the second part of this research, I investigate the role of CEOs personality traits in corporate innovation and in the association between commitment to voluntary disclosure and corporate innovation. I find that firms with more extraverted CEOs tend to be more successful in their innovation investment in the future and that the signaling role of commitment to voluntary disclosure in corporate innovation success is more pronounced in firms with more extraverted CEOs. My findings also indicate that voluntary disclosure by more extraverted CEOs attracts more investor attention. Collectively, the results of this research support the conjecture that future-oriented CEOs are likely to commit to voluntary disclosure practices to signal their ability to manage uncertainties associated with innovation investment and thereby achieve innovation success. Additionally, such signaling tends to be driven by more extraverted CEOs. This research should be important for the investors and other stakeholders, as it shows how the likelihood of firms future innovation success can be inferred from CEOs observable earnings forecasting behavior. The findings may also be of interest to firms, as they highlight the importance of considering candidates level of extraversion when hiring a CEO. Finally, the findings of this research should be helpful to policymakers who develop initiatives to enhance firms voluntary financial disclosure, because this research highlights how the effectiveness of management earnings forecasts in signaling corporate innovation success varies with country-level institutional characteristics.
Author : Niamh M. Brennan
Publisher :
ISBN 13 :
Total Pages : 58 pages
Book Rating : 4.:/5 (13 download)
Download or read book Rhetoric and Argument in Financial Reporting written by Niamh M. Brennan and published by . This book was released on 2013 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: Despite the importance of profit forecasts to investors, little attention has been given so far to their publication, presentation and content. The object of the paper is two-fold: • First, the paper examines disclosures in profit forecasts and in takeover documents from the perspective of rhetoric and argument to show how managements use accounting information to defend their own position and rebut the arguments of the other side. Persuasion in forecasts, and the verbal jousting and argument between bidder and target managements during contested bids, is considered.• Second, the paper reproduces and discusses examples concerning disclosures in profit forecasts and in takeover documents. This is intended as useful precedent material for practitioners involved in preparing profit forecasts. The paper is supported by a more comprehensive set of examples available on the web (O/S insert web address). This paper reviews financial reporting in profit forecasts, based on a systematic analysis of the disclosure practices in 250 profit forecasts disclosed during 701 public company takeover bids in the UK in the 5 year period 1988 to 1992. There were 74 examples selected from the 250 forecasts to illustrate particular practices which are commented on and discussed in the text. The examples shown do not necessarily illustrate best practice. It is intended that they highlight the wide variety of disclosure-related issues to be taken into consideration in preparing a forecast for publication. It is hoped these examples will act as useful precedent material to be consulted by practitioners involved in preparing profit forecasts for publication in the future.In selecting material to reproduce, there was particular emphasis on disclosures used by management for rhetorical purposes - to persuade shareholders or to attack the other side in the bid.The research showed that there was some evidence of strategic information disclosures by management both in the accounting practices employed in preparing forecasts, in the variability of levels of disclosure and the choice of wording used in some disclosures. In particular, the choice of disclosure practices by management may be used to provide protection if the forecast is not subsequently achieved, thus serving management's own self-interest.
