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Industrys Earnings Forecasts And Market Efficiency
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Book Synopsis Industry's Earnings Forecasts and Market Efficiency by : Antonio Baldaque da Silva
Download or read book Industry's Earnings Forecasts and Market Efficiency written by Antonio Baldaque da Silva and published by . This book was released on 2003 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: In the first chapter, I use historical price, accounting and macroeconomic data to construct alternative forecasts. Using the random walk model as the benchmark, I construct alternative forecasts that significantly increase forecast accuracy in a simulated out-of-sample setting. The most successful alternative combines the forecasts for all industries taking into consideration the "economic" distance between industries.
Book Synopsis Forecasting Quarterly Earnings Per Share and an Investigation of Market Efficiency by : John Edward Schlater
Download or read book Forecasting Quarterly Earnings Per Share and an Investigation of Market Efficiency written by John Edward Schlater and published by . This book was released on 1977 with total page 480 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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 The Handbook of Corporate Earnings Analysis by : Brian R. Bruce
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:
Book Synopsis Crowdsourced Earnings Forecasts by : Rajiv D. Banker
Download or read book Crowdsourced Earnings Forecasts written by Rajiv D. Banker and published by . This book was released on 2018 with total page 57 pages. Available in PDF, EPUB and Kindle. Book excerpt: We investigate how the arrival of Estimize, a provider of crowdsourced earnings forecasts, impacts IBES analysts' forecast timeliness and facilitates market efficiency. We find that IBES analysts become more responsive to earnings announcements and start issuing their quarterly forecasts earlier when faced with competition from Estimize. The Estimize effect is strongest when Estimize quarterly forecasts pose a direct competitive threat to IBES -- when Estimize forecasts are present within 3 days of earnings announcements (i.e., are issued early). Specifically, IBES analysts become more responsive to earnings announcements post Estimize, and issue more than 9% of their one-quarter-ahead forecasts earlier in the quarter when early Estimize coverage is present in the prior quarter. We also document that this increased responsiveness of IBES analysts facilitates market efficiency as it results in greater immediate market reaction to earnings surprises and mostly eliminates the post-earnings-announcement drift.
Book Synopsis FORECASTING QUARTERLY EARNINGS PER SHARE AND INVESTIGATIONS OF MARKET EFFICIENCY by : JOHN E. SCHLATER
Download or read book FORECASTING QUARTERLY EARNINGS PER SHARE AND INVESTIGATIONS OF MARKET EFFICIENCY written by JOHN E. SCHLATER and published by . This book was released on 1979 with total page 436 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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 Market and Analyst Reactions to Earnings News by : Jing Liu
Download or read book Market and Analyst Reactions to Earnings News written by Jing Liu and published by . This book was released on 2004 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study compares the efficiency with which the stock market and financial analysts react to corporate earnings announcements. Results show that the market is more efficient and reacts more rapidly to earnings news than financial analysts. In particular, in pre-announcement quarters (inclusive of announcement day), the market reacts more than analysts, and in post-announcement quarters, analysts gradually catch up. This result is robust across all measures of analyst earnings forecasts and under alternative specifications. Results further show that prior research reached the opposite conclusion because of two questionable research design choices: 1) limiting the window to the first post-announcement quarter (a window too narrow to capture market or analysts' complete reactions); and 2) consideration of just one-quarter-ahead earnings forecasts (an approach that ignores forecasts at other horizons).
Book Synopsis Stock Price Reaction to Quarterly Earnings Announcements with Respect of Outlook Changes and Deviation to Consensus Forecast by : Benjamin Schmitt
Download or read book Stock Price Reaction to Quarterly Earnings Announcements with Respect of Outlook Changes and Deviation to Consensus Forecast written by Benjamin Schmitt and published by . This book was released on 2015-06-12 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: Bachelor Thesis from the year 2008 in the subject Business economics - Investment and Finance, grade: 1.1, EBS European Business School gGmbH (Finance), language: English, abstract: Many authors have already studied about stock price reactions after earnings announcements yet, which is because of the importance of earnings announcements, in particular quarterly earnings announcements, for many investors. However, all major studies concerning this topic deal with long-term scenarios, the stock's price performance is measured for a time period of at least three quarters. Due to the fact that there are many investors, especially institutional investors such as hedge funds that trade stocks much more frequently, the existing studies are not relevant for them. This paper studies stock price reactions around quarterly earnings announcements for companies listed in Deutscher Aktienindex (DAX) or Midcap DAX (MDAX) with respect to changes of the company's full-year outlook and of earnings surprise regarding analyst consensus forecast within ten days before and after the announcement date. Hence, this paper aims to analyse short-term reaction to quarterly earnings announcements, which are of relevance for all investors, whose investment strategy is, at least partially, focussing on the short-term performance. The main target group of this analysis are therefore hedge funds and investors that run short-term strategies. Due to the fact that the widespread Event Study Methodology is focused on the long-term, it is irrelevant for this analysis.
Book Synopsis Stock Analysis in the Twenty-First Century and Beyond by : Thomas E. Berghage
Download or read book Stock Analysis in the Twenty-First Century and Beyond written by Thomas E. Berghage and published by Xlibris Corporation. This book was released on 2014-07-30 with total page 240 pages. Available in PDF, EPUB and Kindle. Book excerpt: Stock Analysis in the Twenty-First Century and Beyond For years, financial analysts have struggled with the fact that practically all the financial measures used to analyze corporate performance lack predictive power when it comes to forecasting the market performance of the company’s stock. Numerous academic studies have documented and reported this lack of predictability. Correlation coefficients close to zero have been reported for the relationship between stock market performance and such critical financial measures as earnings growth, sales growth, price/earnings ratio, return on equity, intrinsic value (models based on discounted cash flow or dividends), and many more. It is this disconnect between traditional financial measures and the performance of stocks in the marketplace that has led to the now-famous efficient market hypothesis, the cornerstone of modern portfolio theory. To accept the idea that the future performance of stocks is unpredictable is to say that nothing a company does will affect the future performance of its stock in the market, and that is absurd. It would be more accurate to say that everything a company does will affect the future performance of its stock in the market. The problem with this statement is that it makes the forecasting of future stock performance so complex that it removes it from the realm of human solution. Confident in the belief that something other than chance and irrational investors determine future stock prices, several research groups around the world have started exploring the use of intelligent computer programs (programs that self-organize based on environmental feedback). Early results are very promising and have provided a glimpse of the economic forces described by Adam Smith as the invisible hand that guides economic activity. Stock Analysis in the Twenty-First Century and Beyond describes the stock analysis problem and explores one of the more successful efforts to harness the new intelligent computer technology. Many people mistakenly classify Artificially Intelligent (AI) computer systems as a form of quantitative analysis. There are two distinct differences between advanced AI systems and traditional quantitative analysis. They are (1) who makes up the selection rules and weighting and (2) what information is used to discriminate between good- and poor-performing securities. In most quantitative systems, even in an advanced expert system form, humans make up the investment rules and mathematically derive the weightings associated with the rules. Computer systems that depend on outside human intelligence to program their actions are not inherently intelligent. In advanced AI systems, the computer makes up its own rules and weightings. The computer learns from examples of good- and poor-performing stocks and determines its own ways for discriminating between them. The procedures that are derived by the computer are often so complex that they defy human understanding. In addition to making up its own rules, advanced AI systems look at corporate financial data differently. Just like in the human brain, where information is not stored in the brain cells but rather in the connections and relationships between cells, so too is corporate performance information stored in the relationships between financial numbers. Assessing the performance of companies is not so much in the numbers as it is in the connections between the numbers. Financial analysts recognized this early on and have used first-order relational information in the form of financial ratios for many years (price/book, debt/equity, current assets / current liabilities, price/earnings, etc.). Now with advanced AI systems, we are finally able to look at and evaluate high-order interrelationships in financial data that have been far too complex to analyze with less sophisticated systems. These then are the fundamental differences between what has been used in the past and what will be used in the future. Cdr. Thomas E. Berghage
Author :Sanjoy Basu Publisher :[Hamilton, Ont.] : Society of Management Accountants of Canada ISBN 13 : Total Pages :106 pages Book Rating :4.3/5 (555 download)
Book Synopsis Inflation Accounting, Capital Market Efficiency, and Security Prices by : Sanjoy Basu
Download or read book Inflation Accounting, Capital Market Efficiency, and Security Prices written by Sanjoy Basu and published by [Hamilton, Ont.] : Society of Management Accountants of Canada. This book was released on 1977 with total page 106 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Market Association of Accounting Earnings Numbers by : Robert Paul Magee
Download or read book The Market Association of Accounting Earnings Numbers written by Robert Paul Magee and published by . This book was released on 1974 with total page 232 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Earnings Forecasts and Price Efficiency After Earnings Realizations by : Guojin Gong
Download or read book Earnings Forecasts and Price Efficiency After Earnings Realizations written by Guojin Gong and published by . This book was released on 2020 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: When information asymmetry is a major market friction, earnings forecasts can lead to higher price efficiency even after the information in forecasts completely dissipates upon earnings realizations. We show this in an experimental market that features information asymmetry (i.e., some traders possess differential private information). Earnings forecasts reduce information asymmetry and lead to prices that reflect a greater amount of private information. Traders can learn more about others' information from prices. This information learned from past prices continues to reduce information asymmetry and improve price efficiency even after earnings realizations. We contribute to the disclosure literature by showing the evidence that the learning-from-price effect amplifies the impact of public disclosure on price efficiency.
Book Synopsis The Role of Anchoring Bias in the Equity Market by : Ling Cen
Download or read book The Role of Anchoring Bias in the Equity Market written by Ling Cen and published by . This book was released on 2011 with total page 53 pages. Available in PDF, EPUB and Kindle. Book excerpt: Ldquo;Anchoringrdquo; describes the fact that in forming numerical estimates of uncertain quantities, adjustments in assessments away from an arbitrary initial value are often insufficient. We show that this cognitive bias has significant economic consequences for the efficiency of financial markets. We find that analysts make optimistic (pessimistic) forecasts when a firm's forecast earnings per share (FEPS) is lower (higher) than the industry median. Further, firms with FEPS greater (lower) than the industry median experience abnormally high (low) future stock returns, particularly around subsequent earnings announcement dates. Finally, split firms experience greater positive forecast revisions, larger forecast errors, and larger negative earnings surprises after a stock split compared to which did not split their stocks, especially for firms with a low FEPS relative to the industry median.
Book Synopsis A Rational Expectations Approach to Macroeconometrics by : Frederic S. Mishkin
Download or read book A Rational Expectations Approach to Macroeconometrics written by Frederic S. Mishkin and published by University of Chicago Press. This book was released on 2007-11-01 with total page 184 pages. Available in PDF, EPUB and Kindle. Book excerpt: A Rational Expectations Approach to Macroeconometrics pursues a rational expectations approach to the estimation of a class of models widely discussed in the macroeconomics and finance literature: those which emphasize the effects from unanticipated, rather than anticipated, movements in variables. In this volume, Fredrick S. Mishkin first theoretically develops and discusses a unified econometric treatment of these models and then shows how to estimate them with an annotated computer program.
Book Synopsis The Handbook of Equity Market Anomalies by : Leonard Zacks
Download or read book The Handbook of Equity Market Anomalies written by Leonard Zacks and published by John Wiley & Sons. This book was released on 2011-08-24 with total page 352 pages. Available in PDF, EPUB and Kindle. Book excerpt: Investment pioneer Len Zacks presents the latest academic research on how to beat the market using equity anomalies The Handbook of Equity Market Anomalies organizes and summarizes research carried out by hundreds of finance and accounting professors over the last twenty years to identify and measure equity market inefficiencies and provides self-directed individual investors with a framework for incorporating the results of this research into their own investment processes. Edited by Len Zacks, CEO of Zacks Investment Research, and written by leading professors who have performed groundbreaking research on specific anomalies, this book succinctly summarizes the most important anomalies that savvy investors have used for decades to beat the market. Some of the anomalies addressed include the accrual anomaly, net stock anomalies, fundamental anomalies, estimate revisions, changes in and levels of broker recommendations, earnings-per-share surprises, insider trading, price momentum and technical analysis, value and size anomalies, and several seasonal anomalies. This reliable resource also provides insights on how to best use the various anomalies in both market neutral and in long investor portfolios. A treasure trove of investment research and wisdom, the book will save you literally thousands of hours by distilling the essence of twenty years of academic research into eleven clear chapters and providing the framework and conviction to develop market-beating strategies. Strips the academic jargon from the research and highlights the actual returns generated by the anomalies, and documented in the academic literature Provides a theoretical framework within which to understand the concepts of risk adjusted returns and market inefficiencies Anomalies are selected by Len Zacks, a pioneer in the field of investing As the founder of Zacks Investment Research, Len Zacks pioneered the concept of the earnings-per-share surprise in 1982 and developed the Zacks Rank, one of the first anomaly-based stock selection tools. Today, his firm manages U.S. equities for individual and institutional investors and provides investment software and investment data to all types of investors. Now, with his new book, he shows you what it takes to build a quant process to outperform an index based on academically documented market inefficiencies and anomalies.
Book Synopsis The Dark Side of Valuation by : Aswath Damodaran
Download or read book The Dark Side of Valuation written by Aswath Damodaran and published by FT Press. This book was released on 2001 with total page 504 pages. Available in PDF, EPUB and Kindle. Book excerpt: Concurrent with the rise of technology companies, particularly dot.coms. there has been a disquiet among investors. Just what is their worth? How do you assess them as an investor? This book, by Damodaran, who is considered the world's leading authority on valuation, answers these questions and more.
