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Investor Sentiment And Corporate Disclosure
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Book Synopsis Investor Sentiment and Corporate Disclosure by : Nittai Bergman
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.
Book Synopsis Investor Sentiment Effects on Market Reaction to and Disclosure Choices of Accounting Restatements by : Jun Yuan Lim
Download or read book Investor Sentiment Effects on Market Reaction to and Disclosure Choices of Accounting Restatements written by Jun Yuan Lim and published by . This book was released on 2015 with total page 180 pages. Available in PDF, EPUB and Kindle. Book excerpt: My thesis examines the influence of investor sentiment on the announcement of restatements of financial information by companies. I examine two aspects: how market sentiment affects investors’ response to a restatement and manager’s disclosure choices as a result of these effects. Further, I consider how the individual characteristics of the restatement will affect the above. I find positive (negative) market sentiment increases (decreases) a negative share price reaction to a restatement. This is dependent on the characteristics of the restatement, with those adversely affecting past year financial statements resulting in more negative share price reactions when sentiment is positive whereas the opposite relationship is seen for those involving past year’s revenues. Entailing from the observed relationship, I expect and observe managers opportunistically varying disclosure venues by announcing adverse (revenue misstatement) restatements in the more (less) transparent venues of press release and SEC filings. In contrast to my expectations, I find among SEC filing types, the likelihood of the more transparent Form 8-K disclosure increases when the effect of sentiment on the restatement type is to increase negative market reactions to the initial announcement. However, I believe this result is affected by the issuance of the SEC ruling with regards to Form 8-K disclosure, leaving managers little opportunities to vary their disclosure choices.
Book Synopsis Investor Sentiment and Pro Forma Earnings Disclosures by : Nerissa C. Brown
Download or read book Investor Sentiment and Pro Forma Earnings Disclosures written by Nerissa C. Brown and published by . This book was released on 2012 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study examines the influence of investor sentiment on managers' discretionary disclosure of ldquo;pro formardquo; (adjusted) earnings metrics in earnings press releases. We find that managers' propensity to disclose an adjusted earnings metric increases with the level of investor sentiment and, in particular, the propensity to disclose an adjusted number that exceeds the GAAP earnings figure. Further, our analyses suggest that as investor sentiment increases, managers (1) exclude higher levels of both recurring and nonrecurring expenses in calculating the pro forma earnings number and (2) emphasize the pro forma figure by placing it more prominently within the earnings press release. Additional analyses indicate that the association between investor sentiment and managers' pro forma disclosure decisions at least partly reflects opportunistic motives. Finally, we find that managers' own sentiment-driven expectations also play a role in their pro forma disclosure decisions.
Book Synopsis Financial Disclosure by : William J. Casey
Download or read book Financial Disclosure written by William J. Casey and published by . This book was released on 1972 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Winning decisions written by Kim Hua Tan and published by . This book was released on 2003 with total page 106 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Trading on Sentiment by : Richard L. Peterson
Download or read book Trading on Sentiment written by Richard L. Peterson and published by John Wiley & Sons. This book was released on 2016-03-04 with total page 317 pages. Available in PDF, EPUB and Kindle. Book excerpt: In his debut book on trading psychology, Inside the Investor’s Brain, Richard Peterson demonstrated how managing emotions helps top investors outperform. Now, in Trading on Sentiment, he takes you inside the science of crowd psychology and demonstrates that not only do price patterns exist, but the most predictable ones are rooted in our shared human nature. Peterson’s team developed text analysis engines to mine data - topics, beliefs, and emotions - from social media. Based on that data, they put together a market-neutral social media-based hedge fund that beat the S&P 500 by more than twenty-four percent—through the 2008 financial crisis. In this groundbreaking guide, he shows you how they did it and why it worked. Applying algorithms to social media data opened up an unprecedented world of insight into the elusive patterns of investor sentiment driving repeating market moves. Inside, you gain a privileged look at the media content that moves investors, along with time-tested techniques to make the smart moves—even when it doesn’t feel right. This book digs underneath technicals and fundamentals to explain the primary mover of market prices - the global information flow and how investors react to it. It provides the expert guidance you need to develop a competitive edge, manage risk, and overcome our sometimes-flawed human nature. Learn how traders are using sentiment analysis and statistical tools to extract value from media data in order to: Foresee important price moves using an understanding of how investors process news. Make more profitable investment decisions by identifying when prices are trending, when trends are turning, and when sharp market moves are likely to reverse. Use media sentiment to improve value and momentum investing returns. Avoid the pitfalls of unique price patterns found in commodities, currencies, and during speculative bubbles Trading on Sentiment deepens your understanding of markets and supplies you with the tools and techniques to beat global markets— whether they’re going up, down, or sideways.
Book Synopsis The Macroeconomic Consequences of Terrorism by : Stephen Brock Blomberg
Download or read book The Macroeconomic Consequences of Terrorism written by Stephen Brock Blomberg and published by . This book was released on 2004 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Behavioral Corporate Finance by : Hersh Shefrin
Download or read book Behavioral Corporate Finance written by Hersh Shefrin and published by College Ie Overruns. This book was released on 2017-04-16 with total page 300 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Investment Intelligence from Insider Trading by : H. Nejat Seyhun
Download or read book Investment Intelligence from Insider Trading written by H. Nejat Seyhun and published by MIT Press. This book was released on 2000-02-28 with total page 452 pages. Available in PDF, EPUB and Kindle. Book excerpt: Learn how to profit from information about insider trading. The term insider trading refers to the stock transactions of the officers, directors, and large shareholders of a firm. Many investors believe that corporate insiders, informed about their firms' prospects, buy and sell their own firm's stock at favorable times, reaping significant profits. Given the extra costs and risks of an active trading strategy, the key question for stock market investors is whether the publicly available insider-trading information can help them to outperform a simple passive index fund. Basing his insights on an exhaustive data set that captures information on all reported insider trading in all publicly held firms over the past twenty-one years—over one million transactions!—H. Nejat Seyhun shows how investors can use insider information to their advantage. He documents the magnitude and duration of the stock price movements following insider trading, determinants of insiders' profits, and the risks associated with imitating insider trading. He looks at the likely performance of individual firms and of the overall stock market, and compares the value of what one can learn from insider trading with commonly used measures of value such as price-earnings ratio, book-to-market ratio, and dividend yield.
Book Synopsis The Cross-section of Stock Returns by : Stijn Claessens
Download or read book The Cross-section of Stock Returns written by Stijn Claessens and published by World Bank Publications. This book was released on 1995 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Sentiment in the Forex Market by : Jamie Saettele
Download or read book Sentiment in the Forex Market written by Jamie Saettele and published by John Wiley & Sons. This book was released on 2017-11-06 with total page 208 pages. Available in PDF, EPUB and Kindle. Book excerpt: Crowds move markets and at major market turning points, the crowds are almost always wrong. When crowd sentiment is overwhelmingly positive or overwhelmingly negative ? it's a signal that the trend is exhausted and the market is ready to move powerfully in the opposite direction. Sentiment has long been a tool used by equity, futures, and options traders. In Sentiment in the Forex Market, FXCM analyst Jaime Saettele applies sentiment analysis to the currency market, using both traditional and new sentiment indicators, including: Commitment of Traders reports; time cycles; pivot points; oscillators; and Fibonacci time and price ratios. He also explains how to interpret news coverage of the markets to get a sense of when participants have become overly bullish or bearish. Saettele points out that several famous traders such as George Soros and Robert Prechter made huge profits by identifying shifts in crowd sentiment at major market turning points. Many individual traders lose money in the currency market, Saettele asserts, because they are too short-term oriented and trade impulsively. He believes retail traders would be much more successful if they adopted a longer-term, contrarian approach, utilizing sentiment indicators to position themselves at the beginning points of major trends.
Book Synopsis Report of the Advisory Committee on Corporate Disclosure to the Securities and Exchange Commission by : United States. Advisory Committee on Corporate Disclosure
Download or read book Report of the Advisory Committee on Corporate Disclosure to the Securities and Exchange Commission written by United States. Advisory Committee on Corporate Disclosure and published by . This book was released on 1977 with total page 894 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Transparency and International Investor Behavior by : Gaston Gelos
Download or read book Transparency and International Investor Behavior written by Gaston Gelos and published by International Monetary Fund. This book was released on 2002-10 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: Does country transparency affect international portfolio investment? We examine this and related questions using some new measures of transparency and a unique micro dataset on international portfolio holdings. We distinguish between government and corporate transparency. There is clear evidence that international funds invest systematically less in less transparent countries. On the other hand, herding among funds tends to be more prevalent in less transparent countries. There is also some evidence that during crises, funds flee non-transparent countries by a greater amount.
Book Synopsis Earnings Quality by : Jennifer Francis
Download or read book Earnings Quality written by Jennifer Francis and published by Now Publishers Inc. This book was released on 2008 with total page 97 pages. Available in PDF, EPUB and Kindle. Book excerpt: This review lays out a research perspective on earnings quality. We provide an overview of alternative definitions and measures of earnings quality and a discussion of research design choices encountered in earnings quality research. Throughout, we focus on a capital markets setting, as opposed, for example, to a contracting or stewardship setting. Our reason for this choice stems from the view that the capital market uses of accounting information are fundamental, in the sense of providing a basis for other uses, such as stewardship. Because resource allocations are ex ante decisions while contracting/stewardship assessments are ex post evaluations of outcomes, evidence on whether, how and to what degree earnings quality influences capital market resource allocation decisions is fundamental to understanding why and how accounting matters to investors and others, including those charged with stewardship responsibilities. Demonstrating a link between earnings quality and, for example, the costs of equity and debt capital implies a basic economic role in capital allocation decisions for accounting information; this role has only recently been documented in the accounting literature. We focus on how the precision of financial information in capturing one or more underlying valuation-relevant constructs affects the assessment and use of that information by capital market participants. We emphasize that the choice of constructs to be measured is typically contextual. Our main focus is on the precision of earnings, which we view as a summary indicator of the overall quality of financial reporting. Our intent in discussing research that evaluates the capital market effects of earnings quality is both to stimulate further research in this area and to encourage research on related topics, including, for example, the role of earnings quality in contracting and stewardship.
Book Synopsis A Guide to Econometrics by : Peter Kennedy
Download or read book A Guide to Econometrics written by Peter Kennedy and published by John Wiley & Sons. This book was released on 2008-02-19 with total page 608 pages. Available in PDF, EPUB and Kindle. Book excerpt: Dieses etwas andere Lehrbuch bietet keine vorgefertigten Rezepte und Problemlösungen, sondern eine kritische Diskussion ökonometrischer Modelle und Methoden: voller überraschender Fragen, skeptisch, humorvoll und anwendungsorientiert. Sein Erfolg gibt ihm Recht.
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 Behavioral Trading by : Woody Dorsey
Download or read book Behavioral Trading written by Woody Dorsey and published by Texere Publishing. This book was released on 2003 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Dorsey, a publisher of market commentary since 1985, explains market semiotics, his market research philosophy based on the logic of behavioral finance. His proprietary market diagnosis techniques have been described as market expectations theory, behavioral finance, and contrary opinion analysis. Annotation ♭2004 Book News, Inc., Portland, OR (booknews.com).
