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Properties Of Management Earnings Forecasts Following Mergers And Acquisitions
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Book Synopsis Properties of Management Earnings Forecasts Following Mergers and Acquisitions by : Olivia Grace Huseman
Download or read book Properties of Management Earnings Forecasts Following Mergers and Acquisitions written by Olivia Grace Huseman and published by . This book was released on 2017 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: I study how the properties of management earnings forecasts change after a firm merges with or acquires another company. I find management is more likely to issue a forecast in a merger or an acquisition firm-year than in a non-M&A firm-year. Compared to forecasts issued by the firm in non-M&A periods, the first forecast issued after completing an M&A deal is less likely to be bundled with an earnings announcement and the forecast range is wider, although more likely to be optimistic than non-M&A forecasts. I find the increase in forecast range width and optimism persist in forecasts issued up to the end of the fiscal year but are not present in the initial forecast issued in the subsequent year. Finally, I find variation in M&A experience and M&A type influence management earnings forecast properties. Because prior studies of management forecasts often delete observations containing mergers and acquisitions or simply include the firm's market-to-book, my study informs researchers about how the properties of management forecasts are impacted by the uncertainty from a merger or an acquisition.
Book Synopsis Accounting for M&A by : Amir Amel-Zadeh
Download or read book Accounting for M&A written by Amir Amel-Zadeh and published by Routledge. This book was released on 2020-04-29 with total page 331 pages. Available in PDF, EPUB and Kindle. Book excerpt: Spending on M&A has, in aggregate, grown so fast that it has even overtaken capital expenditure on increasing and maintaining physical assets. Yet McKinsey, the leading management consultancy, reports that "Anyone who has researched merger success rates knows that roughly 70% fail". The idea that businesses might be using huge and increasing sums of shareholders’ money for an activity that more often than not leads to failure calls into question the information on which M&A decisions are based. This book presents statistical studies, case material, and standard-setters’ opinions on company accounting before, during, and after M&A. It documents the manipulation of annual accounts by acquirers ahead of share for share bids, biased forecasts of post-merger earnings by bidders, and devices to flatter earnings when recording the deal. It explores the challenges for standard-setters in regulating information flows during and after M&A, and for account-users wishing to learn from financial statements how a deal has affected performance. Drawing on a wide range of international examples, this readable book is targeted not just at accounting specialists but at anyone who is comfortable reading the serious financial press, is intrigued by what is going on in the massive M&A market, and is concerned with achieving better-informed M&A. As such it might be of particular interest to business executives, lawyers, bankers, and investors involved in M&A as well as graduate students interested in researching or learning about the role of accounting in M&A.
Book Synopsis Ex-post realization and valuation of management earnings forecasts, manager's discretion and characteristics of forecasting firms by : Sungyu Sohn
Download or read book Ex-post realization and valuation of management earnings forecasts, manager's discretion and characteristics of forecasting firms written by Sungyu Sohn and published by . This book was released on 1992 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
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 Job Transitions and Employee Earnings After Acquisitions by : David Arnold
Download or read book Job Transitions and Employee Earnings After Acquisitions written by David Arnold and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Mergers and Acquisitions by : G. Gregoriou
Download or read book Mergers and Acquisitions written by G. Gregoriou and published by Springer. This book was released on 2007-11-13 with total page 292 pages. Available in PDF, EPUB and Kindle. Book excerpt: This collection of exclusive articles presents the latest research in the area of mergers and acquisitions. It presents what drives corporate performance under different economic conditions, both in the US and across the globe, and examines the role of mergers and acquisitions in maintaining the efficiency of world markets.
Book Synopsis Management Earnings Forecasts by : D. Eric Hirst
Download or read book Management Earnings Forecasts written by D. Eric Hirst and published by . This book was released on 2008 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper, we provide a framework in which to view management earnings forecasts. Specifically, we categorize earnings forecasts as having three components - antecedents, characteristics, and consequences that roughly correspond to the timeline associated with an earnings forecast. By evaluating management earnings forecast research within the context of this framework, we render three conclusions. First, forecast characteristics appear to be the least well-understood component of earnings forecasts - both in terms of theory and empirical research - even though it is the component over which managers have the most control. Second, much of the prior research focuses on how one forecast antecedent or characteristic influences forecast consequences and does not study potential interactions among the three components. Third, much of the prior research ignores the iterative nature of management earnings forecasts - that is, forecast consequences of the current period influence antecedents and chosen characteristics in subsequent periods. Implications for researchers as well as educators, managers, investors, and regulators are provided.
Book Synopsis Aggregate Earnings: Time-series Properties and Forecasting Models by : Koren M. Jo
Download or read book Aggregate Earnings: Time-series Properties and Forecasting Models written by Koren M. Jo and published by . This book was released on 2015 with total page 124 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this study I examine the time series properties of quarterly aggregate earnings and aggregate analyst earnings forecasts. Using quarterly data from January 1988 to December 2012, I show that both quarterly aggregate earnings and analyst earnings forecasts follow a random walk process in contrast with the corresponding firm level's actual and forecasted earnings, which both follow a seasonal random walk process. The fact that aggregate earnings follows a random walk process suggests that researchers using aggregate earnings need to account for the serial correlation in aggregate earnings in their models. Moreover, the level of aggregate earnings and aggregate analyst forecasts are co-integrated even though aggregate analyst forecasts are biased. I further show that prior forecast errors are correlated with growth in aggregate GAAP earnings but not aggregate Street earnings. The exclusion of special items makes Street earnings smoother and easier to predict, thus making forecasts of Street earnings more efficient. Finally, random-walk-based forecasts outperform analyst forecasts in terms of accuracy when GAAP earnings are forecasted, but not when Street earnings are forecasted.
Book Synopsis Portfolio Management in Practice, Volume 1 by : CFA Institute
Download or read book Portfolio Management in Practice, Volume 1 written by CFA Institute and published by John Wiley & Sons. This book was released on 2020-11-11 with total page 352 pages. Available in PDF, EPUB and Kindle. Book excerpt: The companion workbook to the Investment Management volume in the CFA Institute’s Portfolio Management in Practice series provides students and professionals with essential practice regarding key concepts in the portfolio management process. Filled with stimulating exercises, this text is designed to help learners explore the multifaceted topic of investment management in a meaningful and productive way. The Investment Management Workbook is structured to further readers’ hands-on experience with a variety of learning outcomes, summary overview sections, challenging practice questions, and solutions. Featuring the latest tools and information to help users become confident and knowledgeable investors, this workbook includes sections on professionalism in the industry, fintech, hedge fund strategies, and more. With the workbook, readers will learn to: Form capital market expectations Understand the principles of the asset allocation process Determine comprehensive investment strategies within each asset class Integrate considerations specific to high net worth individuals or institutions into the selection of strategies Execute and evaluate chosen strategies and investment managers Well suited for individuals who learn on their own, this companion resource delivers an example-driven method for practicing the tools and techniques covered in the primary Investment Management volume, incorporating world-class exercises based on actual scenarios faced by finance professionals every day.
Book Synopsis Management Earnings Forecasts and Simultaneous Release of Earnings News by : Yoel Beniluz
Download or read book Management Earnings Forecasts and Simultaneous Release of Earnings News written by Yoel Beniluz and published by . This book was released on 2007 with total page 55 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the hypothesis that when disappointing information regarding a firm's performance is released, the firm's management faces particularly strong incentives to counter the disappointing news with overly optimistic forward-looking statements. To address this issue, the paper investigates the properties of management earnings forecasts released simultaneously with earnings announcements. The paper predicts and finds that the more disappointing the earnings announcement news, the higher the optimistic bias in the simultaneously released management long-horizon forecasts of annual earnings. Since managers may use short-horizon forecasts of quarterly earnings to avoid disappointing earnings announcements, the paper also examines the interplay between management short-horizon forecasts of quarterly earnings and long-horizon forecasts of annual earnings that are released simultaneously. The paper documents a significantly negative association between the news contained in the short-horizon forecasts of quarterly earnings and the optimistic bias in the accompanying long-horizon forecast of annual earnings. The paper also investigates the link between management's decision to issue earnings guidance and the contemporaneous earnings announcement news, finding that, in general, more extreme earnings announcement news results in more earnings guidance. Finally, using market reaction tests, the paper documents that market participants are aware, at least to some extent, of management's tendency to counter disappointing earnings news with overly optimistic forecasts.
Book Synopsis Management Earnings Forecasts by : Shankar Venkataraman
Download or read book Management Earnings Forecasts written by Shankar Venkataraman and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper, we provide a framework in which to view management earnings forecasts. Specifically, we categorize earnings forecasts as having three components - antecedents, characteristics, and consequences - that roughly correspond to the timeline associated with an earnings forecast. By evaluating management earnings forecast research within the context of this framework, we render three conclusions. First, forecast characteristics appear to be the least well-understood component of earnings forecasts - both in terms of theory and empirical research - even though it is the component over which managers have the most control. Second, much of the prior research focuses on how one forecast antecedent or characteristic influences forecast consequences and does not study potential interactions among the three components. Third, much of the prior research ignores the iterative nature of management earnings forecasts - that is, forecast consequences of the current period influence antecedents and chosen characteristics in subsequent periods. Implications for researchers as well as educators, managers, investors, and regulators are provided.
Book Synopsis The Credibility of Management Forecasts During Corporate Mergers and Acquisitions by : Ronald A. Stunda
Download or read book The Credibility of Management Forecasts During Corporate Mergers and Acquisitions written by Ronald A. Stunda and published by . This book was released on 1996 with total page 190 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Effect of Macro Information Environment Change on the Quality of Management Earnings Forecasts by : Stephen P. Baginski
Download or read book The Effect of Macro Information Environment Change on the Quality of Management Earnings Forecasts written by Stephen P. Baginski and published by . This book was released on 2014 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: The 1990s were characterized by substantial increases in the performance of and investor reliance on financial analysts. Because managers possess superior private information and issue forecasts to align investors' expectations with their own, we predict that managers increased the quality of their earnings forecasts during the 1990s in order to keep pace with the improved forward-looking information provided by financial analysts, upon which investors increasingly relied.Using a sample of 2,437 management earnings forecasts, we document an increase in management earnings forecast precision, management earnings forecast accuracy, and managers' tendency to explain earnings forecasts in 1993-1996 relative to 1983-1986. Given that these forecast characteristics are linked to greater informativeness and credibility, we also document that the information content of management earnings forecasts, as measured by the strength of share price responses to forecast news, increased in 1993-1996 relative to 1983-1986. As expected, the increased information content of management forecasts primarily occurred for firms covered by financial analysts.
Book Synopsis Portfolio Management in Practice, Volume 3 by : CFA Institute
Download or read book Portfolio Management in Practice, Volume 3 written by CFA Institute and published by John Wiley & Sons. This book was released on 2020-11-11 with total page 128 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Equity Portfolio Management Workbook provides learners with real-world problems based on key concepts explored in Portfolio Management in Practice, Volume 3: Equity Portfolio Management. Part of the reputable CFA Institute Investment Series, the workbook is designed to further students’ and professionals’ hands-on experience with a variety of Learning Outcomes, Summary Overview sections, and challenging exercises and solutions. Created with modern perspective, the workbook presents the necessary tools for understanding equity portfolio management and applying it in the workplace. This essential companion resource mirrors the main text, making it easy for readers to follow. Inside, users will find information and exercises about: The difference between passive and active equity strategies Market efficiency underpinnings of passive equity strategies Active equity strategies and constructing portfolios to reflect active strategies Technical analysis as an additional consideration in executing active equity strategies While the Equity Portfolio Management volume and its companion workbook can be used in conjunction with the other volumes in the series, the pair also functions well as a standalone focus on equity investing. With each contributor bringing his own unique experiences and perspectives to the portfolio management process, the Equity Portfolio Management Workbook distills the knowledge, skills, and abilities readers need to succeed in today’s fast-paced financial world.
Book Synopsis Mergers and Acquisitions by : David R. King
Download or read book Mergers and Acquisitions written by David R. King and published by Routledge. This book was released on 2018-10-30 with total page 158 pages. Available in PDF, EPUB and Kindle. Book excerpt: The process of identifying and evaluating a target firm, completing a deal after its negotiation and announcement, and then integrating a target firm after legal combination is a multi-year process with uncertain returns to acquiring firms. Research on mergers and acquisitions (M&As) is progressing rapidly yet it remains fragmented across multiple research perspectives that largely examine different acquisition phases separately and coincide with a focus on different research variables. As a result, research fragmentation means that a researcher in one area may be unaware of research from related areas that is likely relevant. This contributes to research silos with M&A research displaying different traditions, starting points, and assumptions. Mergers and Acquisitions: A Research Overview summarizes the frontier in M&A research and provides insights into where it can be expanded. It undertakes the needed integration and reconciliation of research in order to derive practical knowledge for managing acquisitions from beginning to end, providing a summary of what is known and its implications for future research. This concise overview reconciles and integrates the state of the art in our understanding of mergers and acquisitions, providing an essential first stopping point in the research journey of students and scholars working in this area.
Book Synopsis Bidder Earnings Forecasts in Mergers and Acquisitions by : Amir Amel-Zadeh
Download or read book Bidder Earnings Forecasts in Mergers and Acquisitions written by Amir Amel-Zadeh and published by . This book was released on 2019 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study finds that pro-forma earnings forecasts by bidding firms during acquisitions are associated with a higher likelihood of deal completion, expedited deal closing, and with a lower acquisition premium - but only in stock-financed acquisitions. Analysts also respond to these forecasts by revising their forecasts for the bidder upward. However, the benefits of forecast disclosure only accrue to bidders with a strong forecasting reputation prior to the acquisition. Explaining why not all bidders forecast, we document a higher likelihood of post-merger litigation and CEO turnover for bidders with a weak forecasting reputation and for those that underperform post-merger.
Book Synopsis Post-Acquisition Earnings Forecasts by : Olivia Huseman
Download or read book Post-Acquisition Earnings Forecasts written by Olivia Huseman and published by . This book was released on 2018 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: I examine whether and why the completion of an acquisition affects the bias in managers' earnings forecasts, and three disclosure consequences to understand the source of the bias. I find systematic optimism in acquiring firms' earnings forecasts after an acquisition. Prior research suggests this bias can arise from an intentional, strategic motive by management or an unintentional, psychological bias. To disentangle these possible explanations, I examine whether the bias varies predictably with acquisition characteristics that enhance managers' perceived commitment and control to an acquisition, and whether the bias is associated with subsequent disclosure costs. I find post-acquisition forecast optimism is more likely for diversifying acquisitions, relatively-larger acquisitions and acquisitions management completed despite a negative market reaction to its announcement. In addition, post-acquisition forecast optimism is associated with negative disclosure consequences, including lower analyst responses to future forecasts, greater likelihood of a class action lawsuit dismissal, and greater likelihood of CEO departure. Together, these tests support the argument that managers' optimistic bias is related to unintentional, rather than strategic, optimism regarding the recently completed acquisition.
