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Author : Philip Brown
Publisher :
ISBN 13 :
Total Pages : 188 pages
Book Rating : 4.4/5 (91 download)
Download or read book Security Analyst Multi-year Earnings Forecasts and the Capital Market written by Philip Brown and published by . This book was released on 1985 with total page 188 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Philip Anthony Brown
Publisher :
ISBN 13 :
Total Pages : 10 pages
Book Rating : 4.:/5 (221 download)
Download or read book Security Analysts, Earnings Forecasts and the Capital Market written by Philip Anthony Brown and published by . This book was released on 1983 with total page 10 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : John S. Hughes
Publisher :
ISBN 13 : 9780865390485
Total Pages : 92 pages
Book Rating : 4.3/5 (94 download)
Download or read book A Contract Perspective on Accounting Valuation written by John S. Hughes and published by . This book was released on 1984 with total page 92 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : John Guerard
Publisher : JAI Press(NY)
ISBN 13 :
Total Pages : 264 pages
Book Rating : 4.3/5 (512 download)
Download or read book Handbook of Security Analyst Forecasting and Asset Allocation written by John Guerard and published by JAI Press(NY). This book was released on 1993 with total page 264 pages. Available in PDF, EPUB and Kindle. Book excerpt: Part of a series on contemporary studies in economic and financial analysis, this volume focuses on security analyst forecasting and asset allocation. Topics include market response to earning forecasts; and the effectiveness of security analysts' forecasts; among others.
Author : Y. H. Lui
Publisher :
ISBN 13 :
Total Pages : 32 pages
Book Rating : 4.:/5 (318 download)
Download or read book An Evaluation of Security Analysts' Earnings Forecasts written by Y. H. Lui and published by . This book was released on 1992 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : John G. Cragg
Publisher : University of Chicago Press
ISBN 13 : 0226116727
Total Pages : 185 pages
Book Rating : 4.2/5 (261 download)
Download or read book Expectations and the Structure of Share Prices written by John G. Cragg and published by University of Chicago Press. This book was released on 2009-05-15 with total page 185 pages. Available in PDF, EPUB and Kindle. Book excerpt: John G. Cragg and Burton G. Malkiel collected detailed forecasts of professional investors concerning the growth of 175 companies and use this information to examine the impact of such forecasts on the market evaluations of the companies and to test and extend traditional models of how stock market values are determined.
Author : Ramanna Vishwanath
Publisher : Springer Science & Business Media
ISBN 13 : 3540888020
Total Pages : 623 pages
Book Rating : 4.5/5 (48 download)
Download or read book Investment Management written by Ramanna Vishwanath and published by Springer Science & Business Media. This book was released on 2009-04-21 with total page 623 pages. Available in PDF, EPUB and Kindle. Book excerpt: Sound investment decisions require an in-depth knowledge of the financial markets and available financial instruments. This book provides students and professionals with an understanding of the role and activities of an equity security analyst within the investment process. Emphasis is on understanding the process of analyzing companies; the valuation process; and the challenges of achieving success in a highly competitive capital market. The authors present a comprehensive compendium on the financial theory, the empirical evidence and the mathematical tools that form the underlying principles of investment decisions.
Download or read book Three Essays in Capital Markets Research written by and published by . This book was released on 2005 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Philip B. Shane
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (129 download)
Download or read book Security Analyst and Stock Market Efficiency in Anticipating Tax-Motivated Income Shifting written by Philip B. Shane and published by . This book was released on 2008 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: In the context of the statutory tax rate reductions enacted in the Tax Reform Act of 1986, this paper investigates the degree to which capital market participants anticipate and correctly interpret temporary income effects of tax-motivated income shifting. We find evidence consistent with financial analysts' earnings forecasts failing to anticipate earnings management that shifts income from fourth quarters in higher tax rate years to immediately following first quarters of lower tax rate years. The evidence suggests that this failure is not the result of a decision to ignore the income shifting, but rather an inability to recognize temporary components of reported earnings. We also find evidence that market prices do not fully reflect the temporary income effects of tax-motivated income shifting, and that analyst inefficiency explains about half of the market inefficiency. We interpret these inefficiencies as potentially important costs of tax planning that could limit the ability of public firm managers to implement otherwise optimal tax strategies.
Download or read book On the Properties of Financial Analyst Earnings Forecasts: Some New Evidence written by and published by . This book was released on with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The importance of information in the formation process of security prices has a long history. The dissemination of information can take on different forms depending on the legal constraints. However, in all developed financial markets, financial analysts play a prominent role in collecting, analysing and diffusing information. Financial analysts typically supply future earnings estimates and stock picking advices in the form of recommendations. Earnings estimates are the essential part of security valuation by analysts and investors. They have even become an integral part of financial reporting in the financial press. Early research has accumulated evidence that these estimates are optimistically biased. More recently, empirical studies have found that analysts' optimistic bias is lessening, that its extent differs across analysts, firm characteristics and countries. Broadly speaking, this dissertation investigates the determinants of financial analyst forecasts bias. In the first essay, I examine the relative accuracy of European financial analysts' earnings forecasts and its determinants. I show that the results obtained for US analysts can not be generalised to European analysts who face a seemingly different job market as well as several different institutional and economic environments. In the second essay, I investigate the influence of financial analysts' location on their performance. More precisely, I examine the relative performance of local versus foreign analysts on Latin American stock markets. I find foreign analysts to be more timely and more accurate than their local counterparts. In addition, I document stronger price reactions after foreign analysts' forecast revisions than after those of local analysts. The third essay is related to the declining pattern of financial analyst forecast bias. In particular, I investigate whether US CEOs compensation arrangements give CEOs incentives to manipulate analysts' expectations downward in order to release ea.
Author : Martin J. Whitman
Publisher : John Wiley & Sons
ISBN 13 : 1118603389
Total Pages : 496 pages
Book Rating : 4.1/5 (186 download)
Download or read book Modern Security Analysis written by Martin J. Whitman and published by John Wiley & Sons. This book was released on 2013-05-07 with total page 496 pages. Available in PDF, EPUB and Kindle. Book excerpt: A legendary value investor on security analysis for a modern era This book outlines Whitman's approach to business and security analysis that departs from most conventional security analysts. This approach has more in common with corporate finance than it does with the conventional approach. The key factors in appraising a company and its securities: 1) Credit worthiness, 2) Flows—both cash and earnings, 3) Long-term outlook, 4) Salable assets which can be disposed of without compromising the going concern, dynamics, 5) Resource conversions such as changes in control, mergers and acquisitions, going private, and major changes in assets or in liabilities, and 6) Access to capital. Offers the security analysis value approach Martin Whitman has used successfully since 1986 Details Whitman's unconventional approach to security analysis and offers information on the six key factors for appraising a company Contains the three most overemphasized factors used in conventional securities investing Written by Martin J. Whitman and Fernando Diz, Modern Security Analysis meets the challenge of today's marketplace by taking into account changes to regulation, market structures, instruments, and the speed and volume of trading.
Author : Elroy Dimson
Publisher : CUP Archive
ISBN 13 : 9780521341042
Total Pages : 328 pages
Book Rating : 4.3/5 (41 download)
Download or read book Stock Market Anomalies written by Elroy Dimson and published by CUP Archive. This book was released on 1988-03-17 with total page 328 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 : Roger K. Loh
Publisher :
ISBN 13 :
Total Pages : 153 pages
Book Rating : 4.:/5 (263 download)
Download or read book Three Essays on Security Analysts written by Roger K. Loh and published by . This book was released on 2008 with total page 153 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: I examine the role of sell-side security analysts in financial markets. The first essay addresses the stylized fact that investors' reaction to stock recommendations is often incomplete so that there is a predictable post-recommendation drift. I investigate whether investor inattention contributes to this drift by using turnover as a proxy for attention. I find that the recommendation drift of firms with low prior turnover is more than double in magnitude compared to that of firms with high prior turnover. Volume reactions around the recommendation show that investors fail to react promptly to recommendations issued on low attention stocks. Together, the evidence suggests that investor inattention is a plausible explanation for investors' underreaction to stock recommendations. The second essay studies conflict of interests in analyst research. Analyst research is alleged to be biased because analysts' employers underwrite securities for the firms covered. I argue that this analyst affiliation bias should be strongest for firms with a desire to over-inflate stock prices. Using stock recommendations data, I find that the analyst affiliation bias is on average pervasive across all firms in the bull-market years of 1994-2000. In the regulatory reform years of 2001-2006, only poorly governed firms, firms whose CEO wealth is highly sensitive to stock price, and negative prior return firms continue to exhibit the affiliation bias while the bias mostly disappears for all other firms. Examining the market's reaction around stock recommendations shows that the market does not sufficiently discount the fact that affiliated analyst optimism is more serious for some firms. The third essay investigates the market's response to trends and reversals in earnings surprises where earnings surprises are defined as firms' reported earnings less analysts' consensus forecasts. Trends are defined as consecutive same-signed earnings surprises while reversals occur when the sign of the most recent surprise differs from the prior surprises. I find significantly stronger return drift following trends than reversals. In comparison to reversals, trends are associated with greater predictability in subsequent analyst forecast revisions. These results are inconsistent with representativeness and conservatism causing return drift and could be consistent with the gambler's fallacy in Rabin (2002).
Author : Gerald Joseph Lobo
Publisher :
ISBN 13 :
Total Pages : 106 pages
Book Rating : 4.:/5 (153 download)
Download or read book Stock Market Reaction to Revisions in Distributions of Security Analysts' Forecasts of Earnings written by Gerald Joseph Lobo and published by . This book was released on 1982 with total page 106 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Jeffrey D. Kubik
Publisher :
ISBN 13 :
Total Pages : 35 pages
Book Rating : 4.:/5 (129 download)
Download or read book Security Analysts' Career Concerns and Herding of Earnings Forecasts written by Jeffrey D. Kubik and published by . This book was released on 2009 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: Several theories of reputation and herding (see, e.g., Scharfstein and Stein (1990)) suggest that herding among agents should vary with career concerns. Our goal in this paper is to document whether such a link exists in the labor market for security analysts. Specifically, we look at the relationship between an analyst's job tenure (a proxy for career concerns) and various measures of stock earnings forecast performance. We establish the following key results. (1) Older analysts are more likely to produce earnings forecasts of firms before younger ones. (2) Their forecasts also deviate more from the consensus forecast than their younger counterparts. We argue that these results are consistent with some reputational models of herding. We also establish a number of auxiliary findings regarding the relationship between forecast accuracy and frequency of forecast revisions with job tenure.
Author : Simon Hussain
Publisher :
ISBN 13 :
Total Pages : 27 pages
Book Rating : 4.:/5 (39 download)
Download or read book Some Determinants of Under-reaction in Security Analysts' Earnings Forecasts written by Simon Hussain and published by . This book was released on 1993 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt:
