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Author : Su Ma
Publisher :
ISBN 13 :
Total Pages : 68 pages
Book Rating : 4.:/5 (642 download)
Download or read book The Accuracy of IPO Earnings Forecasts in Hong Kong written by Su Ma and published by . This book was released on 2003 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Xiaojing Yin
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (642 download)
Download or read book The Accuracy of Earnings Forecasts - the Case of Hong Kong IPOs written by Xiaojing Yin and published by . This book was released on 2003 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Ying Ying Wong
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (643 download)
Download or read book Accuracy and Credibility of Earnings Forecasts in IPOs written by Ying Ying Wong and published by . This book was released on 1998 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Bingdong Xu
Publisher :
ISBN 13 :
Total Pages : 55 pages
Book Rating : 4.:/5 (642 download)
Download or read book Accuracy of Earnings Forecasts Disclosed in IPO Prospectuses written by Bingdong Xu and published by . This book was released on 2002 with total page 55 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Yinghua Zeng
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (643 download)
Download or read book Accuracy of Earnings Forecasts in IPO Prospectuses on Hong Kong Stock Excahnge 1999-2004 written by Yinghua Zeng and published by . This book was released on 2004 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Bikki Jaggi
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (129 download)
Download or read book Accuracy of Forecast Information Disclosed in the IPO Prospectuses of Hong Kong Firms written by Bikki Jaggi and published by . This book was released on 2000 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Hong Kong investors as well as international investors would be interested to know how accurate are the forecasts disclosed in the Initial Public Offering (IPS) prospectuses issued by Hong Kong companies. This study has examined bias as well as accuracy of IPO forecasts disclosed from 1990 to 1994. The results of the study show that unlike IPO forecasts disclosed in most other countries, IPO forecasts disclosed by Hong Kong companies do not overestimate their earnings. Instead, the bias seems to be toward underestimation of earnings. The level of forecast accuracy is also quite high and compares favorably with that of most other countries. The results show that the level of accuracy to some extent is influenced by the company's age, i.e., how many years the company has been in business. No other firms-specific variable seems to have any influence on the accuracy level. On an overall basis, the findings of this study can be interpreted to mean the IPO forecasts disclosed by Hong Kong companies provide reliable information.
Author : Yuekang Sun
Publisher :
ISBN 13 :
Total Pages : 112 pages
Book Rating : 4.:/5 (481 download)
Download or read book An Empirical Investigation of IPO Earnings Forecasts in China written by Yuekang Sun and published by . This book was released on 2000 with total page 112 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Eirini Spanoudaki
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (642 download)
Download or read book The Determinants of the Accuracy of Earnings Forecasts in IPO Prospectuses and Their Association with Initial IPO Returns: a Study of Greece written by Eirini Spanoudaki and published by . This book was released on 2001 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Zilin Zhou
Publisher :
ISBN 13 :
Total Pages : 244 pages
Book Rating : 4.:/5 (712 download)
Download or read book Properties of Analysts' Earnings Forecasts written by Zilin Zhou and published by . This book was released on 2010 with total page 244 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Bikki Jaggi
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (129 download)
Download or read book An Evaluation of Analyst Forecasts for Hong Kong Firms written by Bikki Jaggi and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This study evaluates profit and Earnings Per Share forecasts for Hong Kong firms published in the Estimate Directory for financial years 1993 and 1994. The Findings of this study show that on an overall basis analyst forecasts in Hong Kong are more accurate than model forecasts. Similar to the results for US companies, forecasts for Hong Kong companies are also optimistic. Evaluation of the determinants of analyst forecast accuracy indicates that forecasts with shorter time horizons are more accurate than forecasts with longer time horizons and that forecasts for larger firms are comparatively more accurate than smaller firms.
Author : Julian Yeo
Publisher :
ISBN 13 :
Total Pages : 31 pages
Book Rating : 4.:/5 (129 download)
Download or read book The Impact of Forecast Disclosure and Accuracy on Equity Pricing written by Julian Yeo and published by . This book was released on 2011 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: In a relatively less litigious environment like Australia, it is common to find IPO firms that voluntarily provide forecasts in their prospectus. Using 158 Australian industrial IPOs listed from 1991 to 1997, we examine the impact of the disclosure and accuracy of earnings and dividend forecasts on equity pricing. Our results show that IPO firms' disclosure policy is not related to their initial and long-run valuation. However, the market appears to price managers' ability to forecast: firms with inaccurate earnings and dividend forecasts, especially those that fall short of their forecasts, experience adverse price reactions surrounding the day when the actual figures are released. Our results also show a significant relationship between forecast errors and IPO firms' post-listing performance. Further analysis shows that this relationship is driven mainly by the announcement effect.
Author : Patrick J. Butler
Publisher : diplom.de
ISBN 13 : 3832461671
Total Pages : 99 pages
Book Rating : 4.8/5 (324 download)
Download or read book The Accuracy of Analyst Forecasts written by Patrick J. Butler and published by diplom.de. This book was released on 2002-12-04 with total page 99 pages. Available in PDF, EPUB and Kindle. Book excerpt: Inhaltsangabe:Abstract: This paper investigates the quality of financial analysts' earnings forecasts for companies which conducted initial public offerings (IPOs) during the years 1997 to 1999. The Neue Markt in Frankfurt offers a good setting to also study the development of a young market from the beginning of its operation onwards. I find support for the notion that initial returns and analysts' forecast accuracy are negatively related. I find that analysts' forecasts were by no means accurate. Mean forecast deviation, measured as percent deviation from actual earnings per share for the fiscal year, is 186.61 percent for the average broker. The sample is inhibited by serious availability problems, but all the same allows significant findings. Inhaltsverzeichnis:Table of Contents: 1.Introduction5 2.Literature10 2.1Banking systems the German framework10 2.2Conflict of interest as regulated in the German legal system12 2.3The quality of analysts' forecasts and conflicts of interest16 2.4The long-run underperformance phenomenon23 2.5Predicting the aftermarket performance of IPOs27 2.6Summary39 3.Data41 4.Method49 5.Empirical Results53 5.1IPOs differentiated by year of issue53 5.2Disparities of actual values58 5.3Earning per share found in annual reports as basis62 5.4IPOs differentiated by industry classification67 5.5Percentage deviations differentiated by Brokers73 6.Additional Results80 6.1Large German banks seasoned vs. IPO companies80 6.2The time factor86 6.3The relevance of accounting policy88 7.Summary and Conclusion92 8.References95
Author : Heidi Fung Wing Lau
Publisher :
ISBN 13 :
Total Pages : 82 pages
Book Rating : 4.:/5 (493 download)
Download or read book Regulations on IPO Pricing, Earnings Management and Earnings Forecast During the Reform of State Enterprises in China written by Heidi Fung Wing Lau and published by . This book was released on 2001 with total page 82 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Dimitrios Gounopoulos
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (16 download)
Download or read book Earnings Forecast Accuracy,allocation of Share, Initial Performance and Flipping Activities in Greek IPOs written by Dimitrios Gounopoulos and published by . This book was released on 2007 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Janice C. Y. How
Publisher :
ISBN 13 : 9781740670869
Total Pages : 31 pages
Book Rating : 4.6/5 (78 download)
Download or read book The Impact of Forecast Disclosure and Accuracy on Equity Pricing written by Janice C. Y. How and published by . This book was released on 2001 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Nancy Huyghebaert
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (13 download)
Download or read book Bias in the Post-IPO Earnings Forecasts of Affiliated Analysts. Evidence from a Chinese Natural Experiment written by Nancy Huyghebaert and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Investment banks and issuers of Chinese domestic IPOs became fully responsible for IPO offer prices only on June 10, 2009. Before this regulatory reform, the optimistic bias in post-IPO earnings forecasts is highly comparable across affiliated and unaffiliated analysts. Afterward, the forecasts of affiliated analysts are 33 percentage points more positively distorted on average. In the first 90 days after an IPO, this relative forecast bias even increases to 63 percentage points and enlarges further when the issuer's stock price drops in the aftermarket. Affiliated analysts distort especially their forecasts for fiscal years further away from the forecast release date.
Author : Dimitrios Gounopoulos
Publisher :
ISBN 13 :
Total Pages : 38 pages
Book Rating : 4.:/5 (129 download)
Download or read book Associations Between Management Forecast Accuracy and Pricing of IPOs in Athens Stock Exchange written by Dimitrios Gounopoulos and published by . This book was released on 2014 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study examines the earnings forecast accuracy of newly listed companies on the Athens Stock Exchange and further investigates the relationship between earnings forecast and pricing of IPOs. It uses a unique data set of 208 IPOs, which were floated during the period of January 1994 to December 2001 in the Athens Stock Exchange. The results suggest that investors are able to anticipate forecast errors at the time of listing. Pricing of IPOs indicate that firms with negative earnings forecast (pessimistic) are associated with low level of underpricing while optimistic management earning forecast can be a signal for high initial returns. Three variables ndash; age of the IPOs, ownership by insiders and industry classification significantly contribute towards accuracy of earnings forecast.
