The Determinants and Consequences of Managerial Earnings Guidance Prior to Regulation Fair Disclosure

Download The Determinants and Consequences of Managerial Earnings Guidance Prior to Regulation Fair Disclosure PDF Online Free

Author :
Publisher :
ISBN 13 :
Total Pages : 46 pages
Book Rating : 4.:/5 (52 download)

DOWNLOAD NOW!


Book Synopsis The Determinants and Consequences of Managerial Earnings Guidance Prior to Regulation Fair Disclosure by : Amy P. Hutton

Download or read book The Determinants and Consequences of Managerial Earnings Guidance Prior to Regulation Fair Disclosure written by Amy P. Hutton and published by . This book was released on 2002 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: Prior to Regulation Fair Disclosure some management spent considerable time and effort guiding analyst earnings estimates; other management did not. In this paper I examine the determinants and consequences of management's decision to work with analysts in the development of their earnings estimates using proprietary survey data from the National Investor Relations Institute. Findings suggest that when earnings are important to valuation but hard to forecast because businesses and financial transactions are complex, management is more likely to provide assistance to analysts presumably to avoid inaccurate analyst forecasts and negative earnings surprises. A comparison of guided and unguided analyst forecasts indicates that guided quarterly earnings forecasts are more accurate but also more frequently pessimistic, consistent with analysts rationally trading offbias for accuracy to retain access to management's earnings guidance. Cross-sample comparisons of analysts' stock recommendations and long-term growth forecasts provide additional support for the hypothesis that analyst objectivity and independence is affected by management's decision to provide earnings guidance. Finally, evidence from stock price reactions to deviations from the consensus forecast (the traditional measure of earnings surprises) indicates that investors distinguish between guided and unguided analyst forecasts when forming their earnings expectations. This study furthers our understanding of what factors affect management's disclosure choices and how managers' disclosure choices influence the objectivity and independence of sell-side analysts.

Determinants of Managerial Earnings Guidance Prior to Regulation Fair Disclosure and Bias in Analysts' Earnings Forecasts

Download Determinants of Managerial Earnings Guidance Prior to Regulation Fair Disclosure and Bias in Analysts' Earnings Forecasts PDF Online Free

Author :
Publisher :
ISBN 13 :
Total Pages : 53 pages
Book Rating : 4.:/5 (129 download)

DOWNLOAD NOW!


Book Synopsis Determinants of Managerial Earnings Guidance Prior to Regulation Fair Disclosure and Bias in Analysts' Earnings Forecasts by : Amy P. Hutton

Download or read book Determinants of Managerial Earnings Guidance Prior to Regulation Fair Disclosure and Bias in Analysts' Earnings Forecasts written by Amy P. Hutton and published by . This book was released on 2005 with total page 53 pages. Available in PDF, EPUB and Kindle. Book excerpt: Prior to Regulation Fair Disclosure (Reg FD) some management spent considerable time and effort guiding analyst earnings estimates, often through detailed reviews of analysts' earnings models. In this paper I use proprietary survey data from the National Investor Relations Institute to identify firms that reviewed analysts' earnings models prior to Reg FD and those that did not. Under the maintained assumption that firms conducting reviews implicitly or explicitly guided analysts' earnings forecasts, I document firm characteristics associated with the decision to provide private managerial earnings guidance. Then, I document the characteristics of 'guided' versus 'unguided' analyst earnings forecasts. Findings demonstrate an association between several firm characteristics and guidance practices: managers are more likely to review analyst earnings models when the firm's stock is highly followed by analysts and largely held by institutions, when the firm's market-to-book ratio is high, and its earnings are important to valuation (high Industry-ERC R2), but hard to predict because its business is complex (high # of Segments). A comparison of guided and unguided quarterly forecasts indicates that guided analyst estimates are more accurate, but also more frequently pessimistic. An examination of analysts' annual earnings forecasts over the fiscal year does not distinguish between guidance and no guidance firms; both experience a quot;walk downquot; in annual estimates. To distinguishing between guidance and no guidance firms, one must examine quarterly earnings news: unguided analysts walk down their annual estimates when the majority of the quarterly earnings news is negative, guided analysts walk down their annual estimates even though the majority of the quarterly earnings news is positive.

The Effects of Regulation Fair Disclosure on Management Forecasts

Download The Effects of Regulation Fair Disclosure on Management Forecasts PDF Online Free

Author :
Publisher :
ISBN 13 :
Total Pages : 44 pages
Book Rating : 4.:/5 (129 download)

DOWNLOAD NOW!


Book Synopsis The Effects of Regulation Fair Disclosure on Management Forecasts by : Carla Carnaghan

Download or read book The Effects of Regulation Fair Disclosure on Management Forecasts written by Carla Carnaghan and published by . This book was released on 2004 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine management forecasts to determine whether Regulation Fair Disclosure has improved the quality and quantity of public disclosures. Management forecasts are voluntary, provide earnings guidance and are highly sought by investors and analysts. We find that the information disclosed by managers has improved in terms of frequency, specificity and verifiable information provided. We also find that Regulation Fair Disclosure has reduced information asymmetry, and information leakage prior to the release of the MEF. We find no evidence of greater returns volatility. Our results suggest that generally Regulation Fair Disclosure has achieved one of its stated goals of providing a more level playing field to all investors.

JOURNAL OF Accounting & Economics

Download JOURNAL OF Accounting & Economics PDF Online Free

Author :
Publisher :
ISBN 13 :
Total Pages : 832 pages
Book Rating : 4./5 ( download)

DOWNLOAD NOW!


Book Synopsis JOURNAL OF Accounting & Economics by :

Download or read book JOURNAL OF Accounting & Economics written by and published by . This book was released on 2004 with total page 832 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Detailed Management Earnings Forecasts

Download Detailed Management Earnings Forecasts PDF Online Free

Author :
Publisher :
ISBN 13 :
Total Pages : 48 pages
Book Rating : 4.:/5 (13 download)

DOWNLOAD NOW!


Book Synopsis Detailed Management Earnings Forecasts by : Kenneth J. Merkley

Download or read book Detailed Management Earnings Forecasts written by Kenneth J. Merkley and published by . This book was released on 2014 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: We provide archival evidence on how a particular type of supplementary information affects the credibility of management earnings forecasts. Managers often provide detailed forecasts of specific income statement line items to shed light on how they plan to achieve their bottom-line earnings targets. We assess the effect of this forecast disaggregation on the credibility of management earnings forecasts. Based on a relatively large hand-collected sample of 900 management earnings forecasts, we find that disaggregation increases analysts' sensitivity to the news in managers' earnings guidance, suggesting that analysts find the guidance more credible. More importantly, we identify several factors that influence this relation. First, disaggregation plays a more important role when earnings are otherwise more difficult to forecast. Second, disaggregation is more important after Regulation Fair Disclosure prohibited selective disclosure, especially for firms that were more affected because they had previously provided more private guidance. Finally, in contrast to common assertions in the prior literature, we find that in more recent years, disaggregation matters more for guidance that conveys bad news. Managers as well as researchers should be interested in evidence suggesting that financial analysts find disaggregation especially helpful in contexts where managers' credibility is particularly important.

Quarterly Journal of Business and Economics

Download Quarterly Journal of Business and Economics PDF Online Free

Author :
Publisher :
ISBN 13 :
Total Pages : 596 pages
Book Rating : 4.E/5 ( download)

DOWNLOAD NOW!


Book Synopsis Quarterly Journal of Business and Economics by :

Download or read book Quarterly Journal of Business and Economics written by and published by . This book was released on 2004 with total page 596 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Earnings Guidance after Regulation Fd

Download Earnings Guidance after Regulation Fd PDF Online Free

Author :
Publisher :
ISBN 13 :
Total Pages : 30 pages
Book Rating : 4.:/5 (129 download)

DOWNLOAD NOW!


Book Synopsis Earnings Guidance after Regulation Fd by : Ronen Feldman

Download or read book Earnings Guidance after Regulation Fd written by Ronen Feldman and published by . This book was released on 2008 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study investigates market reactions to voluntary earnings guidance provided by managers after the enactment of Regulation FD, which requires companies to disseminate material news to all investors simultaneously. More managers now issue their guidance to the public instead of disclosure to a selective group of analysts, in conformity with Regulation FD. We examine a very large set of earnings guidance disclosures based on identification of these announcements using text mining techniques.Our results indicate that guidance provided with the disclosure of earnings is not associated with significant market reactions, but guidance provided between earnings releases is associated with significant negative reactions. We further show that market reactions are consistent with the trend implied by management even when it is in the form of qualitative disclosure. Finally, we show that market reactions are stronger (more negative, typically) for NASDAQ firms than NYSE or AMEX firms, larger firms, and when the disclosure involves revenues and not earnings.

Winning Investors Over

Download Winning Investors Over PDF Online Free

Author :
Publisher : Harvard Business Press
ISBN 13 : 142211502X
Total Pages : 394 pages
Book Rating : 4.4/5 (221 download)

DOWNLOAD NOW!


Book Synopsis Winning Investors Over by : Baruch Lev

Download or read book Winning Investors Over written by Baruch Lev and published by Harvard Business Press. This book was released on 2012 with total page 394 pages. Available in PDF, EPUB and Kindle. Book excerpt: A guide to dealing with Wall Street in order to boost a company's earnings and stock price features advice for executives on such topics as addressing investors' concerns and maintaining credibility on Wall Street.

Program and Proceedings

Download Program and Proceedings PDF Online Free

Author :
Publisher :
ISBN 13 :
Total Pages : 288 pages
Book Rating : 4.E/5 ( download)

DOWNLOAD NOW!


Book Synopsis Program and Proceedings by : American Accounting Association. Annual Meeting

Download or read book Program and Proceedings written by American Accounting Association. Annual Meeting and published by . This book was released on 2003 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The Journal of Economic Perspectives

Download The Journal of Economic Perspectives PDF Online Free

Author :
Publisher :
ISBN 13 :
Total Pages : 480 pages
Book Rating : 4.:/5 (318 download)

DOWNLOAD NOW!


Book Synopsis The Journal of Economic Perspectives by :

Download or read book The Journal of Economic Perspectives written by and published by . This book was released on 2003 with total page 480 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Journal of Applied Corporate Finance

Download Journal of Applied Corporate Finance PDF Online Free

Author :
Publisher :
ISBN 13 :
Total Pages : 928 pages
Book Rating : 4.E/5 ( download)

DOWNLOAD NOW!


Book Synopsis Journal of Applied Corporate Finance by :

Download or read book Journal of Applied Corporate Finance written by and published by . This book was released on 2004 with total page 928 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Earnings Management

Download Earnings Management PDF Online Free

Author :
Publisher : Springer Science & Business Media
ISBN 13 : 0387257713
Total Pages : 587 pages
Book Rating : 4.3/5 (872 download)

DOWNLOAD NOW!


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?

Handbook Of Financial Econometrics, Mathematics, Statistics, And Machine Learning (In 4 Volumes)

Download Handbook Of Financial Econometrics, Mathematics, Statistics, And Machine Learning (In 4 Volumes) PDF Online Free

Author :
Publisher : World Scientific
ISBN 13 : 9811202400
Total Pages : 5053 pages
Book Rating : 4.8/5 (112 download)

DOWNLOAD NOW!


Book Synopsis Handbook Of Financial Econometrics, Mathematics, Statistics, And Machine Learning (In 4 Volumes) by : Cheng Few Lee

Download or read book Handbook Of Financial Econometrics, Mathematics, Statistics, And Machine Learning (In 4 Volumes) written by Cheng Few Lee and published by World Scientific. This book was released on 2020-07-30 with total page 5053 pages. Available in PDF, EPUB and Kindle. Book excerpt: This four-volume handbook covers important concepts and tools used in the fields of financial econometrics, mathematics, statistics, and machine learning. Econometric methods have been applied in asset pricing, corporate finance, international finance, options and futures, risk management, and in stress testing for financial institutions. This handbook discusses a variety of econometric methods, including single equation multiple regression, simultaneous equation regression, and panel data analysis, among others. It also covers statistical distributions, such as the binomial and log normal distributions, in light of their applications to portfolio theory and asset management in addition to their use in research regarding options and futures contracts.In both theory and methodology, we need to rely upon mathematics, which includes linear algebra, geometry, differential equations, Stochastic differential equation (Ito calculus), optimization, constrained optimization, and others. These forms of mathematics have been used to derive capital market line, security market line (capital asset pricing model), option pricing model, portfolio analysis, and others.In recent times, an increased importance has been given to computer technology in financial research. Different computer languages and programming techniques are important tools for empirical research in finance. Hence, simulation, machine learning, big data, and financial payments are explored in this handbook.Led by Distinguished Professor Cheng Few Lee from Rutgers University, this multi-volume work integrates theoretical, methodological, and practical issues based on his years of academic and industry experience.

Securities Regulation

Download Securities Regulation PDF Online Free

Author :
Publisher :
ISBN 13 :
Total Pages : 194 pages
Book Rating : 4.F/5 ( download)

DOWNLOAD NOW!


Book Synopsis Securities Regulation by : James D. Cox

Download or read book Securities Regulation written by James D. Cox and published by . This book was released on 2006 with total page 194 pages. Available in PDF, EPUB and Kindle. Book excerpt: Covers the Offering Rules, the sweeping reforms for the public offering of securities adopted by the SEC in June 2005. This work includes the Dura Pharmaceuticals decision, with note material examining the full implications; examines the developments regarding forward looking statements and the significant Supreme Court decision; and more.

Diary of a Hedge Fund Manager

Download Diary of a Hedge Fund Manager PDF Online Free

Author :
Publisher : John Wiley & Sons
ISBN 13 : 1118017021
Total Pages : 224 pages
Book Rating : 4.1/5 (18 download)

DOWNLOAD NOW!


Book Synopsis Diary of a Hedge Fund Manager by : Keith McCullough

Download or read book Diary of a Hedge Fund Manager written by Keith McCullough and published by John Wiley & Sons. This book was released on 2011-08-09 with total page 224 pages. Available in PDF, EPUB and Kindle. Book excerpt: A fast-paced ride through the world of hedge funds revealing the unvarnished truth of how Wall Street really operates, and how to use this to your advantage An insider's view of the high stakes world of money management, Diary of a Hedge Fund Manager is both a practical guide for investors and the deeply personal story of a man who knows the system inside and out. One of the best young portfolio managers on Wall Street, and helping to run the hedge fund operation of one of the world's most prestigious firms, Keith McCullough finds himself a lone voice of reason as the economic crisis of 2008 looms large. Shown the door, his life takes a fascinating turn into the world of independent research and no-holds-barred criticism. Reveals the unvarnished truth of how Wall Street and hedge funds really operate Deftly details how to analyze the markets expertly and avoid group think using technical and fundamental measures Each topic is thoroughly discussed and followed up with lessons you can take away and put to use Written with the authority of someone who knows how Wall Street and hedge funds work, yet accessible to even a casual follower of finance, Diary of a Hedge Fund Manager mixes a constructive critique of the investment industry with fundamental lessons that any investor will find valuable.

Model Rules of Professional Conduct

Download Model Rules of Professional Conduct PDF Online Free

Author :
Publisher : American Bar Association
ISBN 13 : 9781590318737
Total Pages : 216 pages
Book Rating : 4.3/5 (187 download)

DOWNLOAD NOW!


Book Synopsis Model Rules of Professional Conduct by : American Bar Association. House of Delegates

Download or read book Model Rules of Professional Conduct written by American Bar Association. House of Delegates and published by American Bar Association. This book was released on 2007 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Model Rules of Professional Conduct provides an up-to-date resource for information on legal ethics. Federal, state and local courts in all jurisdictions look to the Rules for guidance in solving lawyer malpractice cases, disciplinary actions, disqualification issues, sanctions questions and much more. In this volume, black-letter Rules of Professional Conduct are followed by numbered Comments that explain each Rule's purpose and provide suggestions for its practical application. The Rules will help you identify proper conduct in a variety of given situations, review those instances where discretionary action is possible, and define the nature of the relationship between you and your clients, colleagues and the courts.

International Convergence of Capital Measurement and Capital Standards

Download International Convergence of Capital Measurement and Capital Standards PDF Online Free

Author :
Publisher : Lulu.com
ISBN 13 : 9291316695
Total Pages : 294 pages
Book Rating : 4.2/5 (913 download)

DOWNLOAD NOW!


Book Synopsis International Convergence of Capital Measurement and Capital Standards by :

Download or read book International Convergence of Capital Measurement and Capital Standards written by and published by Lulu.com. This book was released on 2004 with total page 294 pages. Available in PDF, EPUB and Kindle. Book excerpt: