The Effect Of Industry Diversification On Consensus And Individual Analysts Earnings Forecasts

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The Effect of Industry Diversification on Consensus and Individual Analysts' Earnings Forecasts

Author : Kimberly Dunn
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)

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Book Synopsis The Effect of Industry Diversification on Consensus and Individual Analysts' Earnings Forecasts by : Kimberly Dunn

Download or read book The Effect of Industry Diversification on Consensus and Individual Analysts' Earnings Forecasts written by Kimberly Dunn and published by . This book was released on 1998 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study the effects of company diversification and analyst diversification on consensus and individual analysts' earnings forecasts. Company diversification is measured both as the number of segments reported by a company and as an entropy measure which decomposes the total diversification into an unrelated and a related component. For the consensus forecast analysis, we examine the effect of these variables both on forecast accuracy and inter-analyst earnings forecast disagreement. For the individual analyst forecast analysis, we examine the effect of the number of business segments followed by an analyst and analyst diversification on individual analyst forecast accuracy. We develop a new measure of individual analyst's diversification which takes into consideration the business segments of all companies followed by an analyst, and its interaction with the business segments of the company whose earnings are being forecasted. The results of our study show that as the level of a company's total diversification increases, analysts are less accurate in their earnings forecasts and have more inter-analyst disagreement. Analysts are less accurate and have more disagreement as unrelated diversification increases. A company's related diversification has no significant impact on these variables. For both forecast accuracy and inter-analyst disagreement, the impact of a unit of unrelated diversification is significantly higher than that of the impact of a unit of related diversification. For individual analysts' earnings forecasts, as the number of business segments followed by an analyst increases and as his level of diversification increases, his earnings forecast accuracy significantly declines. The results of our study have implications for researchers who use analysts? earnings forecasts in their studies, investors who use these forecasts for company valuation and for brokerage firms in evaluating individual analysts.

International Diversification and Analysts' Forecast Accuracy and Bias

Author : Augustine Duru
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)

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Book Synopsis International Diversification and Analysts' Forecast Accuracy and Bias by : Augustine Duru

Download or read book International Diversification and Analysts' Forecast Accuracy and Bias written by Augustine Duru and published by . This book was released on 2014 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We investigate the association between corporate international diversification and the accuracy and bias of consensus analysts' earnings forecasts. We find that greater corporate international diversification is associated with less accurate and more optimistic forecasts. Our results suggest that international diversification reflects unique dimensions of forecasting difficulty that are not captured in previously identified determinants. This evidence suggests that as firms become more geographically diversified, forecasting their earnings becomes more complex.

Bias in European Analysts' Earnings Forecasts

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

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Book Synopsis Bias in European Analysts' Earnings Forecasts by : Stan Beckers

Download or read book Bias in European Analysts' Earnings Forecasts written by Stan Beckers and published by . This book was released on 2004 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Forecasting company earnings is a difficult and hazardous task. In an efficient market where analysts learn from past mistakes, there should be no persistent and systematic biases in consensus earnings accuracy. Previous research has already established how some (single) individual-company characteristics systematically influence forecast accuracy. So far, however, the effect on consensus earnings biases of a company's sector and country affiliation combined with a range of other fundamental characteristics has remained largely unexplored. Using data for 1993-2002, this article disentangles and quantifies for a broad universe of European stocks how the number of analysts following a stock, the dispersion of their forecasts, the volatility of earnings, the sector and country classification of the covered company, and its market capitalization influence the accuracy of the consensus earnings forecast.

Mergers and Acquisitions

Author : G. Gregoriou
Publisher : Springer
ISBN 13 : 0230589685
Total Pages : 292 pages
Book Rating : 4.2/5 (35 download)

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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.

JOURNAL OF FINANCIAL ECONOMICS

Author :
Publisher :
ISBN 13 :
Total Pages : 956 pages
Book Rating : 4./5 ( download)

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Book Synopsis JOURNAL OF FINANCIAL ECONOMICS by :

Download or read book JOURNAL OF FINANCIAL ECONOMICS written by and published by . This book was released on 2002 with total page 956 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Financial Analysts' Forecasts and Stock Recommendations

Author : Sundaresh Ramnath
Publisher : Now Publishers Inc
ISBN 13 : 1601981627
Total Pages : 125 pages
Book Rating : 4.6/5 (19 download)

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Book Synopsis Financial Analysts' Forecasts and Stock Recommendations by : Sundaresh Ramnath

Download or read book Financial Analysts' Forecasts and Stock Recommendations written by Sundaresh Ramnath and published by Now Publishers Inc. This book was released on 2008 with total page 125 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial Analysts' Forecasts and Stock Recommendations reviews research related to the role of financial analysts in the allocation of resources in capital markets. The authors provide an organized look at the literature, with particular attention to important questions that remain open for further research. They focus research related to analysts' decision processes and the usefulness of their forecasts and stock recommendations. Some of the major surveys were published in the early 1990's and since then no less than 250 papers related to financial analysts have appeared in the nine major research journals that we used to launch our review of the literature. The research has evolved from descriptions of the statistical properties of analysts' forecasts to investigations of the incentives and decision processes that give rise to those properties. However, in spite of this broader focus, much of analysts' decision processes and the market's mechanism of drawing a useful consensus from the combination of individual analysts' decisions remain hidden in a black box. What do we know about the relevant valuation metrics and the mechanism by which analysts and investors translate forecasts into present equity values? What do we know about the heuristics relied upon by analysts and the market and the appropriateness of their use? Financial Analysts' Forecasts and Stock Recommendations examines these and other questions and concludes by highlighting area for future research.

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

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

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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.

Wall Street Research

Author : Boris Groysberg
Publisher : Stanford University Press
ISBN 13 : 0804787123
Total Pages : 200 pages
Book Rating : 4.8/5 (47 download)

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Book Synopsis Wall Street Research by : Boris Groysberg

Download or read book Wall Street Research written by Boris Groysberg and published by Stanford University Press. This book was released on 2013-08-07 with total page 200 pages. Available in PDF, EPUB and Kindle. Book excerpt: Wall Street Research: Past, Present, and Future provides a timely account of the dramatic evolution of Wall Street research, examining its rise, fall, and reemergence. Despite regulatory, technological, and global forces that have transformed equity research in the last ten years, the industry has proven to be remarkably resilient and consistent. Boris Groysberg and Paul M. Healy get to the heart of Wall Street research—the analysts engaged in the process—and demonstrate how the analysts' roles have evolved, what drives their performance today, and how they stack up against their buy-side counterparts. The book unpacks key trends and describes how different firms have coped with shifting pressures. It concludes with an assessment of where equity research is headed in emerging markets, drawing conclusions about this often overlooked corner of Wall Street and the industry's future challenges.

A Plain English Handbook

Author : United States. Securities and Exchange Commission. Office of Investor Education and Assistance
Publisher :
ISBN 13 :
Total Pages : 88 pages
Book Rating : 4.:/5 (31 download)

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Book Synopsis A Plain English Handbook by : United States. Securities and Exchange Commission. Office of Investor Education and Assistance

Download or read book A Plain English Handbook written by United States. Securities and Exchange Commission. Office of Investor Education and Assistance and published by . This book was released on 1998 with total page 88 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Global Trends 2040

Author : National Intelligence Council
Publisher : Cosimo Reports
ISBN 13 : 9781646794973
Total Pages : 158 pages
Book Rating : 4.7/5 (949 download)

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Book Synopsis Global Trends 2040 by : National Intelligence Council

Download or read book Global Trends 2040 written by National Intelligence Council and published by Cosimo Reports. This book was released on 2021-03 with total page 158 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The ongoing COVID-19 pandemic marks the most significant, singular global disruption since World War II, with health, economic, political, and security implications that will ripple for years to come." -Global Trends 2040 (2021) Global Trends 2040-A More Contested World (2021), released by the US National Intelligence Council, is the latest report in its series of reports starting in 1997 about megatrends and the world's future. This report, strongly influenced by the COVID-19 pandemic, paints a bleak picture of the future and describes a contested, fragmented and turbulent world. It specifically discusses the four main trends that will shape tomorrow's world: - Demographics-by 2040, 1.4 billion people will be added mostly in Africa and South Asia. - Economics-increased government debt and concentrated economic power will escalate problems for the poor and middleclass. - Climate-a hotter world will increase water, food, and health insecurity. - Technology-the emergence of new technologies could both solve and cause problems for human life. Students of trends, policymakers, entrepreneurs, academics, journalists and anyone eager for a glimpse into the next decades, will find this report, with colored graphs, essential reading.

Accounting for Income Taxes

Author : John R. Graham
Publisher : Now Pub
ISBN 13 : 9781601986122
Total Pages : 176 pages
Book Rating : 4.9/5 (861 download)

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Book Synopsis Accounting for Income Taxes by : John R. Graham

Download or read book Accounting for Income Taxes written by John R. Graham and published by Now Pub. This book was released on 2012-11-09 with total page 176 pages. Available in PDF, EPUB and Kindle. Book excerpt: Accounting for Income Taxes is the most comprehensive review of AFIT research. It is designed both to introduce new scholars to this field and to encourage active researchers to expand frontiers related to accounting for income taxes. Accounting for Income Taxes includes both a primer about the rules governing AFIT (Sections 3-4) and a review of the scholarly studies in the field (Sections 5-8). The primer uses accessible examples and clear language to express essential AFIT rules and institutional features. Section 3 reviews the basic rules and institutional details governing AFIT. Section 4 discusses ways that researchers, policymakers, and other interested parties can use the tax information in financial statements to better approximate information in the tax return. The second half of the monograph reviews the extant scholarly studies by splitting the research literature into four topics: earnings management, the association between book-tax differences and earnings characteristics, the equity market pricing of information in the tax accounts, and book-tax conformity. Section 5 focuses on the use of the tax accounts to manage earnings through the valuation allowance, the income tax contingency, and permanently reinvested foreign earnings. Section 6 discusses the association between book-tax differences and earnings characteristics, namely earnings growth and earnings persistence. Section 7 explores how tax information is reflected in share prices. Section 8 reviews the increased alignment of accounting for book purposes and tax purposes. The remainder of the paper focuses on topics of general interest in the economics and econometric literatures. Section 9 highlights some issues of general importance including a theoretical framework to interpret and guide empirical AFIT studies, the disaggregated components of book-tax differences and research opportunities as the U.S. moves toward International Financial Reporting Standards (IFRS). Section 10 discusses econometric weaknesses that are common in AFIT research and proposes ways to mitigate their deleterious effects.

Earnings Management

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

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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 Language and Literacy, Second Edition

Author : C. Addison Stone
Publisher : Guilford Publications
ISBN 13 : 1462527485
Total Pages : 736 pages
Book Rating : 4.4/5 (625 download)

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Book Synopsis Handbook of Language and Literacy, Second Edition by : C. Addison Stone

Download or read book Handbook of Language and Literacy, Second Edition written by C. Addison Stone and published by Guilford Publications. This book was released on 2016-05-27 with total page 736 pages. Available in PDF, EPUB and Kindle. Book excerpt: An acclaimed reference that fills a significant gap in the literature, this volume examines the linkages between spoken and written language development, both typical and atypical. Leading authorities address the impact of specific language-related processes on K-12 literacy learning, with attention to cognitive, neurobiological, sociocultural, and instructional issues. Approaches to achieving optimal learning outcomes with diverse students are reviewed. The volume presents research-based practices for assessing student needs and providing effective instruction in all aspects of literacy: word recognition, reading comprehension, writing, and spelling. New to This Edition *Chapters on digital literacy, disciplinary literacy, and integrative research designs. *Chapters on bilingualism, response to intervention, and English language learners. *Incorporates nearly a decade's worth of empirical and theoretical advances. *Numerous prior edition chapters have been completely rewritten.

International Convergence of Capital Measurement and Capital Standards

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

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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:

Artificial Intelligence in Asset Management

Author : Söhnke M. Bartram
Publisher : CFA Institute Research Foundation
ISBN 13 : 195292703X
Total Pages : 95 pages
Book Rating : 4.9/5 (529 download)

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Book Synopsis Artificial Intelligence in Asset Management by : Söhnke M. Bartram

Download or read book Artificial Intelligence in Asset Management written by Söhnke M. Bartram and published by CFA Institute Research Foundation. This book was released on 2020-08-28 with total page 95 pages. Available in PDF, EPUB and Kindle. Book excerpt: Artificial intelligence (AI) has grown in presence in asset management and has revolutionized the sector in many ways. It has improved portfolio management, trading, and risk management practices by increasing efficiency, accuracy, and compliance. In particular, AI techniques help construct portfolios based on more accurate risk and return forecasts and more complex constraints. Trading algorithms use AI to devise novel trading signals and execute trades with lower transaction costs. AI also improves risk modeling and forecasting by generating insights from new data sources. Finally, robo-advisors owe a large part of their success to AI techniques. Yet the use of AI can also create new risks and challenges, such as those resulting from model opacity, complexity, and reliance on data integrity.

Does What You Export Matter?

Author : Daniel Lederman
Publisher : World Bank Publications
ISBN 13 : 0821384910
Total Pages : 153 pages
Book Rating : 4.8/5 (213 download)

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Book Synopsis Does What You Export Matter? by : Daniel Lederman

Download or read book Does What You Export Matter? written by Daniel Lederman and published by World Bank Publications. This book was released on 2012-06-18 with total page 153 pages. Available in PDF, EPUB and Kindle. Book excerpt: Does what economies export matter for development? If so, can industrial policies improve on the export basket generated by the market? This book approaches these questions from a variety of conceptual and policy viewpoints. Reviewing the theoretical arguments in favor of industrial policies, the authors first ask whether existing indicators allow policy makers to identify growth-promoting sectors with confidence. To this end, they assess, and ultimately cast doubt upon, the reliability of many popular indicators advocated by proponents of industrial policy. Second, and central to their critique, the authors document extraordinary differences in the performance of countries exporting seemingly identical products, be they natural resources or 'high-tech' goods. Further, they argue that globalization has so fragmented the production process that even talking about exported goods as opposed to tasks may be misleading. Reviewing evidence from history and from around the world, the authors conclude that policy makers should focus less on what is produced, and more on how it is produced. They analyze alternative approaches to picking winners but conclude by favoring 'horizontal-ish' policies--for instance, those that build human capital or foment innovation in existing and future products—that only incidentally favor some sectors over others.

Financial Gatekeepers

Author : Yasuyuki Fuchita
Publisher : Brookings Institution Press
ISBN 13 : 0815729820
Total Pages : 216 pages
Book Rating : 4.8/5 (157 download)

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Book Synopsis Financial Gatekeepers by : Yasuyuki Fuchita

Download or read book Financial Gatekeepers written by Yasuyuki Fuchita and published by Brookings Institution Press. This book was released on 2007-02-01 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt: A Brookings Institution Press and Nomura Institute of Capital Markets Research publication Developed country capital markets have devised a set of institutions and actors to help provide investors with timely and accurate information they need to make informed investment decisions. These actors have become known as "financial gatekeepers" and include auditors, financial analysts, and credit rating agencies. Corporate financial reporting scandals in the United States and elsewhere in recent years, however, have called into question the sufficiency of the legal framework governing these gatekeepers. Policymakers have since responded by imposing a series of new obligations, restrictions, and punishments—all with the purpose of strengthening investor confidence in these important actors. Financial Gatekeepers provides an in-depth look at these new frameworks, especially in the United States and Japan. How have they worked? Are further refinements appropriate? These are among the questions addressed in this timely and important volume. Contributors include Leslie Boni (University of New Mexico), Barry Bosworth (Brookings Institution), Tomoo Inoue (Seikei University), Zoe-Vonna Palmrose (University of Southern California), Frank Partnoy (University of San Diego School of Law), George Perry (Brookings Institution), Justin Pettit (UBS), Paul Stevens (Investment Company Institute), Peter Wallison (American Enterprise Institute).