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The Impact Of Forecast Disclosure And Accuracy On Equity Pricing
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Book Synopsis The Impact of Forecast Disclosure and Accuracy on Equity Pricing by : Julian Yeo
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.
Book Synopsis The Impact of Forecast Disclosure and Accuracy on Equity Pricing by : Janice C. Y. How
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:
Book Synopsis The Informational Feedback Effect of Stock Prices on Corporate Disclosure by : Luo Zuo (Ph. D.)
Download or read book The Informational Feedback Effect of Stock Prices on Corporate Disclosure written by Luo Zuo (Ph. D.) and published by . This book was released on 2013 with total page 59 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies whether managers use investor information they learn from the stock market when making forward-looking disclosures. Using annual management earnings forecasts from 1996 to 2010, I find that the association between forecast revisions and stock price changes over the revision periods is stronger when there is more informed trading. Further, the effect of investor information on the revision-return relation remains after controlling for various sources of managerial and public information, and is more pronounced when the information is more relevant to predicted earnings. In addition, more investor information contained in stock prices leads to a greater improvement in forecast accuracy but a weaker market reaction to the subsequent forecast announcement. My study highlights the two-way information flows between firms and capital markets and has implications for the real effects of financial markets.
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.
Book Synopsis The Joint Impact of Commitment to Disclosure and Prior Forecast Accuracy on Managers' Forecasting Credibility by : Shankar Venkataraman
Download or read book The Joint Impact of Commitment to Disclosure and Prior Forecast Accuracy on Managers' Forecasting Credibility written by Shankar Venkataraman and published by ProQuest. This book was released on 2000 with total page 113 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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).
Book Synopsis Advances in Quantitative Analysis of Finance and Accounting (New Series，2011) Vol．9 by : Cheng F. Lee
Download or read book Advances in Quantitative Analysis of Finance and Accounting (New Series，2011) Vol．9 written by Cheng F. Lee and published by Center for PBBEFR & Airiti Press. This book was released on 2011-10-01 with total page 339 pages. Available in PDF, EPUB and Kindle. Book excerpt: Advances in Quantitative Analysis of Finance and Accounting (New Series) is an annual publication designed to disseminate developments in the quantitative analysis of finance and accounting. The publication is a forum for statistical and quantitative analyses of issues in finance and accounting as well as applications of quantitative methods to problems in financial management, financial accounting, and business management. The objective is to promote interaction between academic research in finance and accounting and applied research in the financial community and the accounting profession.
Book Synopsis Does Initial Placement Matter for Equity Analysts' Forecast Accuracy by : Jess Cornaggia
Download or read book Does Initial Placement Matter for Equity Analysts' Forecast Accuracy written by Jess Cornaggia and published by . This book was released on 2011 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: Equity analysts who are more accurate in forecasting earnings tend to work at higher quality brokerage houses. This relation is endogenous, making it difficult to infer causality between brokerage house quality and forecast accuracy. We identify the exogenous portion of equity analysts' initial placements with instruments including stock market conditions, market-wide investment banking activities, and market-wide net hiring or retiring of analysts. We find a significant effect of the exogenous portion of initial placement on analysts' career performance. Analysts with initial placements at top brokerage houses issue more accurate forecasts than their peers with similar ability, but worse initial placements. We find this relation exists because analysts at top brokerage houses have better access to information. Consistent with the access-to-information story, this relation becomes much weaker and almost disappears after the enactment of Regulation Fair Disclosure.
Book Synopsis Disclosure Standards and Market Efficiency by : Hui Tong
Download or read book Disclosure Standards and Market Efficiency written by Hui Tong and published by . This book was released on 2005 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the Mexican and Asian crises, there has been a proliferation of international initiatives, including an ambitious standard-setting agenda, to encourage banks, firms and governments to disclose more information about their financial affairs. This paper studies whether and how such transparency standards affect information accuracy and dispersion. I show that the impact of transparency initiatives may be more limited than often thought to the extent that public disclosure crowds out private investments in information. I first develop a theoretical model of the incentive to invest in information and the impact of public disclosure. I then analyze a panel data set of stock market analysts' forecasts for sixty countries for the period 1990-2002. I find that disclosure standards enhance forecast accuracy directly but at the same time reduce the number of analysts per stock (the variable that serves as my proxy for private investments in information). The net effect of disclosure standards on forecast accuracy and dispersion thus ranges from weak to nonexistent. The implication is that studies that fail to analyze this crowding out effect may exaggerate the impact of disclosure standards on market outcomes.
Download or read book Winning decisions written by Kim Hua Tan and published by . This book was released on 2003 with total page 106 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Effects of Disclosure and Analyst Regulations on the Relevance of Analyst Characteristics for Explaining Analyst Forecast Accuracy by : Sami Keskek
Download or read book The Effects of Disclosure and Analyst Regulations on the Relevance of Analyst Characteristics for Explaining Analyst Forecast Accuracy written by Sami Keskek and published by . This book was released on 2017 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: We posit and find an effect of disclosure and analyst reporting regulations implemented from 2000 through 2003 (including Regulation Fair Disclosure, the Sarbanes-Oxley Act, and the Global Settlement Act) on the importance of analyst and forecast characteristics for analyst forecast accuracy. Following the enactment of these regulations, more experienced analysts and All-Star analysts do not maintain their superior forecast accuracy, and analysts employed by large brokerage houses perform worse than other analysts. In addition, we find a decrease in the importance of analyst effort, the number of industries and firms followed, days elapsed since the last forecast, and forecast horizon. While the importance of bold upward forecast revisions does not change, bold downward revisions lose their relevance for forecast accuracy after 2003. Finally, we find an increase in the important of prior forecast accuracy. We find that the importance of these characteristics varies with the precision of publicly available information. Specifically, the decrease in the importance of most analyst and forecast characteristics and the increase in the importance of prior forecast accuracy are greater when the precision of publicly available information is low. Overall, our results suggest that the positive effects of experience, effort, brokerage house size, and All-Star status on forecast accuracy in the pre-regulation period were because of the information advantages that these analysts enjoyed (rather than their ability to generate private information). In contrast, our results suggest that prior forecast accuracy is related to analysts' ability to generate private information.
Book Synopsis The Effect of a Change in Analyst Composition on Analyst Forecast Accuracy by : John Nowland
Download or read book The Effect of a Change in Analyst Composition on Analyst Forecast Accuracy written by John Nowland and published by . This book was released on 2010 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Prior research has shown improvements in analysts' forecast accuracy around various events (e.g. new disclosure regulations or cross-listings), but these studies do not consider a change in the composition and ability of analysts providing forecasts over time. By studying foreign firms cross-listing on U.S. stock exchanges, we find that analyst composition changes by over 50 percent during the three-year period around cross-listing. We show that cross-listing is associated with a shift away from analysts who are less accurate forecasters and toward analysts who are more accurate forecasters. This shift in analyst composition accounts for a significant improvement of 9.5 percent in analyst forecast accuracy. In addition, we document that changes in both analyst ability and public information disclosure affect analyst forecast accuracy around cross-listing. Our results indicate that researchers should control for changes in analyst composition and ability when measuring the impact of specific events on analyst forecast accuracy.
Book Synopsis The Impact of Disclosure Quality on Analysts' Forecast in China by : Ming Liu
Download or read book The Impact of Disclosure Quality on Analysts' Forecast in China written by Ming Liu and published by . This book was released on 2019 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the establishment of the Shenzhen Stock Exchange's (SZSE) Disclosure Ranking System in 2001, listed companies' disclosure quality has been increasing year by year in China. Better disclosure quality helps reduce the information asymmetry between the managers of those companies and external investors. This implies that analysts can access more timely, valuable, and reliable information to understand companies' overall operating status, financial reports, and accrual components of earnings. As analysts can save time and costs when disclosure quality is higher, their earnings forecast error and optimism bias are reduced and the divergence in their opinions about the firm prospects decreases. We investigate whether disclosure quality affects analysts' forecasting behavior in China's securities market using the disclosure ranking data obtained from SZSE, and find that higher disclosure quality improves analysts' forecast accuracy, alleviates forecast optimism, and reduces forecast dispersion.
Book Synopsis Forward-Looking Disclosures, Financial Verifiability and Analysts' Forecasts by : Saverio Bozzolan
Download or read book Forward-Looking Disclosures, Financial Verifiability and Analysts' Forecasts written by Saverio Bozzolan and published by . This book was released on 2009 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Forward-looking disclosures are a crucial source of information when valuing a company. We study the effect of forward-looking disclosures on analysts' forecast properties, in particular accuracy and dispersion. Our sample includes all the non-financial firms from Italy, Germany, France and Switzerland that in year 2002 were cross-listed on local stock exchanges and on the New York Stock Exchange. We conduct a content analysis on the Annual Report and the 20F form of these companies for the years 2002, 2003 and 2004. We differentiate between forward-looking information on the basis of the disclosure of expected effects on future financial performance and the disclosure of a measure of this impact. We define forward looking information disclosed with the characteristics of being quantified and directed (and financial) as financially verifiable as it facilitates the comparison with its subsequent realisation in relation to expected future financial performance. Our analysis finds support for the theoretical prediction that verifiable disclosures are more effective than unverifiable disclosures at improving accuracy and reducing dispersion of analysts' forecasts. Our sample also allows us to explore the effects of the difference between the degrees of verifiability between forward-looking disclosures of the 20F form versus those of the domestic annual report. Our analysis provides empirical support for the hypotheses that these differences are significant and have a significant effect on forecast properties.
Book Synopsis Frontiers of Entrepreneurship Research by :
Download or read book Frontiers of Entrepreneurship Research written by and published by . This book was released on 2008 with total page 780 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Impact of Corporate Forecast's Accuracy of Earnings Per Share on the Stock Market "empirical Analysis" by : Ziad Khalil Al-Rai
Download or read book The Impact of Corporate Forecast's Accuracy of Earnings Per Share on the Stock Market "empirical Analysis" written by Ziad Khalil Al-Rai and published by . This book was released on 1987 with total page 143 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Research on Professional Responsibility and Ethics in Accounting by : Tara J. Shawver
Download or read book Research on Professional Responsibility and Ethics in Accounting written by Tara J. Shawver and published by Emerald Group Publishing. This book was released on 2023-03-30 with total page 174 pages. Available in PDF, EPUB and Kindle. Book excerpt: This 25th edition of Research on Professional Responsibility and Ethics in Accounting explores many aspects across professional responsibility and ethics in accounting, including balancing values vs profits, whistleblowing, earnings management, ethical financial reporting, and moral identity.
