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The Relation Between Annual Report Disclosures Analysts Earnings Forecasts And Analyst Following
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Book Synopsis The Relation between Annual Report Disclosures, Analysts? Earnings Forecasts and Analyst Following by : Li Li Eng
Download or read book The Relation between Annual Report Disclosures, Analysts? Earnings Forecasts and Analyst Following written by Li Li Eng and published by . This book was released on 2000 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This study examines the impact of annual report disclosures on analysts? forecasts for a sample of firms listed on the Stock Exchange of Singapore (SES). We examine the relation between the level of corporate disclosure and accuracy of analysts? earnings forecasts, dispersion in analysts? earnings forecasts, and the size of analyst following. The results reveal that the level of annual report disclosures is positively related to the accuracy of earnings forecasts by analysts, provided there is no big earnings surprise, and is also positively related to analyst following. We also find that the level of corporate disclosure is negatively related to dispersion in analysts? earnings forecasts provided there is no big earnings surprise. Thus, this study shows that more corporate disclosures by Singapore firms lead to more accuracy and less dispersion in the earnings forecasts among analysts. Furthermore, greater corporate disclosure can also lead to greater analyst interest in the firm.
Book Synopsis Disclosure Practices, Enforcement of Accounting Standards and Analysts' Forecast Accuracy by : Ole-Kristian Hope
Download or read book Disclosure Practices, Enforcement of Accounting Standards and Analysts' Forecast Accuracy written by Ole-Kristian Hope and published by . This book was released on 2003 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Using a sample from 22 countries, I investigate the relations between the accuracy of analysts' earnings forecasts and the level of annual report disclosure; and between forecast accuracy and the degree of enforcement of accounting standards. I document that firm-level disclosures are positively related to forecast accuracy, suggesting that such disclosures provide useful information to analysts. I construct a comprehensive measure of enforcement and find that strong enforcement is associated with higher forecast accuracy. This finding is consistent with the hypothesis that enforcement encourages managers to follow prescribed accounting rules, which, in turn, reduces analysts' uncertainty about future earnings. I also find evidence consistent with disclosures being more important when analyst following is low and with enforcement being more important when more choice among accounting methods is allowed.
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 CORPORATE DISCLOSURE POLICY AND ANALYSIS by : MARK LANG
Download or read book CORPORATE DISCLOSURE POLICY AND ANALYSIS written by MARK LANG and published by . This book was released on 1993 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Corporate Disclosure Policy and Analyst Behavior by : Mark H. Lang
Download or read book Corporate Disclosure Policy and Analyst Behavior written by Mark H. Lang and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the relation between the disclosure practices of firms, the number of analysts following each firm, and properties of the analysts' earnings forecasts. Using data from the Financial Analysts Federation Corporate Information Committee Report (FAF Report), we provide evidence that firms with more informative disclosure policies have a larger analyst following, more accurate analyst earnings forecasts, less dispersion among individual analyst forecasts and less volatility in forecast revisions. The results enhance our understanding of the role of analysts in capital markets. Further, they suggest that potential benefits to disclosure include increased investor following, reduced estimation risk and reduced information asymmetry, each of which have been shown to reduce a firm's cost of capital in theoretical research.
Book Synopsis A COMMUNICATIVE PERSPECTIVE FOR INVESTOR RELATIONS TAPPING THE INTERFACE BETWEEN CORPORATE CONCERNS AND USER NEEDS by : PRISCILLA S. ROGERS
Download or read book A COMMUNICATIVE PERSPECTIVE FOR INVESTOR RELATIONS TAPPING THE INTERFACE BETWEEN CORPORATE CONCERNS AND USER NEEDS written by PRISCILLA S. ROGERS and published by . This book was released on with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Public Disclosure of Corporate Earnings Forecasts by : Francis A. Lees
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:
Book Synopsis The Effect of Segment Disclosures on Financial Analysts' Forecasting Behavior by : Jenice J. Prather-Kinsey
Download or read book The Effect of Segment Disclosures on Financial Analysts' Forecasting Behavior written by Jenice J. Prather-Kinsey and published by . This book was released on 2000 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The objective of this study is to further our understanding of the effect, if any, of segment information on analysts following, analysts' earnings forecast accuracy and analysts' forecast dispersion incremental to consolidated earnings. Geographic segment information is defined as disclosures in the Statement of Financial Accounting Standard (SFAS) No. 14 footnote and other finer geographic segment disclosures (OFGSD: non-SFAS No. 14 footnotes and Management Discussion and Analysis (MDamp;A). This is an important issue because the Financial Accounting Standards Board (FASB) and the Securities and Exchange Commission (SEC) may be interested in whether management is including, in its MDamp;A, segment information relevant to analysts in understanding a company's prospects. Two consistent patterns emerge from this study. Foreign geographic segment sales and number of geographic segments disclosed influence analysts' earnings forecast dispersion (standard deviation) and accuracy. OFGSD affect analysts following. These results imply that analysts use SFAS No. 14 geographic segment disclosures and OFGSD when studying the future prospects of a firm. Moreover, SFAS No. 131's quot;management approach,quot; may provide analysts with useful information in forecasting earnings even if the geographic segment footnote disclosures are limited to revenues.Key Words: Financial analysts; Analysts following; Standard deviation of analysts' earnings forecast; Earnings forecast error; Geographic segment; Other finer geographic segment disclosures.
Book Synopsis Disclosure of Corporate Forecasts to the Investor by : Financial Analysts Federation
Download or read book Disclosure of Corporate Forecasts to the Investor written by Financial Analysts Federation and published by . This book was released on 1973 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Incremental Information Content of Analysts' Research Reports and Firms' Annual Reports by : June Woo Park
Download or read book The Incremental Information Content of Analysts' Research Reports and Firms' Annual Reports written by June Woo Park and published by . This book was released on 2019 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation consists of three essays, investigating the properties of analysts research reports and firms annual reports, and their impact on capital markets using textual analysis methods. The first essay studies the validity of analyst report length, measured by page count, as a proxy for analysts research effort. Specifically, I find that longer reports are positively associated with recommendation upgrades more than downgrades, and with forecast accuracy. I further document an asymmetric market reaction to longer upgrades as compared to the same length downgrades. The findings support my hypothesis that by providing more and accurate information, analysts exert credibility-enhancing effort on their upgrades, as these are perceived by investors to be more optimistic and less credible than downgrades. The study suggests differing interpretations of analyst vs. annual report length as a proxy. In a second textual analysis essay, I examine the determinants of environmental disclosures (ED) in U.S. 10-Ks (i.e. annual reports) and its impact on a future stock price crash risk. I provide crucial evidence that ED is related to bad news (i.e. news that tends to be obfuscated by managers) by showing the autocorrelation of its change over time and its negative association with short-term market reaction. In the long run, however, an increase in ED shows a lower likelihood of significant stock price drops. The results are consistent with the notion that firms benefit from non-financial information disclosure. A third textual analysis essay compares the value of private versus public information sources in U.S. analysts earnings forecasts. Using a pattern search algorithm (i.e., regular expression) on the headlines of earnings forecasts, I find that additional private sources of information are associated with less forecast error, triggering greater market reaction. Moreover, I document that the combination of management and non-management private information sources minimizes forecast error and maximizes market reaction. Finally, I show that more accurate and informative forecasts are made by analysts who make greater efforts to access private information sources, even when they do not have other information advantages (e.g. brokerage firm reputation). Thus, I provide new insight into the determinants of forecast properties.
Book Synopsis Disclosure of Financial Forecasts to Security Analysts and the Public by : Phyllis S. McGrath
Download or read book Disclosure of Financial Forecasts to Security Analysts and the Public written by Phyllis S. McGrath and published by . This book was released on 1973 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Analyst Following and the Influence of Disclosure Components, Ipos and Ownership Concentration by : Ole-Kristian Hope
Download or read book Analyst Following and the Influence of Disclosure Components, Ipos and Ownership Concentration written by Ole-Kristian Hope and published by . This book was released on 2003 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial analysts serve an important role as intermediaries between firms and investors. In this paper, I investigate factors associated with variations in analyst following using an international sample. Prior research has found that analyst coverage is positively associated with overall firm disclosure. I hypothesize and find that not all forms of disclosure are equally important to analysts. Specifically, controlling for firm- and country-level factors, I document that analyst following is more strongly associated with the extent of note disclosure than the comprehensiveness of the basic financial statements. I further find that analyst following is greater in environments with active IPO markets, suggesting that analysts value the potential for future revenues. Finally, I show that analyst following is negatively related to firm ownership concentration. This is consistent with concentrated ownership changing the nature of the agency problem and reducing the value of analyst-provided services.
Book Synopsis Customer Value Disclosure and Analyst Forecasts by : Marie-Josée Ledoux
Download or read book Customer Value Disclosure and Analyst Forecasts written by Marie-Josée Ledoux and published by . This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper, we study the economic benefits of a pro-active disclosure strategy in a dynamic environment. More specifically, we explore the relationships between customer value disclosure, analyst following, and earnings forecasts, taking into account environmental dynamism as captured by R&D intensity, sales variability and competition. Controlling for endogeneity, we rely on regression estimations to test the hypotheses. First, results show that customer value disclosure is positively associated with analyst following and consensus in analyst earning forecasts. Second, environmental dynamism enhances the association between customer value disclosure and analyst following as well as consensus among analysts. Those results suggest that customer metrics attract analysts and improve their ability to forecast earnings. Moreover, customer value disclosure appears particularly relevant for forecasting earnings of firms involved in dynamic environments. Our findings reveal that the relations between customer value disclosure, analyst following and analyst forecasts are not straightforward but are affected by a firm's environmental uncertainty.
Book Synopsis Financial Analysts and Intangible Assets by : Anne Wyatt
Download or read book Financial Analysts and Intangible Assets written by Anne Wyatt and published by . This book was released on 2002 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: The papers examines the association between the transparency of corporate financial reporting on intangible assets relative to a proxy for total intangible assets, and analyst incentives to follow firms and properties of analysts' earnings forecasts - controlling for endogeneity among these factors. More transparent financial reporting on intangible assets is measured by higher recognition of intangible assets on the balance sheet relative to a proxy variable for total (underlying) intangible assets, market value added which equals equity market value minus book value with intangible assets subtracted. The results suggest (1) a reputation for transparent financial reporting on intangible assets is associated with increased demand for analyst research and thus analyst following incentives; and (2) a reputation for less transparent reporting on intangible assets is associated with higher forecast dispersion and errors due to analysts' greater reliance on their own private information. The study extends research on determinants of analyst following, forecast dispersion and accuracy, and research on the impact of public disclosure on private information acquisition activity.
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)
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:
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.
Book Synopsis A League of Their Own? Financial Analysts' Responses to Restatements and Corrective Disclosures by : Paul A. Griffin
Download or read book A League of Their Own? Financial Analysts' Responses to Restatements and Corrective Disclosures written by Paul A. Griffin and published by . This book was released on 2008 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study examines the response of First Call financial analysts to company restatements and corrective disclosures that lead to an allegation of securities fraud and compares this with the response of three other informed investor groups - insiders, short sellers, and institutions. The sample comprises 847 companies that have been sued in a federal securities class action from 1994 through 2001 with requisite stock price and company data. I document that the number of analysts covering a firm declines significantly in the months following a corrective disclosure. I also document that analysts are more likely to revise their forecasts down in the month of or up to six months following a corrective disclosure but not before. Similarly, analyst forecast error decreases significantly in the corrective disclosure month but not before. On the other hand, informed groups such as insiders, short sellers, and institutional managers are unusually active several months ahead of a corrective disclosure event. These individuals, apparently, take positions in anticipation of the news that may lead to such an event. Finally, a regression analysis indicates that after controlling for size, coverage, and other variables, analyst forecast error just prior to a corrective disclosure is reliably greater when pre-disclosure net insider selling and institutional holdings are higher and when the market reacts more negatively to the announcement.
