The Walkdown To Beatable Analyst Forecasts

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The Walkdown to Beatable Analyst Forecasts

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

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Book Synopsis The Walkdown to Beatable Analyst Forecasts by : Scott A. Richardson

Download or read book The Walkdown to Beatable Analyst Forecasts written by Scott A. Richardson and published by . This book was released on 2011 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: Security regulators and the business press have alleged that firms play an 'earnings-guidance game' where analysts make optimistic forecasts at the start of the year and then 'walk down' their estimates to a level the firm can beat by the end of the year. In a comprehensive sample of I/B/E/S individual analysts' forecasts of annual earnings from 1983-1998, we find strong support for the claim in the post-1992 period. We examine whether the 'walk down' to beatable targets is associated with managers' incentives to sell stock after earnings announcements on the firm's behalf (via new equity issuance) or from their personal accounts (insider trades). Consistent with these hypotheses, we find that the 'walk down' to beatable targets is most pronounced in firms that are either net issuers of equity or in firms where managers are net sellers of stock after an earnings announcement. These findings provide new insights on how capital market incentives affect communications between managers and analysts.

The Walk-Down to Beatable Analyst Forecasts

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

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Book Synopsis The Walk-Down to Beatable Analyst Forecasts by : Scott A. Richardson

Download or read book The Walk-Down to Beatable Analyst Forecasts written by Scott A. Richardson and published by . This book was released on 2005 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: It has been alleged that firms and analysts engage in an earnings guidance game where analysts first issue optimistic earnings forecasts and then 'walk down' their estimates to a level firms can beat at the official earnings announcement. We examine whether the walk-down to beatable targets is associated with managerial incentives to sell stock after earnings announcements on the firm's behalf (via new equity issuance) or from their personal accounts (through option exercises and stock sales). Consistent with these hypotheses, we find that the walk-down to beatable targets is most pronounced when firms or insiders are net sellers of stock after an earnings announcement. These findings provide new insights on the impact of capital market incentives on communications between managers and analysts.

The Walk-Down to Beatable Forecasts

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

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Book Synopsis The Walk-Down to Beatable Forecasts by : Hongping Tan

Download or read book The Walk-Down to Beatable Forecasts written by Hongping Tan and published by . This book was released on 2017 with total page 53 pages. Available in PDF, EPUB and Kindle. Book excerpt: We use the framework developed in Richardson et al. (2004) to identify country, firm and analyst characteristics that we expect to be associated with the prevalence of the analyst walk-down forecast pattern. Based on a large sample of 50,649 analysts covering 33,645 firms from 46 countries during 1992-2014, we find that the walk-down pattern positively correlates with country characteristics related to insider trading restrictions and equity sales. It also positively relates to the stock market reward for beating analyst forecasts, firm-level characteristics underlying management concerns with share prices after earnings announcements, and analysts' incentives to cooperate with management. The effects of these factors on the walk-down pattern are more pronounced in countries with better media-coverage institutions. Overall, these findings suggest that capital market incentives affecting the communication between managers and analysts and the resulting analyst forecast bias involves various forces including a country's institutional infrastructure, and firm and analyst characteristics.

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.

Determinants of Earnings Forecast Error, Earnings Forecast Revision and Earnings Forecast Accuracy

Author : Sebastian Gell
Publisher : Springer Science & Business Media
ISBN 13 : 3834939374
Total Pages : 144 pages
Book Rating : 4.8/5 (349 download)

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Book Synopsis Determinants of Earnings Forecast Error, Earnings Forecast Revision and Earnings Forecast Accuracy by : Sebastian Gell

Download or read book Determinants of Earnings Forecast Error, Earnings Forecast Revision and Earnings Forecast Accuracy written by Sebastian Gell and published by Springer Science & Business Media. This book was released on 2012-03-26 with total page 144 pages. Available in PDF, EPUB and Kindle. Book excerpt: Earnings forecasts are ubiquitous in today’s financial markets. They are essential indicators of future firm performance and a starting point for firm valuation. Extremely inaccurate and overoptimistic forecasts during the most recent financial crisis have raised serious doubts regarding the reliability of such forecasts. This thesis therefore investigates new determinants of forecast errors and accuracy. In addition, new determinants of forecast revisions are examined. More specifically, the thesis answers the following questions: 1) How do analyst incentives lead to forecast errors? 2) How do changes in analyst incentives lead to forecast revisions?, and 3) What factors drive differences in forecast accuracy?

International Perspectives on Accounting and Corporate Behavior

Author : Kunio Ito
Publisher : Springer
ISBN 13 : 4431547924
Total Pages : 337 pages
Book Rating : 4.4/5 (315 download)

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Book Synopsis International Perspectives on Accounting and Corporate Behavior by : Kunio Ito

Download or read book International Perspectives on Accounting and Corporate Behavior written by Kunio Ito and published by Springer. This book was released on 2014-07-08 with total page 337 pages. Available in PDF, EPUB and Kindle. Book excerpt: Despite the globalization of accounting standards occurring through convergence to International Financial Reporting Standards, local accounting systems are deeply intertwined with each country’s unique institutions such as its corporate system, disclosure practices and enforcement mechanisms. First, this book empirically analyzes the effects of globalization and localization of accounting rules on corporate behavior such as earnings management, signaling, investment behavior and dividend payout policy. Second, the book unravels the economic consequences of disclosure based on the concept of self-disciplining enforcement such as management forecasts, environmental disclosures and risk disclosures by Japanese firms. This volume is a step forward in understanding the link between accounting and corporate behavior based on a new institutional accounting approach.

TradeStream Your Way to Profits

Author : Zack Miller
Publisher : John Wiley & Sons
ISBN 13 : 0470637110
Total Pages : 327 pages
Book Rating : 4.4/5 (76 download)

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Book Synopsis TradeStream Your Way to Profits by : Zack Miller

Download or read book TradeStream Your Way to Profits written by Zack Miller and published by John Wiley & Sons. This book was released on 2011-01-13 with total page 327 pages. Available in PDF, EPUB and Kindle. Book excerpt: An innovative guide to using social networking for successful investing There is no doubt that the emergence of social media has taken over the Internet landscape. The remarkable growth of Facebook and Twitter has forced everyone-including investors-to take notice. This book explains how to use social marketing to pick and evaluate stocks. Author Zack Miller embodies the nexus between asset management, equity research, and new Internet distribution technologies. As an asset manager, he writes extensively about the changes and opportunities in online finance for investors, financial advisors, and investor relations professionals-and with this new book, he'll show you how to use social media to profit like the pros. You'll learn how to Invest for the long term utilizing streaming information, guru tips, and many other tools found in the world of financial social media Glean tips from experts in this growing field Use new tools to sort through the mounds of data currently available and make sense of it all The Internet has created totally new models and methods for researching investments. TradeStream Your Way to Profits explores these changes and explains how you can take advantage of these opportunities to make better, more profitable investment decisions.

The Cost Stickiness Phenomenon

Author : Daniel Baumgarten
Publisher : Springer Science & Business Media
ISBN 13 : 383494131X
Total Pages : 124 pages
Book Rating : 4.8/5 (349 download)

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Book Synopsis The Cost Stickiness Phenomenon by : Daniel Baumgarten

Download or read book The Cost Stickiness Phenomenon written by Daniel Baumgarten and published by Springer Science & Business Media. This book was released on 2012-04-23 with total page 124 pages. Available in PDF, EPUB and Kindle. Book excerpt: Understanding cost behavior is a fundamental element of cost accounting and the management of a firm. Deviating from the traditional assumption of symmetric cost behavior, numerous recent research studies show that costs are sticky, that is, they decrease less when sales fall than they increase when sales rise. Daniel Baumgarten comprehensively analyzes the cost stickiness phenomenon by discussing its development and all relevant findings presented in the research literature. Furthermore, he provides several suggestions for future research and discusses important implications of cost stickiness for fundamental analysis and analysts’ forecasts by means of two comprehensive empirical analyses.

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.

Conflicts of Interest

Author : Luc Thévenoz
Publisher : Kluwer Law International B.V.
ISBN 13 : 9041125787
Total Pages : 422 pages
Book Rating : 4.0/5 (411 download)

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Book Synopsis Conflicts of Interest by : Luc Thévenoz

Download or read book Conflicts of Interest written by Luc Thévenoz and published by Kluwer Law International B.V.. This book was released on 2007-01-01 with total page 422 pages. Available in PDF, EPUB and Kindle. Book excerpt: Conflicts of interest arise naturally in all walks of life, particularly in business life. As general and indeed inevitable phenomena, conflicts of interest should not be prohibited but properly managed. This book presents indepth analysis of such management in three areas of corporate governance where the conflict-of-interest problems are particularly acute: executive compensation, financial analysis, and asset management. ""Conflicts of Interest"" presents the results of a two-year-long research project bringing together academics and practitioners in both law and finance from Europe and the.

Focus on Finance and Accounting Research

Author : Michael H. Neelan
Publisher : Nova Publishers
ISBN 13 : 9781600213809
Total Pages : 192 pages
Book Rating : 4.2/5 (138 download)

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Book Synopsis Focus on Finance and Accounting Research by : Michael H. Neelan

Download or read book Focus on Finance and Accounting Research written by Michael H. Neelan and published by Nova Publishers. This book was released on 2007 with total page 192 pages. Available in PDF, EPUB and Kindle. Book excerpt: Preface; The Role of Revenues and Costs in CEO Compensation; The Importance of Intellectual Capital Reporting: Perspectives from Finance Professionals; Has Regulation Changed the Market's Reward for Meeting or Beating Expectations?; Reaction of the Brazilian Stock Market to Positive and Negative Shocks; Earnings Management to Meet Earnings Benchmarks: Evidence from Japan; Audit in Ukraine; Auditor Reputation and Auditor Independence: Evidence from an Emerging Market; Trends of the Returns-Earnings Associations Over the Last Three Decades; Managers' Discretionary Behaviour, Earnings Management and Corporate Governance: An Empirical International Analysis; Index.

Advances in Quantitative Analysis of Finance and Accounting (New Series，2012) Vol．10

Author : Cheng F. Lee
Publisher : Center for PBBEFR & Airiti Press
ISBN 13 : 9866286622
Total Pages : pages
Book Rating : 4.8/5 (662 download)

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Book Synopsis Advances in Quantitative Analysis of Finance and Accounting (New Series，2012) Vol．10 by : Cheng F. Lee

Download or read book Advances in Quantitative Analysis of Finance and Accounting (New Series，2012) Vol．10 written by Cheng F. Lee and published by Center for PBBEFR & Airiti Press. This book was released on 2012-12-01 with total page 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.

Advances in Quantitative Analysis of Finance and Accounting (New Series，2011) Vol．9

Author : Cheng F. Lee
Publisher : Center for PBBEFR & Airiti Press
ISBN 13 : 9866286436
Total Pages : 339 pages
Book Rating : 4.8/5 (662 download)

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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.

Why Do Managers Meet Or Slightly Beat Earnings Forecasts in Equilibrium?

Author : Mei Feng
Publisher :
ISBN 13 :
Total Pages : 334 pages
Book Rating : 4.3/5 (91 download)

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Book Synopsis Why Do Managers Meet Or Slightly Beat Earnings Forecasts in Equilibrium? by : Mei Feng

Download or read book Why Do Managers Meet Or Slightly Beat Earnings Forecasts in Equilibrium? written by Mei Feng and published by . This book was released on 2005 with total page 334 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Estimating the Cost of Capital Implied by Market Prices and Accounting Data

Author : Peter Easton
Publisher : Now Publishers Inc
ISBN 13 : 1601981945
Total Pages : 148 pages
Book Rating : 4.6/5 (19 download)

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Book Synopsis Estimating the Cost of Capital Implied by Market Prices and Accounting Data by : Peter Easton

Download or read book Estimating the Cost of Capital Implied by Market Prices and Accounting Data written by Peter Easton and published by Now Publishers Inc. This book was released on 2009 with total page 148 pages. Available in PDF, EPUB and Kindle. Book excerpt: Estimating the Cost of Capital Implied by Market Prices and Accounting Data focuses on estimating the expected rate of return implied by market prices, summary accounting numbers, and forecasts of earnings and dividends. Estimates of the expected rate of return, often used as proxies for the cost of capital, are obtained by inverting accounting-based valuation models. The author describes accounting-based valuation models and discusses how these models have been used, and how they may be used, to obtain estimates of the cost of capital. The practical appeal of accounting-based valuation models is that they focus on the two variables that are commonly at the heart of valuations carried out by equity analysts -- forecasts of earnings and forecasts of earnings growth. The question at the core of this monograph is -- How can these forecasts be used to obtain an estimate of the cost of capital? The author examines the empirical validity of the estimates based on these forecasts and explores ways to improve these estimates. In addition, this monograph details a method for isolating the effect of any factor of interest (such as cross-listing, fraud, disclosure quality, taxes, analyst following, accounting standards, etc.) on the cost of capital. If you are interested in understanding the academic literature on accounting-based estimates of expected rate of return this monograph is for you. Estimating the Cost of Capital Implied by Market Prices and Accounting Data provides a foundation for a deeper comprehension of this literature and will give a jump start to those who have an interest in these topics. The key ideas are introduced via examples based on actual forecasts, accounting information, and market prices for listed firms, and the numerical examples are based on sound algebraic relations.

Tracking Analysts' Forecasts Over the Annual Earnings Horizon

Author : Scott A. Richardson
Publisher :
ISBN 13 :
Total Pages : 45 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis Tracking Analysts' Forecasts Over the Annual Earnings Horizon by : Scott A. Richardson

Download or read book Tracking Analysts' Forecasts Over the Annual Earnings Horizon written by Scott A. Richardson and published by . This book was released on 1999 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the dynamic behavior of analysts' earnings forecasts over the twelve months preceding annual earnings announcements. We investigate the claim that analysts make optimistic forecasts at the start of the year and then 'walk down' their estimates to a level the firm is likely to beat by the end of the year. The sample consists of I/B/E/S individual-analyst forecasts for the period 1983-1997. In the post-1992 period, we find strong evidence of a switch from upward-biased to downward-biased forecasts of annual earnings as the announcement date approaches. Forecast pessimism is strongest for high market-to-book firms, for large firms, and in periods when real GDP is growing. We also find that analysts forecasts are more accurate for firms involved in new equity issuance. Finally, we find that pessimistic forecasts are more frequent in years when firms report positive special items, high cash flows from operations and high working capital accruals.

The Handbook of Equity Market Anomalies

Author : Leonard Zacks
Publisher : John Wiley & Sons
ISBN 13 : 1118127765
Total Pages : 352 pages
Book Rating : 4.1/5 (181 download)

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Book Synopsis The Handbook of Equity Market Anomalies by : Leonard Zacks

Download or read book The Handbook of Equity Market Anomalies written by Leonard Zacks and published by John Wiley & Sons. This book was released on 2011-08-24 with total page 352 pages. Available in PDF, EPUB and Kindle. Book excerpt: Investment pioneer Len Zacks presents the latest academic research on how to beat the market using equity anomalies The Handbook of Equity Market Anomalies organizes and summarizes research carried out by hundreds of finance and accounting professors over the last twenty years to identify and measure equity market inefficiencies and provides self-directed individual investors with a framework for incorporating the results of this research into their own investment processes. Edited by Len Zacks, CEO of Zacks Investment Research, and written by leading professors who have performed groundbreaking research on specific anomalies, this book succinctly summarizes the most important anomalies that savvy investors have used for decades to beat the market. Some of the anomalies addressed include the accrual anomaly, net stock anomalies, fundamental anomalies, estimate revisions, changes in and levels of broker recommendations, earnings-per-share surprises, insider trading, price momentum and technical analysis, value and size anomalies, and several seasonal anomalies. This reliable resource also provides insights on how to best use the various anomalies in both market neutral and in long investor portfolios. A treasure trove of investment research and wisdom, the book will save you literally thousands of hours by distilling the essence of twenty years of academic research into eleven clear chapters and providing the framework and conviction to develop market-beating strategies. Strips the academic jargon from the research and highlights the actual returns generated by the anomalies, and documented in the academic literature Provides a theoretical framework within which to understand the concepts of risk adjusted returns and market inefficiencies Anomalies are selected by Len Zacks, a pioneer in the field of investing As the founder of Zacks Investment Research, Len Zacks pioneered the concept of the earnings-per-share surprise in 1982 and developed the Zacks Rank, one of the first anomaly-based stock selection tools. Today, his firm manages U.S. equities for individual and institutional investors and provides investment software and investment data to all types of investors. Now, with his new book, he shows you what it takes to build a quant process to outperform an index based on academically documented market inefficiencies and anomalies.