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Theory And Evidence Of Ex Ante Determinants Of Analyst Earnings Forecast Accuracy In The International Context
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Book Synopsis Theory and Evidence of Ex-ante Determinants of Analyst Earnings Forecast Accuracy in the International Context by : Huong Ngo Higgins
Download or read book Theory and Evidence of Ex-ante Determinants of Analyst Earnings Forecast Accuracy in the International Context written by Huong Ngo Higgins and published by . This book was released on 1998 with total page 170 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis New Determinants of Analysts’ Earnings Forecast Accuracy by : Tanja Klettke
Download or read book New Determinants of Analysts’ Earnings Forecast Accuracy written by Tanja Klettke and published by Springer Science & Business. This book was released on 2014-04-28 with total page 120 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial analysts provide information in their research reports and thereby help forming expectations of a firm’s future business performance. Thus, it is essential to recognize analysts who provide the most precise forecasts and the accounting literature identifies characteristics that help finding the most accurate analysts. Tanja Klettke detects new relationships and identifies two new determinants of earnings forecast accuracy. These new determinants are an analyst’s “general forecast effort” and the “number of supplementary forecasts”. Within two comprehensive empirical investigations she proves these measures’ power to explain accuracy differences. Tanja Klettke’s research helps investors and researchers to identify more accurate earnings forecasts.
Book Synopsis Dissertation Abstracts International by :
Download or read book Dissertation Abstracts International written by and published by . This book was released on 2007 with total page 582 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Relative Importance of Forecast Accuracy Determinants Revisited by : Alain Coen
Download or read book The Relative Importance of Forecast Accuracy Determinants Revisited written by Alain Coen and published by . This book was released on 2008 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: We analyze earnings forecasting errors made by financial analysts for 18 European countries over the 1995-2006 period. We use the Heston-Rouwenhorst approach to unravel country-, industry-, and firm-specific effects as a source of variation in financial analysts' earnings forecast errors. We first estimate each effect with a dummy variable regression, and then decompose the variance of forecast errors into different effects. We provide evidence that the differences among countries, industrial sectors, or analyst following offer a weak explanation for differences in forecast errors. Country effects however largely dominate industry and analyst following effects on European stock markets. By contrast, the type of earnings - profits or losses - and variations in earnings - increases or decreases - play a significant role in the performance of financial analysts.
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?
Book Synopsis The Speed of Earnings Anticipation by : Nathan T. Marshall
Download or read book The Speed of Earnings Anticipation written by Nathan T. Marshall and published by . This book was released on 2019 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: Short-term earnings news is monitored by a wide variety of firm constituents; however, our understanding of the forces that facilitate or limit the speed of earnings anticipation is limited. I create a measure of speed - inspired by the price discovery literature - that captures how quickly the daily consensus analyst earnings forecast approaches the actual earnings as the quarter unfolds. I document wide variation in the speed of earnings anticipation and examine the determinants of faster or slower earnings anticipation and the economic consequences associated with differential speed. I show that the speed of earnings anticipation is increasing in ex-ante information search and earnings information flow proxies, and decreasing in proxies for the difficulty of the forecasting task. Furthermore, I provide evidence that earnings are anticipated more quickly in bad news quarters than in good news quarters. I also show that this asymmetry in speed is decreasing as the earnings news gets large (i.e., earnings are anticipated faster as good news gets large and slower as bad news gets large). Finally, I document important market consequences - in terms of greater absolute market returns around the earnings announcement and more pronounced post-earnings announcement drift - for firm quarters with slow, relative to those with fast, speed of earnings anticipation.
Book Synopsis A Re-Examination of Financial Analysts' Differential Earnings Forecast Accuracy by : Praveen Sinha
Download or read book A Re-Examination of Financial Analysts' Differential Earnings Forecast Accuracy written by Praveen Sinha and published by . This book was released on 2014 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: This research re-examines whether there are differences in the forecast accuracy of financial analysts by comparing their annual earnings per share forecasts. The comparison of analyst forecast accuracy is made on both an ex post (within sample) and an ex ante (out of sample) basis. Early examinations of this issue by O'Brien (1990), Richards (1976), Brown and Rozeff (1980), O'Brien (1987), Coggin and Hunter (1989), Butler and Lang (1991) were ex post and suggest the absence of analysts who can provide relatively more accurate forecasts over multiple years. Contrary to the results of prior research, and consistent with the belief in the popular press, we document that differences do exist in financial analysts' ex post forecast accuracy. We show that the previous studies failed to find differences in forecast accuracy due to inadequate (or no) control for differences in the recency of forecasts issued by the analysts. It has been well documented in the literature that forecast recency is positively related to forecast accuracy (Crichfield, et al, 1978; O'Brien, 1988; Brown, 1991). Thus, failure to control for forecast recency may reduce the power of tests, making it difficult to reject the null hypothesis of no differences in forecast accuracy even if they do exist.
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 Financial Analyst Forecast Dispersion by : Yuang-Sung Al Chen
Download or read book Financial Analyst Forecast Dispersion written by Yuang-Sung Al Chen and published by . This book was released on 1988 with total page 318 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Are Analysts all Alike? Identifying Earnings Forecasting Ability by : Louis K.C. Chan
Download or read book Are Analysts all Alike? Identifying Earnings Forecasting Ability written by Louis K.C. Chan and published by . This book was released on 2008 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Investors and the financial media apparently believe that some Wall Street equity analysts research is superior to others. We examine whether such quality differentials exist, in terms of analysts ability to forecast earnings accurately, and whether these differentials are identifiable on an ex ante basis. The results suggest that there is some persistence in analysts forecast accuracy. In particular, forecast accuracy is associated with analyst experience, breadth of coverage, timeliness, and brokerage firm size. Analysts selected for All-Star status by industry publications also tend to have higher forecast accuracy. However, the differences in forecast accuracy do not produce material differences in the dollar magnitudes of forecast errors.
Book Synopsis On the Determinants of Analyst Forecast Error by : William Kross
Download or read book On the Determinants of Analyst Forecast Error written by William Kross and published by . This book was released on 1981 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis FORECAST ACCURACY OF INDIVIDUAL ANALYSTS IN NINE INDUSTRIES by : PATRICIA C. O'BRIEN
Download or read book FORECAST ACCURACY OF INDIVIDUAL ANALYSTS IN NINE INDUSTRIES written by PATRICIA C. O'BRIEN and published by . This book was released on 1990 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis On the Properties of Financial Analyst Earnings Forecasts: Some New Evidence by :
Download or read book On the Properties of Financial Analyst Earnings Forecasts: Some New Evidence written by and published by . This book was released on with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The importance of information in the formation process of security prices has a long history. The dissemination of information can take on different forms depending on the legal constraints. However, in all developed financial markets, financial analysts play a prominent role in collecting, analysing and diffusing information. Financial analysts typically supply future earnings estimates and stock picking advices in the form of recommendations. Earnings estimates are the essential part of security valuation by analysts and investors. They have even become an integral part of financial reporting in the financial press. Early research has accumulated evidence that these estimates are optimistically biased. More recently, empirical studies have found that analysts' optimistic bias is lessening, that its extent differs across analysts, firm characteristics and countries. Broadly speaking, this dissertation investigates the determinants of financial analyst forecasts bias. In the first essay, I examine the relative accuracy of European financial analysts' earnings forecasts and its determinants. I show that the results obtained for US analysts can not be generalised to European analysts who face a seemingly different job market as well as several different institutional and economic environments. In the second essay, I investigate the influence of financial analysts' location on their performance. More precisely, I examine the relative performance of local versus foreign analysts on Latin American stock markets. I find foreign analysts to be more timely and more accurate than their local counterparts. In addition, I document stronger price reactions after foreign analysts' forecast revisions than after those of local analysts. The third essay is related to the declining pattern of financial analyst forecast bias. In particular, I investigate whether US CEOs compensation arrangements give CEOs incentives to manipulate analysts' expectations downward in order to release ea.
Book Synopsis American Doctoral Dissertations by :
Download or read book American Doctoral Dissertations written by and published by . This book was released on 1998 with total page 784 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Forecast Accuracy of Individual Analysts by : Patricia C O'Brien
Download or read book Forecast Accuracy of Individual Analysts written by Patricia C O'Brien and published by Legare Street Press. This book was released on 2023-07-18 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a detailed analysis of the accuracy of forecasts made by individual analysts across nine different industries. It explores the factors that contribute to forecast accuracy and provides insights into how these factors can be used to improve forecasting performance. The author, Patricia C. O'Brien, is a well-respected economist and her research has significant implications for businesses and investors who rely on forecasts in their decision-making processes. This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work is in the "public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
Book Synopsis Forecast Accuracy of Individual Analysts by : Patricia C. O'Brien
Download or read book Forecast Accuracy of Individual Analysts written by Patricia C. O'Brien and published by Forgotten Books. This book was released on 2017-12-07 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: Excerpt from Forecast Accuracy of Individual Analysts: A Nine-Industry Study Current databases of analysts' forecasts of corporate earnings include predictions from thousands of individuals employed at hundreds of financial service institutions. The purpose of this paper is to analyze whether it is possible to distinguish forecasters with superior ability on the basis of ex Egg; forecast accuracy from panel data. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
Book Synopsis Understanding Analysts' Reactions to Earnings Management by : Yuyan Guan
Download or read book Understanding Analysts' Reactions to Earnings Management written by Yuyan Guan and published by . This book was released on 2006 with total page 230 pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis examines the determinants of analysts' reactions to firms' earnings management. I present a model showing that analysts revise their forecasts according to their forecast errors revealed by earnings announcements and reporting biases embedded in reported earnings. The model further demonstrates that the relationship between forecast revisions and reporting biases can be affected by analysts' forecasting ability, the inherent uncertainty of whether reporting biases have occurred, as well as analysts' incentives. To empirically test the model's prediction regarding analysts' forecasting ability, I use analysts' firm-specific experience, size of their brokerage firm, and the number of industries they follow as proxies. Consistent with the model's prediction, I provide evidence showing that well-experienced analysts adjust more for earnings management while analysts following a greater number of industries adjust less for earnings management. Sensitivity analysis using analyst's historical firm-specific forecast accuracy as an alternative measure of forecasting ability further supports the hypothesis that analysts with better forecasting ability adjust more for earnings management. Moreover, analysts adjust less for earnings management when the inherent uncertainty of the reporting bias is greater. Specifically, analysts adjust less for earnings management when: (1) the past volatility of discretionary accruals is high; and (2) the firm has a marked propensity to smooth earnings. There is little evidence that affiliated analysts adjust less for earnings management than unaffiliated analysts. However, analysts adjust more for earnings management in the post-Reg FD period than in the pre-Reg FD period, which is consistent with Regulation FD achieving its objective of strengthening analysts' incentives to issue unbiased forecasts.
