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Three Essays On The Performance Of Earnings Forecasts And Forward Looking Proxies For Expected Stock Returns
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Book Synopsis Three Essays on the Performance of Earnings Forecasts and Forward-looking Proxies for Expected Stock Returns by : Martin Meuter
Download or read book Three Essays on the Performance of Earnings Forecasts and Forward-looking Proxies for Expected Stock Returns written by Martin Meuter and published by . This book was released on 2018 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Three Essays on Analysts' Earnings Forecast Dispersion and Stock Returns by : Jorida Papakroni
Download or read book Three Essays on Analysts' Earnings Forecast Dispersion and Stock Returns written by Jorida Papakroni and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Three Essays on Analyst Earnings Forecast by : Wenjuan Xie
Download or read book Three Essays on Analyst Earnings Forecast written by Wenjuan Xie and published by . This book was released on 2008 with total page 138 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Three Essays on Earnings Announcements and Stock Returns by : Qi Sun
Download or read book Three Essays on Earnings Announcements and Stock Returns written by Qi Sun and published by . This book was released on 2006 with total page 204 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Change in Financial Analysts' Forecast Attributes for Value and Growth Stocks by : Pieter Johannes De Jong
Download or read book The Change in Financial Analysts' Forecast Attributes for Value and Growth Stocks written by Pieter Johannes De Jong and published by ProQuest. This book was released on 2007 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This research will concentrate on the changes in earnings forecasts, forecast accuracy and forecast dispersion for growth and value stocks after Reg FD. Each topic is presented in a separate essay. The first essay tests if growth and value stock returns respond more to forecasted earnings changes than they do to changes in earnings and whether these stock returns respond in a different fashion before and after Reg FD. This phenomenon is stronger for growth stock portfolio strategies than it is for value stock portfolios. After Reg FD, the overall impact of earnings expectations on stock returns is smaller, especially for growth stock returns. The second essay examines financial analysts' earnings forecast accuracy in value and growth stocks before and after the introduction of Reg FD. Accuracy for both stock groups (value and growth stocks) has improved after the introduction of Reg FD. The results in this essay provide additional evidence indicating that analysts did not just misinterpret available news but consciously tried to maintain relationships with managers. However, Reg FD efficiently limited these relationships between managers of growth firms and analysts so that the monetary advantage from manipulating earnings forecasts before the introduction of Reg FD no longer exists. The third essay evaluates the hypothesis stating that forecast dispersion, on both growth and value stock returns, has increased after the introduction Reg FD. However, the increased dispersion found at the second quarter of 2001 drastically dissipates at the second quarter of 2002, although value stock forecast dispersion before earnings announcement and value stock belief jumbling remain higher. The results in this essay suggest that corporate voluntary disclosure created a greater variety of opinions and, therefore, more uncertainty about value stocks. Also, value stock returns have a stronger inverse relationship with dispersion because financial analysts have become more uncertain about value firms' performance. The bigger the disagreement about a stock's value, the higher the market price relative to the true value of the stock, and the lower its future return.
Book Synopsis Forecasting Equity Market Returns Using Historical Price Earnings Multiples by : Arpan Ranka
Download or read book Forecasting Equity Market Returns Using Historical Price Earnings Multiples written by Arpan Ranka and published by . This book was released on 2013 with total page 12 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper aims at developing a framework based on a price earnings multiple model which would help investors forecast multi-year forward equity market returns. The author would test the following three parameters to determine which combination best fits the historical market performance and thus can be expected to provide a reliable forecast of future market returns:• Earnings variants (Shiller, Peak, Forward or Trailing)• Time period for projection (10 years, 7 years or 5 years)• Data interval (Daily, Weekly or Monthly)In case and after a suitable combination is found which can be relied upon to forecast equity market returns, a range of possible returns would be determined based on the price earnings multiples observed during bull and bear markets. The range would likely provide an investor with an indication of best and worst case returns along with the most likely expected equity market return.
Book Synopsis Management Earnings Forecasts and Other Forward-Looking Statements by : Zahn Bozanic
Download or read book Management Earnings Forecasts and Other Forward-Looking Statements written by Zahn Bozanic and published by . This book was released on 2018 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: We identify forward-looking statements (FLS) in firms' disclosures to distinguish between “forecast-like” (quantitative statements about earnings) and “other”, or non-forecast-like, FLS. We show that, like earnings forecasts, other FLS generate significant investor and analyst responses. Unlike earnings forecasts, other FLS are issued more frequently when uncertainty is higher. We then show that earnings-related FLS are more sensitive to uncertainty than quantitative statements, suggesting that managers are more likely to alter the content than the form of FLS when uncertainty is higher. Our study indicates that incorporating other FLS into empirical measures provides a more comprehensive proxy for firms' voluntary disclosures.
Book Synopsis Forward-Looking Earnings Statements by : Gregory S. Miller
Download or read book Forward-Looking Earnings Statements written by Gregory S. Miller and published by . This book was released on 2013 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper identifies cross-sectional factors that motivate the disclosure of forward-looking earnings information and documents that these disclosures impact market prices by quot;pulling forwardquot; future earnings information. We examine a set of firms facing poor current earnings performance, undervaluation concerns, investor neglect and extreme pessimism and find significant cross-sectional variation regarding whether these firms provide forward-looking earnings information to correct market misperceptions in advance of the earnings announcement. Consistent with existing theory, firms with stronger and more persistent earnings news are more likely to provide forward-looking disclosures during the turnaround period. Moreover, we find that firms operating in high litigation industries, possessing strong institutional ownership, having greater stock option-based compensation and facing larger non-equity stakeholders are more likely to provide disclosures. Alternatively, we find evidence that the use of alternative financial signaling mechanisms (share repurchases and dividend increases) lowers the probability that managers will make forward-looking disclosures. Market-based tests indicate that the disclosed information is value-relevant. The market responds in a significantly positive manner to forecasts of earnings (i.e., forward-looking statements provided outside of earnings announcements) as well as to forward-looking statements bundled in current earnings announcements (after controlling for the current period's earnings information). Furthermore, these responses are positively correlated with future seasonally-adjusted changes in earnings, indicating the disclosures are effective in pulling forward future mandatory information. Finally, the market reaction to the announcements of previously preempted earnings is less than that of unpreempted earnings, providing additional evidence that the disclosures are effectively pulling-forward the eventual mandatory earnings information.
Book Synopsis Analysts' Use of Earnings Forecasts in Predicting Stock Returns by : Sati P. Bandyopadhyay
Download or read book Analysts' Use of Earnings Forecasts in Predicting Stock Returns written by Sati P. Bandyopadhyay and published by . This book was released on 2014 with total page 17 pages. Available in PDF, EPUB and Kindle. Book excerpt: Little attention has been paid to a principal decision context in which analysts' earnings forecasts are prepared, namely, as an input to their recommendations. We use two data sets, Value Line, USA, and Research Evaluation Service, Canada, and examine the importance of analysts' earnings forecasts for their stock price forecasts via three hypotheses: (1) analysts' earnings forecasts are important for their stock price forecasts; (2) analysts' long-term earnings forecasts are more important than their short-term earnings forecasts for their predictions of stock prices over a particular stock price forecast horizon; (3) the importance of analysts' earnings forecasts for their stock price forecasts rises as the joint earnings and stock price forecast horizon increases. We show that: (1) when the earnings forecast horizon is the next fiscal year, forecasted earnings explain only 30% of the variation in forecasted price; (2) the importance of forecasted earnings for forecasted price rises as the earnings forecast horizon increases; (3) in the long run, (i.e. three to five years hence), forecasted earnings explain about 60% of the variation in forecasted price. Decision usefulness is an ex ante concept, but tests regarding the usefulness of earnings for stock price generally have used actual (not expectational) data. Our evidence suggests that earnings expectations are decision useful, where the decision context is sell-side analysts' stock price forecasts. Our results are potentially important to users of sell-side analyst research reports. When a stock recommendation is accompanied only by short-run earnings forecasts, investors need to closely examine estimates of non-earnings variables to assess the quality of stock recommendations. In contrast, when stock recommendations are accompanied by both short-run and long-run earnings forecasts, investors need to examine estimates of non-earnings information variables less closely.
Book Synopsis Three Essays on the Earnings Forecast Accuracy of Sell-side Analysts by : Niklas Blümke
Download or read book Three Essays on the Earnings Forecast Accuracy of Sell-side Analysts written by Niklas Blümke and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Three Essays on Earnings Forecasts and Their Relation to Bankruptcy Risk and Earnings Management by : Tim Vater
Download or read book Three Essays on Earnings Forecasts and Their Relation to Bankruptcy Risk and Earnings Management written by Tim Vater and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Three Essays on Stock Returns and Idiosyncratic Risk by : Yingtong Dai
Download or read book Three Essays on Stock Returns and Idiosyncratic Risk written by Yingtong Dai and published by . This book was released on 2022 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Outperform with Expectations-Based Management by : Tom Copeland
Download or read book Outperform with Expectations-Based Management written by Tom Copeland and published by Wiley. This book was released on 2005-10-03 with total page 448 pages. Available in PDF, EPUB and Kindle. Book excerpt: CEOs and managers live and die by delivering superior performance to shareholders. This is why expectations-based management has been developed. Outperform with Expectations-Based Management (EBM) introduces a revolutionary new performance metric that links performance standards, performance measurement, and the achievement of performance. It's easy to say that if a CEO can get performance measurement right, then performance improvement will follow. But what is the "right" measure of performance, and how do you use it to improve performance? Authors Tom Copeland and Aaron Dolgoff answer these questions and many more, as they show you how to find the measure of performance that has the strongest link to the creation of wealth for the owners of both public and private companies. They answer the puzzle of why growth in earnings is not correlated with shareholder returns and explain the under- and over-investment traps. And they explain how clear communications to investors and managers alike improve value. The bottom line is that share prices go up when companies exceed expectations -- short-term and long-term -- of income statement and balance sheet performance and daily operating value drivers. Gain a complete understanding of EBM and discover how to do this, and much more, while staying competitive in an unforgiving business environment.
Book Synopsis Three Essays on the Accuracy and Timing of Sell-side Analysts' Annual Earnings Forecast by : Alexander Stolz
Download or read book Three Essays on the Accuracy and Timing of Sell-side Analysts' Annual Earnings Forecast written by Alexander Stolz and published by . This book was released on 2016 with total page 197 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Dissertation Abstracts International by :
Download or read book Dissertation Abstracts International written by and published by . This book was released on 2009-05 with total page 582 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Three Essays on the Accuracy and Timing of Sell-side Analysts' Annual Earnings Forecasts by : Alexander Stolz
Download or read book Three Essays on the Accuracy and Timing of Sell-side Analysts' Annual Earnings Forecasts written by Alexander Stolz and published by . This book was released on 2016 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Current State of Quantitative Equity Investing by : Ying L. Becker
Download or read book The Current State of Quantitative Equity Investing written by Ying L. Becker and published by CFA Institute Research Foundation. This book was released on 2018-05-10 with total page 75 pages. Available in PDF, EPUB and Kindle. Book excerpt: Quantitative equity management techniques are helping investors achieve more risk efficient and appropriate investment outcomes. Factor investing, vetted by decades of prior and current research, is growing quickly, particularly in in the form of smart-beta and ETF strategies. Dynamic factor-timing approaches, incorporating macroeconomic and investment conditions, are in the early stages but will likely thrive. A new generation of big data approaches are rendering quantitative equity analysis even more powerful and encompassing.
