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Earnings Announcement Disclosures And Changes In Analysts Information
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Book Synopsis Earnings Announcement Disclosures and Changes in Analysts' Information by : Orie E. Barron
Download or read book Earnings Announcement Disclosures and Changes in Analysts' Information written by Orie E. Barron and published by . This book was released on 2016 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study examines how financial disclosures made with earnings announcements affect analysts' information about future earnings, focusing on disclosures of financial statements and management earnings forecasts. We find that disclosures of balance sheets and segment data are associated with an increase in the degree to which analysts' forecasts of upcoming quarterly earnings are based on private information. Further analyses show that balance sheet disclosures are associated with an increase in the precision of both analysts' common and private information, segment disclosures are associated with an increase in analysts' private information, and management earnings forecast disclosures are associated with an increase in analysts' common information. These results are consistent with analysts processing balance sheet and segment disclosures into new private information regarding near-term earnings. Additional analysis of conference calls shows that balance sheet, segment, and management earnings forecast disclosures are all associated with more discussion related to these items in the questions-and-answers section of conference calls, consistent with analysts playing an information interpretation role with respect to these disclosures.
Book Synopsis Changes in Analysts' Information Around Earnings Announcements by : Orie E. Barron
Download or read book Changes in Analysts' Information Around Earnings Announcements written by Orie E. Barron and published by . This book was released on 2002 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this study we examine changes in the precision and the commonality of information contained in individual analysts' earnings forecasts, focusing on changes around earnings announcements. Using the empirical proxies suggested by the Barron et al. (1998) model that are based on the across-analyst correlation in forecast errors, we find that the commonality of information among active analysts significantly decreases around earnings announcements. We also find that the idiosyncratic information contained in these individual analysts' forecasts increases significantly immediately after earnings announcements, and this increase is more significant as more analysts revise their forecasts. These results are consistent with theories positing that an important role of accounting releases is to trigger the generation of idiosyncratic information by elite information processors such as financial analysts (Kim and Verrecchia 1994, 1997).
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 The Impact of Corporate Textutal Disclosure on Capital Markets by : Saskia Jarick
Download or read book The Impact of Corporate Textutal Disclosure on Capital Markets written by Saskia Jarick and published by GRIN Verlag. This book was released on 2011-07-12 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2011 in the subject Business economics - Accounting and Taxes, grade: 1.3, University of Mannheim, language: English, abstract: Each year, firms disclose information that is analyzed and eventually reflected in the market price. Sources of information are for example annual reports, earnings announcements and press releases. In the past, financial accounting research focused primarily on the numerical financial information disclosed (cf. Hales et al. 2011, 224).1 Interestingly, research showed that asset price movements could only partly be explained by this quantitative information and thus must have additional influencing factors (cf. Demers/Vega 2010, 2). Since corporate disclosure generally consists only to a small fraction of qualitative data and dominantly of textual information (cf. Li 2011, 1)2, and since language is the natural medium through which people communicate, financial accounting research started to focus on the analysis of textual disclosure (cf. Hales et al. 2011, 224). Results of these studies show that different aspects of textual disclosure, like the tone (how information is written/expressed) or the readability can influence for example market prices or analyst behavior (e.g. Li 2010 or Tetlock/Saar-Tsechansky/Macskassy 2008). This paper focuses on research in the field of tone as important characteristic of corporate textual disclosure. Its aim is to provide an overview about the most recent approaches and about challenges that researchers face. The remainder of this paper proceeds as follows. In section 2 the importance of textual analysis and the information content of textual information are discussed. Furthermore this section provides an overview about different approaches to characterize textual disclosure and a tabular classification of the recent literature. Since this paper focuses on the tone of textual disclosure, different approaches to measure tone are discussed as well. In section 3 two recent studies are discussed and section 4 concludes with a summary of the main results of this paper and gives suggestions for future research.
Book Synopsis Can Supplementary Disclosures Eliminate Post-Earnings-Announcement Drift? The Case of Management Earnings Guidance by : Haidan Li
Download or read book Can Supplementary Disclosures Eliminate Post-Earnings-Announcement Drift? The Case of Management Earnings Guidance written by Haidan Li and published by . This book was released on 2009 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: We investigate whether earnings guidance can reduce or eliminate post-earnings-announcement drift. We find that firms that provide earnings guidance simultaneously with their earnings announcements experience significantly less drift than other firms, consistent with our expectations. Furthermore, the reduction in drift is strongly related to current and prior guidance accuracy. Drift is eliminated for firms that provide accurate prior (or current) guidance, but is significant for low-guidance-accuracy firms. Finally, we find post-guidance-announcement drift for stand-alone earnings guidance, but not for guidance that is provided simultaneously with earnings. Our results suggest that simultaneous earnings and guidance announcements enhance analysts' and investors' ability to extract useful information about future earnings from both earnings and guidance announcements. More importantly, our results indicate that investors can use past guidance accuracy to identify firms whose post-earnings-announcement drift is unaffected, or eliminated, by the issuance of management earnings guidance.
Book Synopsis Line of Business Reporting, the Marginal Information Content of Earnings Announcements, and the Accuracy of Analyst Earnings Forecasts by : Shu Yeh
Download or read book Line of Business Reporting, the Marginal Information Content of Earnings Announcements, and the Accuracy of Analyst Earnings Forecasts written by Shu Yeh and published by . This book was released on 1990 with total page 220 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Voluntary Disclosure and Increases in Earnings by : Gregory Smith Miller
Download or read book Voluntary Disclosure and Increases in Earnings written by Gregory Smith Miller and published by . This book was released on 1998 with total page 198 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Segmental Disclosures and Information Content of Earnings Announcements by : Jae-Oh Kim
Download or read book Segmental Disclosures and Information Content of Earnings Announcements written by Jae-Oh Kim and published by . This book was released on 1987 with total page 210 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Motivations for and Reactions to Voluntary Management Disclosures by : Susan Gill
Download or read book Motivations for and Reactions to Voluntary Management Disclosures written by Susan Gill and published by . This book was released on 1994 with total page 292 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Effect of Corporate Disclosure on the Post-earnings Announcement Drift by : Amir Guttman
Download or read book The Effect of Corporate Disclosure on the Post-earnings Announcement Drift written by Amir Guttman and published by . This book was released on 1994 with total page 302 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis On the Relationship Between Analyst Reports and Corporate Disclosures by : Xia Chen
Download or read book On the Relationship Between Analyst Reports and Corporate Disclosures written by Xia Chen and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine the relationship between analyst research and corporate earnings announcements to explore the relative importance of information discovery versus interpretation of previously released information. Using equity market reaction to capture information content, we find that information discovery (interpretation) dominates in the week before (after) firms announce their earnings. In addition, we find that the interpretation role increases in importance with the difficulty of financial accounting information. Analysis of all weeks surrounding earnings announcements shows that the information discovery role is overall more important. We are able to reconcile this result with the opposite finding in Francis et al. (2002).
Book Synopsis Illustrations and Analysis of Disclosures of Inflation Accounting Information by : Hortense Goodman
Download or read book Illustrations and Analysis of Disclosures of Inflation Accounting Information written by Hortense Goodman and published by . This book was released on 1981 with total page 460 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 Management Earnings Forecasts and Value of Analyst Forecast Revisions by : Yongtae Kim
Download or read book Management Earnings Forecasts and Value of Analyst Forecast Revisions written by Yongtae Kim and published by . This book was released on 2014 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study examines the stock-price reactions to analyst forecast revisions around earnings announcements to test whether pre-announcement forecasts reflect analysts' private information or piggybacking on confounding events and news. We find that management earnings forecasts influence the timing and precision of analyst forecasts. More importantly, evidence suggests that prior studies' finding of weaker (stronger) stock-price responses to forecast revisions in the period immediately after (before) the prior-quarter earnings announcement disappears once management earnings forecasts are controlled for. To the extent that management earnings forecasts are public disclosures, our results suggest that the importance of analysts' information discovery role documented in prior studies is likely to be overstated.
Book Synopsis The Impact of Regulation Fair Disclosure on Investors' Prior Information Quality - Evidence from an Analysis of Changes in Trading Volume and Stock Price Reactions to Earnings Announcements by : Anwer S. Ahmed
Download or read book The Impact of Regulation Fair Disclosure on Investors' Prior Information Quality - Evidence from an Analysis of Changes in Trading Volume and Stock Price Reactions to Earnings Announcements written by Anwer S. Ahmed and published by . This book was released on 2007 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: We document that Regulation Fair Disclosure has reduced differences in information quality between investors prior to quarterly earnings announcements consistent with the intent of the regulation. This reduction is driven by small firms and high technology firms, rather than the large firms targeted by the SEC, which suggests that selective disclosure among large firms may have been much more limited than what was presumed by proponents of FD. In addition, we document that FD has decreased the average information quality of investors in small and high technology firms in the period prior to an earnings announcement while having no lasting effect on other firms. Taken together these two results suggest that, for small and high technology firms, FD succeeded in eliminating selective disclosure but also lowered the average quality of information available about these firms.
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 Regulation Fair Disclosure and Earnings Information by : Warren Bailey
Download or read book Regulation Fair Disclosure and Earnings Information written by Warren Bailey and published by . This book was released on 2014 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: With the adoption of Regulation Fair Disclosure (Reg FD), market behavior around earnings releases displays no significant change in return volatility (after controlling for decimalization of stock trading) but significant increases in trading volume due to difference in opinion. Analyst forecast dispersion increases, and increases in other measures of disagreement and difference of opinion suggest greater difficulty in forming forecasts beyond the current quarter. Corporations increase the quantity of voluntary disclosures, but only for current quarter earnings. Thus, Reg FD seems to increase the quantity of information available to the public while demanding more effort and struggle from investment professionals.
