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Line Of Business Reporting The Marginal Information Content Of Earnings Announcements And The Accuracy Of Analyst Earnings Forecasts
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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 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 94 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :Gordon Douglas Richardson Publisher :Ann Arbor, Mich. : University Microfilms International ISBN 13 : Total Pages :350 pages Book Rating :4.E/5 ( download)
Book Synopsis A Theoretical and Empirical Investigation of the Information Content of Annual Earnings Announcements by : Gordon Douglas Richardson
Download or read book A Theoretical and Empirical Investigation of the Information Content of Annual Earnings Announcements written by Gordon Douglas Richardson and published by Ann Arbor, Mich. : University Microfilms International. This book was released on 1983 with total page 350 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Misstated Quarterly Earnings, Alternative Information, and Financial Analyst Earnings Forecast Revisions by : Michael L. Ettredge
Download or read book Misstated Quarterly Earnings, Alternative Information, and Financial Analyst Earnings Forecast Revisions written by Michael L. Ettredge and published by . This book was released on 1993 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Do Information Releases Increase Or Decrease Information Asymmetry? New Evidence from Analyst Forecast Announcements by : Dan Amiram
Download or read book Do Information Releases Increase Or Decrease Information Asymmetry? New Evidence from Analyst Forecast Announcements written by Dan Amiram and published by . This book was released on 2016 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: We use analyst earnings forecasts as a setting to examine a fundamental question concerning the effect of a public information release on announcement-period information asymmetry. Prior literature documents an announcement-period increase in information asymmetry for earnings announcements and management forecasts. In contrast, we predict and document an announcement-period decrease in information asymmetry for analyst forecasts. This decrease in information asymmetry at announcement is more pronounced when forecasts have greater information content. Predictably, there is a longer-term decrease in information asymmetry after all three information release types. Although the directionally opposite effects between analyst forecasts and the other two information releases exist only temporarily during the short-window announcement period, our findings highlight key differences in announcement-period information asymmetry dynamics and provide evidence that supports extant disclosure theory. Our evidence demonstrates that the directional effect of an information release on information asymmetry at announcement depends on how the information interacts with prior information held by sophisticated and unsophisticated investors.
Book Synopsis Dissertation Abstracts International by :
Download or read book Dissertation Abstracts International written by and published by . This book was released on 1991 with total page 1026 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstracts of dissertations available on microfilm or as xerographic reproductions.
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 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 Accuracy and Information Content of Earnings Per Share Forecast Reports by Firms by : William Ruland
Download or read book The Accuracy and Information Content of Earnings Per Share Forecast Reports by Firms written by William Ruland and published by . This book was released on 1975 with total page 143 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Management Earnings Forecasts, Security Price Variability, and the Marginal Information Content of Earnings Announcements by : Chao-Shin Liu
Download or read book Management Earnings Forecasts, Security Price Variability, and the Marginal Information Content of Earnings Announcements written by Chao-Shin Liu and published by . This book was released on 1992 with total page 232 pages. Available in PDF, EPUB and Kindle. Book excerpt: The purpose of this study is to determine (1) whether management forecasts decrease the marginal information content of subsequent earnings announcements and (2) whether the market efficiently reflects the information contained in the management forecast. If management forecasts and subsequent earnings announcements convey similar information, the subsequent earnings announcement is expected to be less informative than the prior management forecast. Moreover, the earnings announcement preceded by a management forecast is also expected to be less informative than the earnings announcement without a previous management forecast. Evidence consistent with these predictions is found using price variability to measure the degree of information content. This study also employs a system of equations model and demonstrates that the subsequent earnings announcements convey additional information to the market, with the additional information mainly associated with the ex-post management forecast error. In addition, abnormal returns around management forecasts and those around subsequent earnings announcements are negatively correlated. This evidence suggests that the market may overreact to management earnings forecasts. The post-announcement drift phenomenon is also found in the context of management quarterly earnings forecasts.
Book Synopsis Is Analyst Forecast Accuracy Associated with Accounting Information Use? by : Ruth Ann McEwen
Download or read book Is Analyst Forecast Accuracy Associated with Accounting Information Use? written by Ruth Ann McEwen and published by . This book was released on 1999 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: In 1994, the AICPA?s Special Committee on Financial Reporting recommended that participants in business reporting can improve the reporting process by focusing on user needs and finding cost-effective ways of aligning business reports with those needs. The Committee noted that professional financial analysts are among the most important users of business reporting and that an examination of their accounting information needs would provide useful insight to the profession. Further, the Committee suggested that an investigation of the link between information usage and decision quality could provide a starting point for determining whether currently reported business information is relevant. The current study examines the relation between the forecast accuracy of financial analysts and specific accounting information items used during financial statement analysis. Findings indicate that relatively more accurate analysts tend to emphasize different information items prior to issuing an earnings forecast than do less accurate analysts. Study results also provide evidence of an association between specific accounting information items and decision quality.
Book Synopsis Information in the Tails of the Distribution of Analysts' Quarterly Earnings Forecasts by : Philip B. Shane
Download or read book Information in the Tails of the Distribution of Analysts' Quarterly Earnings Forecasts written by Philip B. Shane and published by . This book was released on 2016 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: The business press generally reports news in quarterly earnings announcements based on the difference between actual earnings and two salient benchmarks: earnings of the same quarter in the previous year, and a consensus drawn from a distribution of forecasts by financial analysts. We evaluate the implications of a third salient benchmark: the most optimistic forecast when actual earnings exceed the consensus and the most pessimistic forecast when the consensus exceeds actual earnings. We find that considering the information in these tails of the distribution of analysts' earnings forecasts enhances the profitability of earnings-based momentum trading strategies.
Book Synopsis American Doctoral Dissertations by :
Download or read book American Doctoral Dissertations written by and published by . This book was released on 1990 with total page 768 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Real-Time Information Content of Macroeconomic News by : Jose M. Carabias
Download or read book The Real-Time Information Content of Macroeconomic News written by Jose M. Carabias and published by . This book was released on 2017 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates the usefulness of the real-time macroeconomic news-flow as a leading indicator of firm-level end-of-quarter realized earnings. Using recent advances in macroeconomics, I develop a nowcasting model for quarterly earnings and provide two main findings. First, I show that my model provides out-of-sample expectations that are as accurate as analysts' forecasts. Second, macroeconomic news embedded in my nowcasts is not fully incorporated into investors' earnings expectations and predicts future abnormal returns around earnings announcements. These findings have three main implications for capital markets research. First, real-time macroeconomic news can be used to update earnings expectations in real-time. Second, there are economic benefits of doing so, as evidenced by the magnitude of risk-adjusted returns around earnings announcements. Third, after three decades of almost nonexistent research on time-series models for quarterly earnings, the door is open again for fruitful research in this area.
Book Synopsis The Magnitude and Timing of Analyst Forecast Response to Quarterly Earnings Announcements by : Lise Newman Graham
Download or read book The Magnitude and Timing of Analyst Forecast Response to Quarterly Earnings Announcements written by Lise Newman Graham and published by . This book was released on 1993 with total page 334 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Information Content of Equity Analyst Reports by : Paul Asquith
Download or read book Information Content of Equity Analyst Reports written by Paul Asquith and published by . This book was released on 2002 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: We catalog the complete contents of All-American Analyst reports and examine the market reaction to their release. Including the justifications supporting an analyst's opinion reduces, and in some models eliminates, the significance of earnings forecasts and recommendation revisions. Analysts both provide new information and interpret previously released information. The information in a report is most important for downgrades; target prices and the analyst's justifications are the only significant elements for reiterations. No correlation exists between valuation methodology and either analyst accuracy or the market's reaction to a report. Our adjusted R2s are much larger than those of studies using only summary measures.
Book Synopsis The Effect of Meeting Analyst Forecasts and Systematic Positive Forecast Errors on the Information Content of Unexpected Earnings by : Thomas J. Lopez
Download or read book The Effect of Meeting Analyst Forecasts and Systematic Positive Forecast Errors on the Information Content of Unexpected Earnings written by Thomas J. Lopez and published by . This book was released on 2001 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper focuses on two distinct, but related, issues with respect to managers' incentives to report earnings that meet or exceed analysts' expectations. First, we assess the differential stock price sensitivity to earnings that meet or exceed analysts' expectations compared to those that do not. Second, we examine whether the market implicitly revises analysts' earnings forecasts for firms that systematically report earnings that exceed forecasts. We find that the earnings response coefficient (ERC) is significantly higher for firms that meet analysts' forecasts. Additionally, we find that the market recognizes and adjusts the forecast error of firms that exhibit a systematic pattern of reporting positive or negative unexpected earnings. The market fully adjusts for the systematic component of the forecast error when it is negative; however, only a partial adjustment is made when the systematic component is positive. Overall, our evidence suggests that managers who try to report earnings that meet analysts' forecasts are responding to two market incentives. First, the market provides a premium to positive forecast errors and assigns a higher multiple to the level of positive unexpected earnings. Second, though the market recognizes systematic bias in analysts' forecasts, it does not fully adjust for systematically positive forecast errors. Our evidence provides, at a minimum, a partial explanation for managers' fixation on reporting positive unexpected earnings.
