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Author : Doug Yong Shin
Publisher :
ISBN 13 :
Total Pages : 194 pages
Book Rating : 4.:/5 (838 download)
Download or read book Why Managers Voluntarily Release Earnings Forecasts? written by Doug Yong Shin and published by . This book was released on 1989 with total page 194 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Richard A. Cazier
Publisher :
ISBN 13 :
Total Pages : 47 pages
Book Rating : 4.:/5 (13 download)
Download or read book The Consistency of Mandatory and Voluntary Management Earnings Forecasts and Implications for Analyst and Investor Information Processing written by Richard A. Cazier and published by . This book was released on 2016 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this study we examine whether managers' voluntary forecasts of future earnings are consistent with the implicit forecasts of future earnings that underlie a specific mandatory accrual, the valuation allowance. This accrual relies heavily on managerial estimation and is also based, in part, on managers' private, forward-looking information. Thus, it provides an ideal setting to investigate the interplay between voluntary and mandatory financial disclosures. By examining the consistency between the voluntary and mandatory forecasts, we are also able to provide insight into whether the predictable accrual-related bias in voluntary earnings forecasts carries over into the mandatory forecast embedded in the valuation allowance. We then investigate whether the biased voluntary earnings guidance helps analysts and investors more accurately interpret the information in valuation allowance changes about future earnings expectations. To increase the power of our tests we utilize a sample of loss firms, which frequently record valuation allowances to fully or partially offset deferred tax assets.We first document that more than 62 percent of our sample of loss firms report valuation allowance changes and management earnings guidance that convey the same basic information about future earnings (i.e., either both forecast profit or both forecast loss). Thus, these voluntary and mandatory forecasts are largely consistent with each other. We then provide evidence that managers provide overly pessimistic forecasts for observations whose valuation allowance changes signal bad news about future earnings, but overly optimistic forecasts for observations whose valuation allowance changes signal strong good news about future earnings. Finally, our results suggest that managers' biased earnings forecasts actually help analysts and investors more accurately interpret the information about future earnings in valuation allowance changes. Our findings provide new insights into actions managers can take to improve investor and analyst processing of financial statement-based tax information.
Author : Gregory Brooks Waymire
Publisher :
ISBN 13 :
Total Pages : 156 pages
Book Rating : 4.:/5 (287 download)
Download or read book An Empirical Analysis of Voluntary Management Earnings Forecasts written by Gregory Brooks Waymire and published by . This book was released on 1984 with total page 156 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Hwa Deuk Yi
Publisher :
ISBN 13 :
Total Pages : 236 pages
Book Rating : 4.:/5 ( download)
Download or read book Management Earnings Forecasts written by Hwa Deuk Yi and published by . This book was released on 1994 with total page 236 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Susan Gill
Publisher :
ISBN 13 :
Total Pages : 292 pages
Book Rating : 4.3/5 (129 download)
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:
Author : Stephen P. Baginski
Publisher :
ISBN 13 :
Total Pages : 58 pages
Book Rating : 4.:/5 (13 download)
Download or read book Changes in Managers' Forecasting Behavior and the Market's Assessment of Forecast Credibility During Periods of Financial Misreporting written by Stephen P. Baginski and published by . This book was released on 2015 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: The capital market benefits of high quality financial reporting create incentives for managers to signal the quality of their voluntary disclosure practices. Prior research focuses on the relations between observable measures of earnings quality and observable measures of voluntary disclosure quality. We examine the characteristics of management earnings forecasts during periods in which managers possess private (i.e., unobservable to the market) knowledge that they are engaging in financial misreporting (i.e., committing accounting fraud). Using a sample of Securities and Exchange Commission enforcement actions, we hypothesize and find that managers issue more bad news forecasts in periods of fraud relative to pre-fraud periods and control firms, consistent with the increased use of voluntary disclosure to manage expectations downward while violating constraints on earnings management. The fraud period forecasts are, when compared to fraudulent earnings observed by the market, less ex post biased and more accurate than pre-fraud period forecasts and thus give the appearance of higher quality voluntary disclosures. However, the fraud period forecasts are not less ex post biased or more accurate when accounting restatements later reveal true actual earnings. A consequence of the perceived increase in quality is greater bad news fraud-period forecast impact on prices relative to pre-fraud periods. Further, the enhanced price reactions do not deteriorate after the fraud is made public, suggesting that the public revelation does not taint investors' assessment of the credibility of bad news management forecasts.
Author : Anne Wu
Publisher :
ISBN 13 :
Total Pages : 238 pages
Book Rating : 4.:/5 (243 download)
Download or read book The Determinants of Voluntary Release of Earnings Forecasts Information to the Public written by Anne Wu and published by . This book was released on 1990 with total page 238 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Charles E. Wasley
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (129 download)
Download or read book Why Do Managers Voluntarily Issue Cash Flow Forecasts? written by Charles E. Wasley and published by . This book was released on 2010 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: We study a relatively recent change in voluntary disclosure practices by management, namely the issuance of cash flow forecasts. We predict and find that management issues cash flow forecasts to signal good news in cash flow, to meet investor demand for cash flow information, and to pre-commit to a certain composition of earnings in terms of cash flow versus accruals, thus reducing the degree of freedom in earnings management. Our results also suggest that management discloses good news in cash flow to mitigate the negative impact of bad news in earnings, to lend credibility to good news in earnings and to signal economic viability for young firms. Our finding that management cash flow forecasts primarily convey good news is in contrast to the generally negative nature of management earnings guidance and suggests that different incentives drive firm disclosure of different financial information.
Author : United States. Advisory Committee on Corporate Disclosure
Publisher :
ISBN 13 :
Total Pages : 894 pages
Book Rating : 4.F/5 ( download)
Download or read book Report of the Advisory Committee on Corporate Disclosure to the Securities and Exchange Commission written by United States. Advisory Committee on Corporate Disclosure and published by . This book was released on 1977 with total page 894 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Bok Baik
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (13 download)
Download or read book CEO Ability and Management Earnings Forecasts written by Bok Baik and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Trueman (1986) theorizes that managers voluntarily issue earnings forecasts to signal their ability. Consistent with this theory, we find that the likelihood and frequency of management earnings forecast issuance increase with CEO ability, as proxied by (i) press citations, (ii) a measure generated from data envelope analysis, and (iii) industry-adjusted ROA during a specific CEO's tenure. We also report that firms with high ability CEOs issue more accurate forecasts compared to firms with low ability CEOs and that the market is more responsive to the news in forecasts associated with higher ability CEOs compared to the news in forecasts associated with lower ability CEOs. These results suggest that CEO ability adds credibility to management forecasts. Overall, our study highlights that a personal characteristic of the CEO is associated with an important voluntary disclosure.
Author : Stephen P. Baginski
Publisher :
ISBN 13 :
Total Pages : 29 pages
Book Rating : 4.:/5 (129 download)
Download or read book Why Do Managers Explain Their Earnings Forecasts? written by Stephen P. Baginski and published by . This book was released on 2014 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: Managers often explain their earnings forecasts by linking forecasted performance to their internal actions and the actions of parties external to the firm. These attributions potentially aid investors in the interpretation of management forecasts by confirming known relationships between attributions and profitability or by identifying additional causes that investors should consider when forecasting earnings. We investigate why managers choose to provide attributions with their forecasts and whether the attributions are related to security price reactions to management earnings forecasts. Using a sample of 951 management earnings forecasts issued from 1993 to 1996, we find that attributions are more likely for larger firms, less likely for firms in regulated industries, less likely for forecasts issued over longer horizons, more likely for bad news forecasts, and more likely for forecasts that are maximum type. Furthermore, attributions are associated with greater absolute price reactions to management forecasts, more negative price reactions to management forecasts (forecast news held constant), and a greater price reaction per dollar of unexpected earnings. Our findings hold after control for the aforementioned determinants of attributions and after control for other firm- and forecast-specific variables that are often associated with security prices.
Author : Hark-Ppin Yhim
Publisher :
ISBN 13 :
Total Pages : 286 pages
Book Rating : 4.:/5 (318 download)
Download or read book Voluntary Management Earnings Forecasts written by Hark-Ppin Yhim and published by . This book was released on 1994 with total page 286 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Jung Ho Choi
Publisher :
ISBN 13 :
Total Pages : 121 pages
Book Rating : 4.:/5 (175 download)
Download or read book Management Earnings Expectations, Earnings Uncertainty and Voluntary Disclosure of Earnings Forecasts by Management written by Jung Ho Choi and published by . This book was released on 1987 with total page 121 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Stephen P. Baginski
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book The Effect of Legal Environment on Voluntary Disclosure written by Stephen P. Baginski and published by . This book was released on 2014 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Citing fear of legal liability as a partial explanation, prior research documents (1) managers' reluctance to voluntarily disclose management earnings forecasts, and (2) higher forecast disclosure frequencies in periods of bad news. We provide evidence on how management earnings forecast disclosure differs between the United States (U.S.) and Canada, two otherwise similar business environments with different legal regimes. Canadian securities laws and judicial interpretations create a far less litigious environment than exists in the U.S. We find a greater frequency of management earnings forecast disclosure in Canada relative to the U.S. Further, although U.S. managers are relatively more likely to issue forecasts during interim periods in which earnings decrease, Canadian managers do not exhibit that tendency. Instead, Canadian managers issue more forecasts when earnings are increasing, and their forecasts are of annual rather than interim earnings. Also consistent with a less litigious environment, Canadian managers issue more precise and longer-term forecasts. These findings hold after controlling for other determinants of management earnings forecast disclosure that might differ between the two countries: firm size, earnings volatility, information asymmetry, growth, capitalization rates, and membership in high-technology and regulated industries.
Author : Cheng Few Lee
Publisher : World Scientific
ISBN 13 : 9811202400
Total Pages : 5053 pages
Book Rating : 4.8/5 (112 download)
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.
Author : Jinqiu Yan
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (93 download)
Download or read book Voluntary Disclosure in Corporate Control Contests--evidence of Management Earnings Forecast Characteristics and Consequences written by Jinqiu Yan and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation examines how managerial incentives in contested takeovers affect voluntary disclosure strategies. I study characteristics of voluntary disclosure around contested takeovers, based on the conjecture that good news in earnings forecasts serves as a defensive strategy to resist a takeover and/or to negotiate a higher offer price. To gauge the relation of voluntary disclosure on takeover consequences, I examine the association between voluntary disclosure and target premiums as well as the length of time to resolve the acquisition. Using a difference-in-differences research design, I find that relative to friendly targets, target management in contested target firms alters the timing of normal information flows by forecasting more good news during the takeover. Managers also manipulate the content of information by releasing optimistically biased forecasts during the takeover to favorably influence the market. Further investigations indicate that target firms adopt voluntary disclosure and alter strategies at the time of contested takeover as a means to convey favorable inside information. The stock market responds positively to optimistic forecasts issued during the contested takeover. Moreover, voluntary disclosure influences contested takeovers by helping target firms negotiate better offers and postpone the M&A process. As a whole, this study demonstrates that target firms adopt voluntary disclosure and alter their strategies under the threat of contested takeover to reveal their true worth and enhance their bargaining power. Unlike prior literature that documents value-destroying managerial entrenchment resistance, voluntary disclosure by targets with favorable information induces information leakage and is one of the resistance tactics that potentially benefits target shareholders.
Author : Vijay M. Jog
Publisher :
ISBN 13 :
Total Pages : 38 pages
Book Rating : 4.:/5 (129 download)
Download or read book Voluntary Disclosure of Management Earnings Forecasts in Ipos and the Impact on Underpricing and Post - Issue Return Performance written by Vijay M. Jog and published by . This book was released on 1999 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: Underpricing and post - issue return performance of Initial Public Offerings (IPOs) has long been a subject of extensive research and debate. While a variety of explanations for both have been put forward, asymmetric information between the owner/managers (insiders) and the investing public (outsiders) has factored as one of the main explanations. In this paper, we test for one mechanism designed to alleviate asymmetric information, namely, the voluntary disclosure of management earnings forecasts by issuers of IPOs. Our results indicate that the voluntary disclosure of forecasts has had a significant impact on both underpricing and post - issue return performance.
