Earnings Surprises That Motivate Analysts To Reduce Average Forecast Error
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Author | : Orie E. Barron |
Publisher | : |
Total Pages | : 0 |
Release | : 2008 |
Genre | : |
ISBN | : |
Large earnings surprises and negative earnings surprises represent more egregious errors in analysts' earnings forecasts. We find evidence consistent with our expectation that egregious forecast errors motivate analysts to work harder to develop or acquire relatively more private information in an effort to avoid future egregious forecasting failures. Specifically, we find that after large or negative earnings surprises there is a greater reduction in the error in individual analysts' forecasts of future earnings, and these individual forecasts are based more heavily on individual analysts' private information. This increased reliance on private information reduces the mean forecast error for upcoming earnings (even after controlling for the effect of reduced error in individual forecasts). As reliance on private information increases, more of each individual forecast error is idiosyncratic, and thus averaged out in the computation of the mean forecast.
Author | : |
Publisher | : |
Total Pages | : 2892 |
Release | : 2007 |
Genre | : Business |
ISBN | : |
Author | : Eugene Soltes |
Publisher | : Public Affairs |
Total Pages | : 460 |
Release | : 2016-10-11 |
Genre | : Business & Economics |
ISBN | : 1610395360 |
Financial fraud in the United States costs nearly $400 billion annually. The executives responsible for this corporate duplicity usually earn excellent salaries. So why do they become criminals? Harvard Business School professor Eugene Soltes shares his findings after years of extensive research. His numerous case histories make for fascinating reading. He speaks almost exclusively about men so don't look for gender-neutral pronouns. As Soltes explains, "Women are conspicuously absent from the ranks of prominent white-collar criminals." getAbstract recommends his compelling study to business students and professors, executives, business pundits, financial law enforcement officials and anyone who handles the money.
Author | : United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs |
Publisher | : |
Total Pages | : 136 |
Release | : 2004 |
Genre | : Business & Economics |
ISBN | : |
Author | : Peter Easton |
Publisher | : Now Publishers Inc |
Total Pages | : 148 |
Release | : 2009 |
Genre | : Business & Economics |
ISBN | : 1601981945 |
Estimating the Cost of Capital Implied by Market Prices and Accounting Data focuses on estimating the expected rate of return implied by market prices, summary accounting numbers, and forecasts of earnings and dividends. Estimates of the expected rate of return, often used as proxies for the cost of capital, are obtained by inverting accounting-based valuation models. The author describes accounting-based valuation models and discusses how these models have been used, and how they may be used, to obtain estimates of the cost of capital. The practical appeal of accounting-based valuation models is that they focus on the two variables that are commonly at the heart of valuations carried out by equity analysts -- forecasts of earnings and forecasts of earnings growth. The question at the core of this monograph is -- How can these forecasts be used to obtain an estimate of the cost of capital? The author examines the empirical validity of the estimates based on these forecasts and explores ways to improve these estimates. In addition, this monograph details a method for isolating the effect of any factor of interest (such as cross-listing, fraud, disclosure quality, taxes, analyst following, accounting standards, etc.) on the cost of capital. If you are interested in understanding the academic literature on accounting-based estimates of expected rate of return this monograph is for you. Estimating the Cost of Capital Implied by Market Prices and Accounting Data provides a foundation for a deeper comprehension of this literature and will give a jump start to those who have an interest in these topics. The key ideas are introduced via examples based on actual forecasts, accounting information, and market prices for listed firms, and the numerical examples are based on sound algebraic relations.
Author | : Joshua Ronen |
Publisher | : Springer Science & Business Media |
Total Pages | : 587 |
Release | : 2008-08-06 |
Genre | : Business & Economics |
ISBN | : 0387257713 |
This book is a study of earnings management, aimed at scholars and professionals in accounting, finance, economics, and law. The authors address research questions including: Why are earnings so important that firms feel compelled to manipulate them? What set of circumstances will induce earnings management? How will the interaction among management, boards of directors, investors, employees, suppliers, customers and regulators affect earnings management? How to design empirical research addressing earnings management? What are the limitations and strengths of current empirical models?
Author | : |
Publisher | : |
Total Pages | : 564 |
Release | : 2006 |
Genre | : Dissertations, Academic |
ISBN | : |
Author | : International Monetary Fund |
Publisher | : International Monetary Fund |
Total Pages | : 76 |
Release | : 2012-10-04 |
Genre | : Business & Economics |
ISBN | : 1475511310 |
The IMF's 2012 Annual Report chronicles the response of the Fund's Executive Board and staff to the global financial crisis and other events during financial year 2012, which covers the period from May 1, 2011, through April 30, 2012. The print version of the Report is available in eight languages (Arabic, Chinese, English, French, German, Japanese, Russian, and Spanish), along with a CD-ROM (available in English only) that includes the Report text and ancillary materials, including the Fund's Financial Statements for FY2012.
Author | : Aswath Damodaran |
Publisher | : John Wiley & Sons |
Total Pages | : 615 |
Release | : 2012-06-22 |
Genre | : Business & Economics |
ISBN | : 1118235614 |
The guide for investors who want a better understanding of investment strategies that have stood the test of time This thoroughly revised and updated edition of Investment Philosophies covers different investment philosophies and reveal the beliefs that underlie each one, the evidence on whether the strategies that arise from the philosophy actually produce results, and what an investor needs to bring to the table to make the philosophy work. The book covers a wealth of strategies including indexing, passive and activist value investing, growth investing, chart/technical analysis, market timing, arbitrage, and many more investment philosophies. Presents the tools needed to understand portfolio management and the variety of strategies available to achieve investment success Explores the process of creating and managing a portfolio Shows readers how to profit like successful value growth index investors Aswath Damodaran is a well-known academic and practitioner in finance who is an expert on different approaches to valuation and investment This vital resource examines various investing philosophies and provides you with helpful online resources and tools to fully investigate each investment philosophy and assess whether it is a philosophy that is appropriate for you.
Author | : Patricia M. Dechow |
Publisher | : Research Foundation of the Institute of Chartered Financial Analysts |
Total Pages | : 152 |
Release | : 2004-01-01 |
Genre | : Corporate profits |
ISBN | : 9780943205687 |