Misstated Quarterly Earnings, Alternative Information, and Financial Analyst Earnings Forecast Revisions
Author | : Michael L. Ettredge |
Publisher | : |
Total Pages | : 48 |
Release | : 1993 |
Genre | : Financial statements |
ISBN | : |
Download Misstated Quarterly Earnings Alternative Information And Financial Analyst Earnings Forecast Revisions full books in PDF, epub, and Kindle. Read online free Misstated Quarterly Earnings Alternative Information And Financial Analyst Earnings Forecast Revisions ebook anywhere anytime directly on your device. Fast Download speed and no annoying ads. We cannot guarantee that every ebooks is available!
Author | : Michael L. Ettredge |
Publisher | : |
Total Pages | : 48 |
Release | : 1993 |
Genre | : Financial statements |
ISBN | : |
Author | : Jee In Jang |
Publisher | : |
Total Pages | : 139 |
Release | : 1989 |
Genre | : Business forecasting |
ISBN | : |
Author | : Sundaresh Ramnath |
Publisher | : |
Total Pages | : 0 |
Release | : 1997 |
Genre | : |
ISBN | : |
This paper examines the revisions in earnings expectations for non-announcing firms following the earnings announcements of related firms. Specifically, using quarterly earnings data I examine whether such revisions are predictable based on the information released by the announcing firm. Results of the study indicate that the correlation in forecast errors of announcing and non- announcing firms from previous quarters can be used to predict the revisions in earnings expectations of financial analysts and investors around the earnings announcement dates of related firms. Consistent with prior research documenting analyst under-reaction to publicly available information, I also find that analysts' forecast revisions that follow the early announcements do not seem to completely incorporate earnings-related information available from early-announcers in the group. An additional finding is that grouping firms based on patterns in analyst following yields more homogenous sets of firms than classifications based on four-digit SIC codes.
Author | : Lise Newman Graham |
Publisher | : |
Total Pages | : 334 |
Release | : 1993 |
Genre | : Corporate profits |
ISBN | : |
Author | : University Microfilms International (Ann Arbor, MI) |
Publisher | : |
Total Pages | : 97 |
Release | : 1989 |
Genre | : |
ISBN | : |
Author | : Jane Frances Mutchler |
Publisher | : |
Total Pages | : 44 |
Release | : 1993 |
Genre | : Corporation reports |
ISBN | : |
Author | : Yung-Ho Chang |
Publisher | : |
Total Pages | : 240 |
Release | : 2003 |
Genre | : Corporate profits |
ISBN | : |
Author | : Orie E. Barron |
Publisher | : |
Total Pages | : 45 |
Release | : 2016 |
Genre | : |
ISBN | : |
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.
Author | : Yongtae Kim |
Publisher | : |
Total Pages | : 45 |
Release | : 2014 |
Genre | : |
ISBN | : |
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.
Author | : Cheng Few Lee |
Publisher | : World Scientific |
Total Pages | : 5053 |
Release | : 2020-07-30 |
Genre | : Business & Economics |
ISBN | : 9811202400 |
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.