Understanding The Accuravy Of Analysts Earnings Forecasts A Behavioural Perspective
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The Determinants of the Accuracy of Analysts' Earnings Forecasts
Author | : Svetlana Mira |
Publisher | : |
Total Pages | : 672 |
Release | : 2005 |
Genre | : Corporate governance |
ISBN | : |
New Determinants of Analysts’ Earnings Forecast Accuracy
Author | : Tanja Klettke |
Publisher | : Springer Science & Business |
Total Pages | : 120 |
Release | : 2014-04-28 |
Genre | : Business & Economics |
ISBN | : 3658056347 |
Financial analysts provide information in their research reports and thereby help forming expectations of a firm’s future business performance. Thus, it is essential to recognize analysts who provide the most precise forecasts and the accounting literature identifies characteristics that help finding the most accurate analysts. Tanja Klettke detects new relationships and identifies two new determinants of earnings forecast accuracy. These new determinants are an analyst’s “general forecast effort” and the “number of supplementary forecasts”. Within two comprehensive empirical investigations she proves these measures’ power to explain accuracy differences. Tanja Klettke’s research helps investors and researchers to identify more accurate earnings forecasts.
Analysts' Herding Propensity
Author | : Murugappa (Murgie) Krishnan |
Publisher | : |
Total Pages | : 39 |
Release | : 2007 |
Genre | : |
ISBN | : |
We model and estimate analysts' herding propensity with I/B/E/S annual earnings forecast data. Compared to prior studies, our paper has three unique features. First, we estimate analysts' true posterior beliefs of a firm's earnings assuming rational expectations rather than using analysts' own prior forecasts. Second, we estimate analysts' herding propensity at aggregate and the analyst levels rather than the forecast level. Third, we perform out-of-sample rather than in-sample tests on the usefulness of our herding propensity estimates. We document pervasive herding behavior. At the aggregate level, we find that herding propensity is positively related to forecast horizon and analyst coverage, but negatively related to analysts' general experience and brokerage size. At the analyst level, we find that about 75% (15%) of the analysts in our sample tend to herd (anti-herd). Moreover, our in-sample herding propensity estimates are useful in explaining the cross-sectional variation in analysts' out-of-sample herding behavior and forecast accuracy.
Financial Analysts' Forecasts and Stock Recommendations
Author | : Sundaresh Ramnath |
Publisher | : Now Publishers Inc |
Total Pages | : 125 |
Release | : 2008 |
Genre | : Business & Economics |
ISBN | : 1601981627 |
Financial Analysts' Forecasts and Stock Recommendations reviews research related to the role of financial analysts in the allocation of resources in capital markets. The authors provide an organized look at the literature, with particular attention to important questions that remain open for further research. They focus research related to analysts' decision processes and the usefulness of their forecasts and stock recommendations. Some of the major surveys were published in the early 1990's and since then no less than 250 papers related to financial analysts have appeared in the nine major research journals that we used to launch our review of the literature. The research has evolved from descriptions of the statistical properties of analysts' forecasts to investigations of the incentives and decision processes that give rise to those properties. However, in spite of this broader focus, much of analysts' decision processes and the market's mechanism of drawing a useful consensus from the combination of individual analysts' decisions remain hidden in a black box. What do we know about the relevant valuation metrics and the mechanism by which analysts and investors translate forecasts into present equity values? What do we know about the heuristics relied upon by analysts and the market and the appropriateness of their use? Financial Analysts' Forecasts and Stock Recommendations examines these and other questions and concludes by highlighting area for future research.
The Accuracy of Analysts' Earnings Forecasts and SFAS No. 52
Author | : Gordian A. Ndubizo |
Publisher | : |
Total Pages | : 22 |
Release | : 1988 |
Genre | : Business forecasting |
ISBN | : |
Advances in Accounting Behavioral Research
Author | : Khondkar E. Karim |
Publisher | : Emerald Group Publishing |
Total Pages | : 200 |
Release | : 2021-01-20 |
Genre | : Business & Economics |
ISBN | : 1800710127 |
Advances in Accounting Behavioral Research promotes research across all areas of accounting, incorporating theory from, and contributing knowledge to, the fields of applied psychology, sociology, management science, ethics and economics.
Accuracy, Bias, and Dispersion in Analysts' Earnings Forecasts: the Case of Cross-listed Foreign Firms
Author | : Somnath Das (Saudagaran, Shahrokh M.) |
Publisher | : |
Total Pages | : |
Release | : |
Genre | : |
ISBN | : |