Intra-industry Information Transfers Associated with Management Earnings Forecasts
Author | : Stephen Paul Baginski |
Publisher | : |
Total Pages | : 238 |
Release | : 1986 |
Genre | : Disclosure in accounting |
ISBN | : |
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Author | : Stephen Paul Baginski |
Publisher | : |
Total Pages | : 238 |
Release | : 1986 |
Genre | : Disclosure in accounting |
ISBN | : |
Author | : Tunde Kovacs |
Publisher | : |
Total Pages | : 49 |
Release | : 2015 |
Genre | : |
ISBN | : |
This study examines the role of intra-industry information transfers in the analyst forecast-based post-earnings announcement drift. I find that subsequent same-industry-peer earnings announcements influence a firm's post-earnings announcement drift if these subsequent announcements confirm the firm's initial earnings surprise and the firm's industry exhibits ex-ante positive (common effect) intra-industry information transfers. The results suggest that underreaction to industry-specific information contributes to analyst forecast-based post-earnings announcement drift.
Author | : Greg Clinch |
Publisher | : |
Total Pages | : 176 |
Release | : 1984 |
Genre | : Corporate profits |
ISBN | : |
Author | : Gilles Hilary |
Publisher | : |
Total Pages | : 51 |
Release | : 2013 |
Genre | : |
ISBN | : |
When a firm issues a management forecast, analysts who have observed more forecasts from this firm since covering it (i.e., have more MF-experience) subsequently improve their own accuracy more and provide timelier earnings forecasts for other (non-issuing) firms in the same industry. We also find that, subsequent to a management forecast, investors are more responsive to forecast revisions for non-issuing firms made by analysts with more MF-experience. Further tests suggest that our results are not explained by endogeneity in firm coverage.
Author | : Yongtae Kim |
Publisher | : |
Total Pages | : |
Release | : 2009 |
Genre | : |
ISBN | : |
We examine positive and negative information transfers associated with management earnings and revenue forecasts. Positive information transfers are due to industry commonalities whereas negative information transfers are caused by competitive shifts. We argue that positive and negative intra-industry information transfers offset each other and lead to an overall finding of no information transfers even though they exist. We also conjecture that the type of information transfers from the same management forecast can be positive or negative based on the characteristics of the information receiver. We hypothesize positive information transfers to non-rival firms and negative information transfers to rivals. Consistent with our prediction, we find negative (positive) information transfers between forecasting firms and non-forecasting rival (non-rival) firms in the same industry. Through analyses using competitors identified by Hoover's and 10-K reports, we show more general evidence of negative information transfers to rival firms.
Author | : Hwa Deuk Yi |
Publisher | : |
Total Pages | : 236 |
Release | : 1994 |
Genre | : Corporate profits |
ISBN | : |
Author | : Francois Brochet |
Publisher | : |
Total Pages | : 62 |
Release | : 2018 |
Genre | : |
ISBN | : |
A long-standing literature documents the existence of intra-industry capital market co-movements around earnings releases, yet the dynamics of these information transfers remain largely unexplored. We provide evidence on both the sources and the channels of information transfers by separating two distinct events within the reporting window, and by exploring potential mechanisms of information flows. First, we examine the intra-industry information transfer associated with quarterly earnings conference calls, using intra-day data to decouple their effects from those of the associated earnings announcements. We document that the co-movement of absolute and signed stock returns over the conference call windows of announcing firms and their industry peers are statistically and economically larger than the co-movement over the corresponding earnings announcement windows. Turning to mechanisms, we find that shared analyst coverage, coverage by analysts providing industry recommendations, shared institutional ownership, and joint financial press mentions are each individually and incrementally associated with higher rate of information transfer over both the earnings announcement and conference call windows. Additional analyses reveal that information transfer occurs both to peers that have already announced and those that are yet to announce, and that peer mentions and macroeconomic discussions are both significant contributors to the conference call information transfers.
Author | : George Foster |
Publisher | : |
Total Pages | : 46 |
Release | : 1981 |
Genre | : Investment analysis |
ISBN | : |
Author | : Mike Metcalfe |
Publisher | : Springer Science & Business Media |
Total Pages | : 354 |
Release | : 2012-12-06 |
Genre | : Business & Economics |
ISBN | : 1461522552 |
This book is about managing the task of forecasting profit. It builds a case for using multiple methods, providing examples of each method, and suggesting practical techniques to use in dealing with the issues and problems of accuracy in profit forecasts. All the elements that infringe on profits (costs, sales, budgeting, investment, and loan default) are examined within this framework. In addition to synthesizing the research, Professor Metcalfe has applied his own research work on forecast modeling and judgmental methods. The final result is a practical reference book for making more accurate profit forecasts.