The Accuracy Of Analyst Forecasts

Author : Tanja Klettke
Publisher : Springer Science & Business
Page : 101 pages
File Size : 43,5 Mb
Release : 2014-04-28
Category : Business & Economics
ISBN : 9783658056346

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New Determinants of Analysts’ Earnings Forecast Accuracy by Tanja Klettke Pdf

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.

Author : Patrick J. Butler
Publisher : diplom.de
Page : 99 pages
File Size : 50,8 Mb
Release : 2002-12-04
Category : Business & Economics
ISBN : 9783832461676

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The Accuracy of Analyst Forecasts by Patrick J. Butler Pdf

Inhaltsangabe:Abstract: This paper investigates the quality of financial analysts' earnings forecasts for companies which conducted initial public offerings (IPOs) during the years 1997 to 1999. The Neue Markt in Frankfurt offers a good setting to also study the development of a young market from the beginning of its operation onwards. I find support for the notion that initial returns and analysts' forecast accuracy are negatively related. I find that analysts' forecasts were by no means accurate. Mean forecast deviation, measured as percent deviation from actual earnings per share for the fiscal year, is 186.61 percent for the average broker. The sample is inhibited by serious availability problems, but all the same allows significant findings. Inhaltsverzeichnis:Table of Contents: 1.Introduction5 2.Literature10 2.1Banking systems the German framework10 2.2Conflict of interest as regulated in the German legal system12 2.3The quality of analysts' forecasts and conflicts of interest16 2.4The long-run underperformance phenomenon23 2.5Predicting the aftermarket performance of IPOs27 2.6Summary39 3.Data41 4.Method49 5.Empirical Results53 5.1IPOs differentiated by year of issue53 5.2Disparities of actual values58 5.3Earning per share found in annual reports as basis62 5.4IPOs differentiated by industry classification67 5.5Percentage deviations differentiated by Brokers73 6.Additional Results80 6.1Large German banks seasoned vs. IPO companies80 6.2The time factor86 6.3The relevance of accounting policy88 7.Summary and Conclusion92 8.References95

Author : Patricia C. O'brien
Publisher : Forgotten Books
Page : 38 pages
File Size : 51,8 Mb
Release : 2016-09-26
Category : Mathematics
ISBN : 1333752547

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Forecast Accuracy of Individual Analysts by Patricia C. O'brien Pdf

Excerpt from Forecast Accuracy of Individual Analysts: A Nine-Industry Study Second, because the error terms in the fixed effects model are severely non normal, a non-parametric approach is taken. The non-parametric tests compare, for each industry, the observed distribution of analysts' average (through time) ranks with the distribution which would be expected if all analysts are alike, and each year is an independent observation. The non-parametric tests fail to reject the hypothesis that the observed distribution is identical to the expected distribution, in eight of the nine industries. Continuing research will investigate the source of the differences in the single industry in which the null hypothesis is rejected. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.

Author : Patricia C O'Brien,Sloan School of Management
Publisher : Legare Street Press
Page : 0 pages
File Size : 47,7 Mb
Release : 2023-07-18
Category : Electronic
ISBN : 1022220411

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Forecast Accuracy of Individual Analysts by Patricia C O'Brien,Sloan School of Management Pdf

This book provides a detailed analysis of the accuracy of forecasts made by individual analysts across nine different industries. It explores the factors that contribute to forecast accuracy and provides insights into how these factors can be used to improve forecasting performance. The author, Patricia C. O'Brien, is a well-respected economist and her research has significant implications for businesses and investors who rely on forecasts in their decision-making processes. This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work is in the "public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.

Author : Sundaresh Ramnath,Steve Rock,Philip B. Shane
Publisher : Now Publishers Inc
Page : 125 pages
File Size : 48,5 Mb
Release : 2008
Category : Business & Economics
ISBN : 9781601981622

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Financial Analysts' Forecasts and Stock Recommendations by Sundaresh Ramnath,Steve Rock,Philip B. Shane Pdf

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.

Author : Wenjuan Xie
Publisher : Unknown
Page : 138 pages
File Size : 54,5 Mb
Release : 2008
Category : Electronic
ISBN : WISC:89101820082

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Three Essays on Analyst Earnings Forecast by Wenjuan Xie Pdf

Author : Sebastian Gell
Publisher : Springer Science & Business Media
Page : 144 pages
File Size : 43,8 Mb
Release : 2012-03-26
Category : Business & Economics
ISBN : 9783834939371

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Determinants of Earnings Forecast Error, Earnings Forecast Revision and Earnings Forecast Accuracy by Sebastian Gell Pdf

​Earnings forecasts are ubiquitous in today’s financial markets. They are essential indicators of future firm performance and a starting point for firm valuation. Extremely inaccurate and overoptimistic forecasts during the most recent financial crisis have raised serious doubts regarding the reliability of such forecasts. This thesis therefore investigates new determinants of forecast errors and accuracy. In addition, new determinants of forecast revisions are examined. More specifically, the thesis answers the following questions: 1) How do analyst incentives lead to forecast errors? 2) How do changes in analyst incentives lead to forecast revisions?, and 3) What factors drive differences in forecast accuracy?

Author : Patricia C. O'Brien,Sloan School of Management
Publisher : Nabu Press
Page : 40 pages
File Size : 50,7 Mb
Release : 2014-01
Category : Electronic
ISBN : 1293452351

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Forecast Accuracy of Individual Analysts by Patricia C. O'Brien,Sloan School of Management Pdf

This is a reproduction of a book published before 1923. This book may have occasional imperfections such as missing or blurred pages, poor pictures, errant marks, etc. that were either part of the original artifact, or were introduced by the scanning process. We believe this work is culturally important, and despite the imperfections, have elected to bring it back into print as part of our continuing commitment to the preservation of printed works worldwide. We appreciate your understanding of the imperfections in the preservation process, and hope you enjoy this valuable book.

Author : Michael Gilliland,Len Tashman,Udo Sglavo
Publisher : John Wiley & Sons
Page : 419 pages
File Size : 49,9 Mb
Release : 2016-01-05
Category : Business & Economics
ISBN : 9781119224563

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Business Forecasting by Michael Gilliland,Len Tashman,Udo Sglavo Pdf

A comprehensive collection of the field's most provocative, influential new work Business Forecasting compiles some of the field's important and influential literature into a single, comprehensive reference for forecast modeling and process improvement. It is packed with provocative ideas from forecasting researchers and practitioners, on topics including accuracy metrics, benchmarking, modeling of problem data, and overcoming dysfunctional behaviors. Its coverage includes often-overlooked issues at the forefront of research, such as uncertainty, randomness, and forecastability, as well as emerging areas like data mining for forecasting. The articles present critical analysis of current practices and consideration of new ideas. With a mix of formal, rigorous pieces and brief introductory chapters, the book provides practitioners with a comprehensive examination of the current state of the business forecasting field. Forecasting performance is ultimately limited by the 'forecastability' of the data. Yet failing to recognize this, many organizations continue to squander resources pursuing unachievable levels of accuracy. This book provides a wealth of ideas for improving all aspects of the process, including the avoidance of wasted efforts that fail to improve (or even harm) forecast accuracy. Analyzes the most prominent issues in business forecasting Investigates emerging approaches and new methods of analysis Combines forecasts to improve accuracy Utilizes Forecast Value Added to identify process inefficiency The business environment is evolving, and forecasting methods must evolve alongside it. This compilation delivers an array of new tools and research that can enable more efficient processes and more accurate results. Business Forecasting provides an expert's-eye view of the field's latest developments to help you achieve your desired business outcomes.

Author : Kenneth D. Lawrence,Ronald K. Klimberg
Publisher : Emerald Group Publishing
Page : 219 pages
File Size : 49,5 Mb
Release : 2011-11-16
Category : Business & Economics
ISBN : 9780857249593

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Advances in Business and Management Forecasting by Kenneth D. Lawrence,Ronald K. Klimberg Pdf

Intends to present advanced studies in the application of forecasting methodologies to such areas as sales, marketing, and strategic decision making. This title includes topics such as: sales and marketing, forecasting, new product forecasting, judgmentally-based forecasting, the application of surveys to forecasting, and sales response models.

Author : John R. Graham,Jana S. Raedy,Douglas A. Shackelford
Publisher : Now Pub
Page : 176 pages
File Size : 53,9 Mb
Release : 2012-11-09
Category : Business & Economics
ISBN : 1601986122

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Accounting for Income Taxes by John R. Graham,Jana S. Raedy,Douglas A. Shackelford Pdf

Accounting for Income Taxes is the most comprehensive review of AFIT research. It is designed both to introduce new scholars to this field and to encourage active researchers to expand frontiers related to accounting for income taxes. Accounting for Income Taxes includes both a primer about the rules governing AFIT (Sections 3-4) and a review of the scholarly studies in the field (Sections 5-8). The primer uses accessible examples and clear language to express essential AFIT rules and institutional features. Section 3 reviews the basic rules and institutional details governing AFIT. Section 4 discusses ways that researchers, policymakers, and other interested parties can use the tax information in financial statements to better approximate information in the tax return. The second half of the monograph reviews the extant scholarly studies by splitting the research literature into four topics: earnings management, the association between book-tax differences and earnings characteristics, the equity market pricing of information in the tax accounts, and book-tax conformity. Section 5 focuses on the use of the tax accounts to manage earnings through the valuation allowance, the income tax contingency, and permanently reinvested foreign earnings. Section 6 discusses the association between book-tax differences and earnings characteristics, namely earnings growth and earnings persistence. Section 7 explores how tax information is reflected in share prices. Section 8 reviews the increased alignment of accounting for book purposes and tax purposes. The remainder of the paper focuses on topics of general interest in the economics and econometric literatures. Section 9 highlights some issues of general importance including a theoretical framework to interpret and guide empirical AFIT studies, the disaggregated components of book-tax differences and research opportunities as the U.S. moves toward International Financial Reporting Standards (IFRS). Section 10 discusses econometric weaknesses that are common in AFIT research and proposes ways to mitigate their deleterious effects.

Author : Cheng F. Lee
Publisher : World Scientific
Page : 376 pages
File Size : 51,6 Mb
Release : 2006
Category : Business & Economics
ISBN : 9789812772824

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Advances in Quantitative Analysis of Finance and Accounting by Cheng F. Lee Pdf

Annotation. Advances in Quantitative Analysis of Finance and Accounting is an annual publication to disseminate developments in the quantitative analysis of finance and accounting. The publication is a forum for statistical and quantitative analyses of issues in finance and accounting as well as applications of quantitative methods to problems in financial management, financial accounting, and business management. The objective is to promote interaction between academic research in finance and accounting and applied research in the financial community and the accounting profession. The papers in this volume cover a wide range of topics including earnings management, management compensation, option theory and application, debt management and interest rate theory, and portfolio diversification.

Author : Ronald S. Burt
Publisher : Oxford University Press
Page : 410 pages
File Size : 48,9 Mb
Release : 2010-01-14
Category : Business & Economics
ISBN : 9780199570690

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Neighbor Networks by Ronald S. Burt Pdf

In this book Burt examines the cases of analysts, bankers, and managers, and find that rewards, in fact, do go to people with well-connected colleagues. It shows how individuals make use of their social networks to further their careers.

Author : Tra Lam Pham,Quang Huy Pham
Publisher : Springer Nature
Page : 525 pages
File Size : 42,9 Mb
Release : 2023-05-23
Category : Business & Economics
ISBN : 9789464631500

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Proceedings of the International Conference on Emerging Challenges: Strategic Adaptation in the World of Uncertainties (ICECH 2022) by Tra Lam Pham,Quang Huy Pham Pdf

This is an open access book.University of Economics Ho Chi Minh City, Hanoi University of Science and Technology – School of Economics and Management, University of Economics and Business - Vietnam National University, Hanoi, National Economics University – Faculty of Business and Management, The University of Danang – University of Economics, Vietnam National University – International School, Foreign Trade University, University of Hertfordshire (UK), AVSE Global (France) and PPM School of Management (Indonesia) will organize The 10th International Conference on Emerging Challenges: Strategic Adaptation in the World of Uncertainties (SAWU) in Ho Chi Minh City, Vietnam (online sessions available for international participants) on November 4-5, 2022. We would like to invite you to be a part of the ICECH2022 and submit your research papers for presentation consideration. The aim of ICECH2022 is to provide a forum for academics and professionals to share research findings, experiences and knowledge for adaptation and business strategy in a post-Covid as well as various uncertainties and complexities in the world in the Asia-Pacific region. We welcome the submissions in Economics, Business, Innovation Management, and Business Law. Authors of accepted papers will be invited to present their work at the Conference. In addition, authors of best papers will also be invited to submit their papers to a special issue or a regular issue for publication consideration in selected journals. These papers will also be under an official double-blind peer-reviewed process by the journal.

Author : Philip Brown
Publisher : Routledge
Page : 443 pages
File Size : 48,5 Mb
Release : 2013-06-19
Category : Business & Economics
ISBN : 9781135077587

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Financial Accounting and Equity Markets by Philip Brown Pdf

Philip Brown is one of the most admired and respected accounting academics alive today. He was a pioneer in capital markets research in accounting, and his 1968 article, co-authored with Ray Ball, "An Empirical Evaluation of Accounting Income Numbers," arguably had a greater impact on the course of accounting research, directly and indirectly, than any other article during the second half of the twentieth century. Since that time, his innovative research has focused on issues that bridge accounting and finance, including the relationships between net profit reports and the stock market, the long-run performance of acquiring firms, statutory sanctions and voluntary corporate disclosure, and the politics and future of national accounting standards to name a few. This volume brings together the greatest hits of Brown’s career, including several articles that were published in out-of-the-way places, for easier use by students and researchers in the field. With a foreword written by Stephen A. Zeff, and an introduction that discusses the evolution of Brown’s research interests and explains the context for each of the essays included in the volume, this book offers the reader a unique look inside this remarkable 50-year career.