An Empirical Test Of Learning In Management Earnings Forecasts PDF Download
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Author | : Yuan Shi (Ph.D.) |
Publisher | : |
Total Pages | : 98 |
Release | : 2019 |
Genre | : Business forecasting |
ISBN | : |
Download An Empirical Test of Learning in Management Earnings Forecasts Book in PDF, ePub and Kindle
My dissertation examines whether managers issuing earnings guidance learn from the forecast errors in prior earnings guidance issued by them. Using data on quarterly earnings forecasts issued by managers during the period from 2001 to 2016, I find results that are consistent with managers learning from their previous forecast errors to improve their forecast accuracy. However, the intensity of the managers' reactions to previous forecast errors is asymmetric. Consistent with prior literature that emphasizes the importance of meeting or beating forecasts for managers, certain managers that miss their own forecasts tend to be conservative enough in their future forecasts to avoid missing their own forecasts again. However, as expected, when the managers have met or beaten their previous forecasts, they have a smaller forecast error, but they still beat their previous forecasts. Additional analysis suggests that these effects persist even after controlling for potential earnings management to achieve these earnings targets. I also examine the impact of managerial attributes and board governance characteristics on the learning process. My analysis suggests that while CEO overconfidence and CFO overconfidence appear to impede learning, Managerial ability, CEO duality and outside CEO(s) as director(s) strengthen the learning effect. My findings shed light on an important aspect of management guidance and may have implications for users of this information such as financial analysts and investors.
Author | : Charles Edward Weis |
Publisher | : |
Total Pages | : 378 |
Release | : 1974 |
Genre | : Investments |
ISBN | : |
Download An Empirical Test of the Utility of Policy Capturing Models as an Aid to Improving the Accuracy of Earnings Forecasts Book in PDF, ePub and Kindle
Author | : Gregory Brooks Waymire |
Publisher | : |
Total Pages | : 156 |
Release | : 1984 |
Genre | : Business forecasting |
ISBN | : |
Download An Empirical Analysis of Voluntary Management Earnings Forecasts Book in PDF, ePub and Kindle
Author | : Sanjeev Bhojraj |
Publisher | : |
Total Pages | : 200 |
Release | : 1999 |
Genre | : |
ISBN | : |
Download Management Earnings Forecasts Book in PDF, ePub and Kindle
Author | : Joshua Ronen |
Publisher | : Springer Science & Business Media |
Total Pages | : 587 |
Release | : 2008-08-06 |
Genre | : Business & Economics |
ISBN | : 0387257713 |
Download Earnings Management Book in PDF, ePub and Kindle
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 | : Lyal Val Gustafson |
Publisher | : |
Total Pages | : |
Release | : 1991 |
Genre | : |
ISBN | : |
Download An empirical investigation of the usefulness of management earnings forecasts as evidenced by their effect on analysts' predictions Book in PDF, ePub and Kindle
Author | : Lyal V. Gustafson |
Publisher | : |
Total Pages | : 163 |
Release | : 1989 |
Genre | : |
ISBN | : |
Download An Empirical Investigation of the Usefulness of Management Earnings Forecasts as Evidenced by Their Effect on Analysts' Predictions Book in PDF, ePub and Kindle
Author | : Lyal Val Gustafson |
Publisher | : |
Total Pages | : 326 |
Release | : 1989 |
Genre | : Business forecasting |
ISBN | : |
Download An Empirical Investigation of the Usefulness of Management Earnings Forecasts as Evidenced by Their Effects on Analysts' Predictions Book in PDF, ePub and Kindle
Author | : Somnath Das |
Publisher | : |
Total Pages | : 55 |
Release | : 2018 |
Genre | : |
ISBN | : |
Download An Empirical Examination of the Divergence Between Managers' and Analysts' Earnings Forecasts Book in PDF, ePub and Kindle
We study circumstances when analysts' forecasts diverge from managers' forecasts after management guidance, and the consequences of this divergence for investors and analysts. Our results show that investors' return response to earnings surprises based on analyst forecasts is significantly weaker when analyst and management forecasts diverge, and that this attenuating effect is stronger when the management forecast is more credible. When the divergent management forecast is more accurate than the analyst consensus forecast, the subsequent-quarter analyst consensus forecast is significantly more accurate than that of the current quarter, and exhibits less serial correlation. Overall, our findings suggest that, when analyst and management forecasts diverge, investors find the two sources to contain complementary information, and analysts learn to improve their subsequent forecasts.
Author | : Gary Allen Porter |
Publisher | : |
Total Pages | : 278 |
Release | : 1977 |
Genre | : Business enterprises |
ISBN | : |
Download An Empirical Examination Into the Determinants of the Accuracy of Management Forecasts of Earnings Book in PDF, ePub and Kindle