Forward Looking Earnings Statements PDF Download
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Author | : Gregory S. Miller |
Publisher | : |
Total Pages | : 49 |
Release | : 2013 |
Genre | : |
ISBN | : |
Download Forward-Looking Earnings Statements Book in PDF, ePub and Kindle
This paper identifies cross-sectional factors that motivate the disclosure of forward-looking earnings information and documents that these disclosures impact market prices by quot;pulling forwardquot; future earnings information. We examine a set of firms facing poor current earnings performance, undervaluation concerns, investor neglect and extreme pessimism and find significant cross-sectional variation regarding whether these firms provide forward-looking earnings information to correct market misperceptions in advance of the earnings announcement. Consistent with existing theory, firms with stronger and more persistent earnings news are more likely to provide forward-looking disclosures during the turnaround period. Moreover, we find that firms operating in high litigation industries, possessing strong institutional ownership, having greater stock option-based compensation and facing larger non-equity stakeholders are more likely to provide disclosures. Alternatively, we find evidence that the use of alternative financial signaling mechanisms (share repurchases and dividend increases) lowers the probability that managers will make forward-looking disclosures. Market-based tests indicate that the disclosed information is value-relevant. The market responds in a significantly positive manner to forecasts of earnings (i.e., forward-looking statements provided outside of earnings announcements) as well as to forward-looking statements bundled in current earnings announcements (after controlling for the current period's earnings information). Furthermore, these responses are positively correlated with future seasonally-adjusted changes in earnings, indicating the disclosures are effective in pulling forward future mandatory information. Finally, the market reaction to the announcements of previously preempted earnings is less than that of unpreempted earnings, providing additional evidence that the disclosures are effectively pulling-forward the eventual mandatory earnings information.
Author | : Zahn Bozanic |
Publisher | : |
Total Pages | : 60 |
Release | : 2018 |
Genre | : |
ISBN | : |
Download Management Earnings Forecasts and Other Forward-Looking Statements Book in PDF, ePub and Kindle
We identify forward-looking statements (FLS) in firms' disclosures to distinguish between “forecast-like” (quantitative statements about earnings) and “other”, or non-forecast-like, FLS. We show that, like earnings forecasts, other FLS generate significant investor and analyst responses. Unlike earnings forecasts, other FLS are issued more frequently when uncertainty is higher. We then show that earnings-related FLS are more sensitive to uncertainty than quantitative statements, suggesting that managers are more likely to alter the content than the form of FLS when uncertainty is higher. Our study indicates that incorporating other FLS into empirical measures provides a more comprehensive proxy for firms' voluntary disclosures.
Author | : Nan Hu |
Publisher | : |
Total Pages | : |
Release | : 2018 |
Genre | : |
ISBN | : |
Download Forward-Looking Statement and Corporate Future Performance ----Based on Text Mining and Machine Learning Technology Book in PDF, ePub and Kindle
This paper analyzes the usefulness of the forward-looking information disclosed in the annual report based on the 2011-2016 financial report of listed companies. We construct a new forward-looking information disclosure index based on the forward-looking information in the annual report environment obtained through the Word2Vec machine learning technology and the word frequency of all the words calculated by the natural language processing and text analysis. Our results show that the level of forward-looking information disclosure is positively correlated with the company's future performance. Further research indicates that the stronger the readability of the company's annual report is, the stronger the relationship between forward-looking information and the company's future performance will be. And the relationship between forward-looking information and the company's future performance is more concentrated on firms with high information asymmetry. Besides, subsequent evidence finds that forward-looking information can effectively inhibit the opacity of the company's financial information, especially the company's positive earnings manipulation, thus further confirming the usefulness of forward-looking information.
Author | : Baruch Lev |
Publisher | : John Wiley & Sons |
Total Pages | : 268 |
Release | : 2016-06-14 |
Genre | : Business & Economics |
ISBN | : 1119191084 |
Download The End of Accounting and the Path Forward for Investors and Managers Book in PDF, ePub and Kindle
An innovative new valuation framework with truly useful economic indicators The End of Accounting and the Path Forward for Investors and Managers shows how the ubiquitous financial reports have become useless in capital market decisions and lays out an actionable alternative. Based on a comprehensive, large-sample empirical analysis, this book reports financial documents' continuous deterioration in relevance to investors' decisions. An enlightening discussion details the reasons why accounting is losing relevance in today's market, backed by numerous examples with real-world impact. Beyond simply identifying the problem, this report offers a solution—the Value Creation Report—and demonstrates its utility in key industries. New indicators focus on strategy and execution to identify and evaluate a company's true value-creating resources for a more up-to-date approach to critical investment decision-making. While entire industries have come to rely on financial reports for vital information, these documents are flawed and insufficient when it comes to the way investors and lenders work in the current economic climate. This book demonstrates an alternative, giving you a new framework for more informed decision making. Discover a new, comprehensive system of economic indicators Focus on strategic, value-creating resources in company valuation Learn how traditional financial documents are quickly losing their utility Find a path forward with actionable, up-to-date information Major corporate decisions, such as restructuring and M&A, are predicated on financial indicators of profitability and asset/liabilities values. These documents move mountains, so what happens if they're based on faulty indicators that fail to show the true value of the company? The End of Accounting and the Path Forward for Investors and Managers shows you the reality and offers a new blueprint for more accurate valuation.
Author | : American Institute of Certified Public Accountants. Financial Forecasts and Projections Task Force |
Publisher | : |
Total Pages | : 252 |
Release | : 1986 |
Genre | : Business forecasting |
ISBN | : |
Download Guide for Prospective Financial Statements Book in PDF, ePub and Kindle
Author | : John Shon |
Publisher | : Pearson Education |
Total Pages | : 23 |
Release | : 2011-03-16 |
Genre | : Business & Economics |
ISBN | : 0132659549 |
Download Why Are Earnings Announcements So Important to Traders and Investors? Book in PDF, ePub and Kindle
This Element is an excerpt from Trading on Corporate Earnings News: Profiting from Targeted, Short-Term Options Positions (9780137084920) by John Shon, Ph.D., and Ping Zhou, Ph.D. Available in print and digital formats. Understand those crucial quarterly earning announcements: how they work, and how they impact stock prices. Quarterly earnings announcement are the most salient, most anticipated, regularly-recurring announcement that companies make. They are the most watched piece of information that comes directly from the people that know the business the best. They are also considered the most reliable source of information, largely because companies are subject to strict SEC Rule 10b-5 rules...
Author | : Julian Opferkuch |
Publisher | : |
Total Pages | : 40 |
Release | : 2018 |
Genre | : |
ISBN | : |
Download The Information Content of Managers' Forward-Looking Disclosures Book in PDF, ePub and Kindle
I use textual analysis to measure the amount of forward-looking disclosures in public firms' 10-K reports, and relate it to the forecast revisions of sell-side analysts around the publication dates of these reports. By focusing on the revisions of forecasts made after the publication of a firm's financial results for the fiscal year covered by its report, I ensure that my findings are not driven by the simultaneous disclosure of forward-looking and financial information. Using a sample of 13484 firm-year observations, I find that more analysts revise their 1-year earnings per share (EPS) forecasts in response to a 10-K filing if the corresponding report contains more forward-looking expressions. Furthermore, among those analysts who responded to a report publication, the error of their revised forecasts is smaller for firms whose reports contain more forward-looking statements. These findings suggest that analysts perceive managers' forward-looking disclosures to be informative, and that their perception is justified. Further analyses reveal that the perceived and actual informativeness of such disclosures is more pronounced among firms which are opaque or experienced a strong recent profitability growth. I also find evidence that managers' forward-looking disclosures affect analysts' longer-term EPS forecasts in a similar way as their short-term forecasts.
Author | : Lee H. Radebaugh |
Publisher | : John Wiley & Sons |
Total Pages | : 520 |
Release | : 2006-01-04 |
Genre | : Business & Economics |
ISBN | : 0471652695 |
Download International Accounting and Multinational Enterprises Book in PDF, ePub and Kindle
This text presents international accounting within the context of managing multinational enterprises, focusing on business strategies and how accounting applies to these strategies. This unique approach gives students the opportunity to learn about international accounting from a perspective similar to what they will experience in the business world. The book explains the key factors that influence accounting standards and practices in different countires, and how those factors impact the convergence of standards worldwide. Particular emphasis is given to culture and its unique contribution to accounting standards and practices worldwide. The book focuses on the needs of users of financial and accounting information across borders with the aim of enhancing their understanding of how to use information and make more informed decisions in an increasingly complex and dynamic international business environment.
Author | : Gerald I. White |
Publisher | : John Wiley & Sons |
Total Pages | : 786 |
Release | : 2002-12-30 |
Genre | : Business & Economics |
ISBN | : 0471375942 |
Download The Analysis and Use of Financial Statements Book in PDF, ePub and Kindle
Accounting Standards (US and International) have been updated to reflect the latest pronouncements. * An increased international focus with more coverage of IASC and non-US GAAPs and more non-US examples.
Author | : American Institute of Certified Public Accountants. Financial Forecasts and Projections Task Force |
Publisher | : |
Total Pages | : 120 |
Release | : 1982 |
Genre | : Business forecasting |
ISBN | : |
Download Guide for a Review of a Financial Forecast Book in PDF, ePub and Kindle