Security Analysts Earnings Forecasts And The Capital Market PDF Download
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Author | : Philip Brown |
Publisher | : |
Total Pages | : 188 |
Release | : 1985 |
Genre | : Business & Economics |
ISBN | : |
Download Security Analyst Multi-year Earnings Forecasts and the Capital Market Book in PDF, ePub and Kindle
Author | : Philip Anthony Brown |
Publisher | : |
Total Pages | : 10 |
Release | : 1983 |
Genre | : Income forecasting |
ISBN | : |
Download Security Analysts, Earnings Forecasts and the Capital Market Book in PDF, ePub and Kindle
Author | : John S. Hughes |
Publisher | : |
Total Pages | : 92 |
Release | : 1984 |
Genre | : Accounting |
ISBN | : 9780865390485 |
Download A Contract Perspective on Accounting Valuation Book in PDF, ePub and Kindle
Author | : John G. Cragg |
Publisher | : University of Chicago Press |
Total Pages | : 185 |
Release | : 2009-05-15 |
Genre | : Business & Economics |
ISBN | : 0226116727 |
Download Expectations and the Structure of Share Prices Book in PDF, ePub and Kindle
John G. Cragg and Burton G. Malkiel collected detailed forecasts of professional investors concerning the growth of 175 companies and use this information to examine the impact of such forecasts on the market evaluations of the companies and to test and extend traditional models of how stock market values are determined.
Author | : John Guerard |
Publisher | : JAI Press(NY) |
Total Pages | : 264 |
Release | : 1993 |
Genre | : Business & Economics |
ISBN | : |
Download Handbook of Security Analyst Forecasting and Asset Allocation Book in PDF, ePub and Kindle
Part of a series on contemporary studies in economic and financial analysis, this volume focuses on security analyst forecasting and asset allocation. Topics include market response to earning forecasts; and the effectiveness of security analysts' forecasts; among others.
Author | : Y. H. Lui |
Publisher | : |
Total Pages | : 32 |
Release | : 1992 |
Genre | : Stock price forecasting |
ISBN | : |
Download An Evaluation of Security Analysts' Earnings Forecasts Book in PDF, ePub and Kindle
Author | : |
Publisher | : |
Total Pages | : |
Release | : 2005 |
Genre | : |
ISBN | : |
Download Three Essays in Capital Markets Research Book in PDF, ePub and Kindle
Author | : Elroy Dimson |
Publisher | : CUP Archive |
Total Pages | : 328 |
Release | : 1988-03-17 |
Genre | : Business & Economics |
ISBN | : 9780521341042 |
Download Stock Market Anomalies Book in PDF, ePub and Kindle
Author | : Philip B. Shane |
Publisher | : |
Total Pages | : |
Release | : 2008 |
Genre | : |
ISBN | : |
Download Security Analyst and Stock Market Efficiency in Anticipating Tax-Motivated Income Shifting Book in PDF, ePub and Kindle
In the context of the statutory tax rate reductions enacted in the Tax Reform Act of 1986, this paper investigates the degree to which capital market participants anticipate and correctly interpret temporary income effects of tax-motivated income shifting. We find evidence consistent with financial analysts' earnings forecasts failing to anticipate earnings management that shifts income from fourth quarters in higher tax rate years to immediately following first quarters of lower tax rate years. The evidence suggests that this failure is not the result of a decision to ignore the income shifting, but rather an inability to recognize temporary components of reported earnings. We also find evidence that market prices do not fully reflect the temporary income effects of tax-motivated income shifting, and that analyst inefficiency explains about half of the market inefficiency. We interpret these inefficiencies as potentially important costs of tax planning that could limit the ability of public firm managers to implement otherwise optimal tax strategies.
Author | : |
Publisher | : |
Total Pages | : |
Release | : |
Genre | : |
ISBN | : |
Download On the Properties of Financial Analyst Earnings Forecasts: Some New Evidence Book in PDF, ePub and Kindle
The importance of information in the formation process of security prices has a long history. The dissemination of information can take on different forms depending on the legal constraints. However, in all developed financial markets, financial analysts play a prominent role in collecting, analysing and diffusing information. Financial analysts typically supply future earnings estimates and stock picking advices in the form of recommendations. Earnings estimates are the essential part of security valuation by analysts and investors. They have even become an integral part of financial reporting in the financial press. Early research has accumulated evidence that these estimates are optimistically biased. More recently, empirical studies have found that analysts' optimistic bias is lessening, that its extent differs across analysts, firm characteristics and countries. Broadly speaking, this dissertation investigates the determinants of financial analyst forecasts bias. In the first essay, I examine the relative accuracy of European financial analysts' earnings forecasts and its determinants. I show that the results obtained for US analysts can not be generalised to European analysts who face a seemingly different job market as well as several different institutional and economic environments. In the second essay, I investigate the influence of financial analysts' location on their performance. More precisely, I examine the relative performance of local versus foreign analysts on Latin American stock markets. I find foreign analysts to be more timely and more accurate than their local counterparts. In addition, I document stronger price reactions after foreign analysts' forecast revisions than after those of local analysts. The third essay is related to the declining pattern of financial analyst forecast bias. In particular, I investigate whether US CEOs compensation arrangements give CEOs incentives to manipulate analysts' expectations downward in order to release ea.