An Empirical Investigation of Bias in Analysts' Earnings Forecasts
Author: Hakan Saraoglu
Publisher:
Published: 1996
Total Pages: 318
ISBN-13:
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Determinants of Earnings Forecast Error, Earnings Forecast Revision and Earnings Forecast Accuracy
Author: Sebastian Gell
Publisher: Springer Science & Business Media
Published: 2012-03-26
Total Pages: 144
ISBN-13: 3834939374
DOWNLOAD EBOOKEarnings 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?
Handbook Of Financial Econometrics, Mathematics, Statistics, And Machine Learning (In 4 Volumes)
Author: Cheng Few Lee
Publisher: World Scientific
Published: 2020-07-30
Total Pages: 5053
ISBN-13: 9811202400
DOWNLOAD EBOOKThis four-volume handbook covers important concepts and tools used in the fields of financial econometrics, mathematics, statistics, and machine learning. Econometric methods have been applied in asset pricing, corporate finance, international finance, options and futures, risk management, and in stress testing for financial institutions. This handbook discusses a variety of econometric methods, including single equation multiple regression, simultaneous equation regression, and panel data analysis, among others. It also covers statistical distributions, such as the binomial and log normal distributions, in light of their applications to portfolio theory and asset management in addition to their use in research regarding options and futures contracts.In both theory and methodology, we need to rely upon mathematics, which includes linear algebra, geometry, differential equations, Stochastic differential equation (Ito calculus), optimization, constrained optimization, and others. These forms of mathematics have been used to derive capital market line, security market line (capital asset pricing model), option pricing model, portfolio analysis, and others.In recent times, an increased importance has been given to computer technology in financial research. Different computer languages and programming techniques are important tools for empirical research in finance. Hence, simulation, machine learning, big data, and financial payments are explored in this handbook.Led by Distinguished Professor Cheng Few Lee from Rutgers University, this multi-volume work integrates theoretical, methodological, and practical issues based on his years of academic and industry experience.
Earnings Management
Author: Joshua Ronen
Publisher: Springer Science & Business Media
Published: 2008-08-06
Total Pages: 587
ISBN-13: 0387257713
DOWNLOAD EBOOKThis 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?
Analyzing the Analysts
Author: United States. Congress. House. Committee on Financial Services. Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises
Publisher:
Published: 2001
Total Pages: 288
ISBN-13:
DOWNLOAD EBOOKTheory of Accounting Measurement
Author: Yuji Ijiri
Publisher:
Published: 1975
Total Pages: 228
ISBN-13:
DOWNLOAD EBOOKEstimating the Cost of Capital Implied by Market Prices and Accounting Data
Author: Peter Easton
Publisher: Now Publishers Inc
Published: 2009
Total Pages: 148
ISBN-13: 1601981945
DOWNLOAD EBOOKEstimating the Cost of Capital Implied by Market Prices and Accounting Data focuses on estimating the expected rate of return implied by market prices, summary accounting numbers, and forecasts of earnings and dividends. Estimates of the expected rate of return, often used as proxies for the cost of capital, are obtained by inverting accounting-based valuation models. The author describes accounting-based valuation models and discusses how these models have been used, and how they may be used, to obtain estimates of the cost of capital. The practical appeal of accounting-based valuation models is that they focus on the two variables that are commonly at the heart of valuations carried out by equity analysts -- forecasts of earnings and forecasts of earnings growth. The question at the core of this monograph is -- How can these forecasts be used to obtain an estimate of the cost of capital? The author examines the empirical validity of the estimates based on these forecasts and explores ways to improve these estimates. In addition, this monograph details a method for isolating the effect of any factor of interest (such as cross-listing, fraud, disclosure quality, taxes, analyst following, accounting standards, etc.) on the cost of capital. If you are interested in understanding the academic literature on accounting-based estimates of expected rate of return this monograph is for you. Estimating the Cost of Capital Implied by Market Prices and Accounting Data provides a foundation for a deeper comprehension of this literature and will give a jump start to those who have an interest in these topics. The key ideas are introduced via examples based on actual forecasts, accounting information, and market prices for listed firms, and the numerical examples are based on sound algebraic relations.
Expectations and the Structure of Share Prices
Author: John G. Cragg
Publisher: University of Chicago Press
Published: 2009-05-15
Total Pages: 185
ISBN-13: 0226116727
DOWNLOAD EBOOKJohn 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.
Corruption and Reform
Author: Edward L. Glaeser
Publisher: University of Chicago Press
Published: 2007-11-01
Total Pages: 397
ISBN-13: 0226299597
DOWNLOAD EBOOKDespite recent corporate scandals, the United States is among the world’s least corrupt nations. But in the nineteenth century, the degree of fraud and corruption in America approached that of today’s most corrupt developing nations, as municipal governments and robber barons alike found new ways to steal from taxpayers and swindle investors. In Corruption and Reform, contributors explore this shadowy period of United States history in search of better methods to fight corruption worldwide today. Contributors to this volume address the measurement and consequences of fraud and corruption and the forces that ultimately led to their decline within the United States. They show that various approaches to reducing corruption have met with success, such as deregulation, particularly “free banking,” in the 1830s. In the 1930s, corruption was kept in check when new federal bureaucracies replaced local administrations in doling out relief. Another deterrent to corruption was the independent press, which kept a watchful eye over government and business. These and other facets of American history analyzed in this volume make it indispensable as background for anyone interested in corruption today.
Financial Gatekeepers
Author: Yasuyuki Fuchita
Publisher: Brookings Institution Press
Published: 2007-02-01
Total Pages: 216
ISBN-13: 0815729820
DOWNLOAD EBOOKA Brookings Institution Press and Nomura Institute of Capital Markets Research publication Developed country capital markets have devised a set of institutions and actors to help provide investors with timely and accurate information they need to make informed investment decisions. These actors have become known as "financial gatekeepers" and include auditors, financial analysts, and credit rating agencies. Corporate financial reporting scandals in the United States and elsewhere in recent years, however, have called into question the sufficiency of the legal framework governing these gatekeepers. Policymakers have since responded by imposing a series of new obligations, restrictions, and punishments—all with the purpose of strengthening investor confidence in these important actors. Financial Gatekeepers provides an in-depth look at these new frameworks, especially in the United States and Japan. How have they worked? Are further refinements appropriate? These are among the questions addressed in this timely and important volume. Contributors include Leslie Boni (University of New Mexico), Barry Bosworth (Brookings Institution), Tomoo Inoue (Seikei University), Zoe-Vonna Palmrose (University of Southern California), Frank Partnoy (University of San Diego School of Law), George Perry (Brookings Institution), Justin Pettit (UBS), Paul Stevens (Investment Company Institute), Peter Wallison (American Enterprise Institute).
