Forecasting Quarterly Earnings Per Share and an Investigation of Market Efficiency
Author: John Edward Schlater
Publisher:
Published: 1979
Total Pages:
ISBN-13:
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Author: John Edward Schlater
Publisher:
Published: 1979
Total Pages:
ISBN-13:
DOWNLOAD EBOOKAuthor: JOHN E. SCHLATER
Publisher:
Published: 1979
Total Pages: 436
ISBN-13:
DOWNLOAD EBOOKAuthor: John Edward Schlater
Publisher:
Published: 1977
Total Pages: 480
ISBN-13:
DOWNLOAD EBOOKAuthor: Benjamin Schmitt
Publisher: GRIN Verlag
Published: 2015-06-02
Total Pages: 57
ISBN-13: 3656972419
DOWNLOAD EBOOKBachelor Thesis from the year 2008 in the subject Business economics - Investment and Finance, grade: 1.1, EBS European Business School gGmbH (Finance), language: English, abstract: Many authors have already studied about stock price reactions after earnings announcements yet, which is because of the importance of earnings announcements, in particular quarterly earnings announcements, for many investors. However, all major studies concerning this topic deal with long-term scenarios, the stock’s price performance is measured for a time period of at least three quarters. Due to the fact that there are many investors, especially institutional investors such as hedge funds that trade stocks much more frequently, the existing studies are not relevant for them. This paper studies stock price reactions around quarterly earnings announcements for companies listed in Deutscher Aktienindex (DAX) or Midcap DAX (MDAX) with respect to changes of the company’s full-year outlook and of earnings surprise regarding analyst consensus forecast within ten days before and after the announcement date. Hence, this paper aims to analyse short-term reaction to quarterly earnings announcements, which are of relevance for all investors, whose investment strategy is, at least partially, focussing on the short-term performance. The main target group of this analysis are therefore hedge funds and investors that run short-term strategies. Due to the fact that the widespread Event Study Methodology is focused on the long-term, it is irrelevant for this analysis.
Author: Brian R. Bruce
Publisher: Irwin Professional Publishing
Published: 1994
Total Pages: 398
ISBN-13:
DOWNLOAD EBOOKAuthor: Michael Arthur Firth
Publisher:
Published: 1977
Total Pages: 202
ISBN-13:
DOWNLOAD EBOOKAuthor: Francis A. Lees
Publisher:
Published: 1981
Total Pages: 56
ISBN-13:
DOWNLOAD EBOOKAuthor: Thomas R. Dyckman
Publisher: Prentice Hall
Published: 1975
Total Pages: 152
ISBN-13:
DOWNLOAD EBOOKAuthor: Hay Young Chung
Publisher:
Published: 1987
Total Pages: 388
ISBN-13:
DOWNLOAD EBOOKAuthor: Lawrence D. Brown
Publisher:
Published: 2014
Total Pages: 26
ISBN-13:
DOWNLOAD EBOOKSince the early 198Os, earnings forecasting research has become much more closely aligned with capital markets research. Capital markets research requires a proxy for the (unobservable) market earnings expectation and earnings forecasting research has provided such proxy measures. Questions considered in this paper include: (1) if annual earnings follow a random walk or an IMA (1, 1) model, does this mean that earnings changes cannot be predicted? (2) Do stock prices act as if quarterly earnings follow a seasonal random walk with drift process? (3) Is the predictive mode1 which is best on the forecast accuracy dimension also best on the market association dimension? (4) How do analysts formulate their earnings expectations? (5) What is the role of earnings forecasting in `earnings response coefficient' and `post-earnings announcement drift' studies? (6) What is the likely role of earnings forecasting research in future capital market studies?