Corporate Financial Disclosure and Analyst Forecasting Activity PDF Download

Author: Martin Walker
Publisher:
ISBN: 9781859083451
Category : Business forecasting
Languages : en
Pages : 63

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Book Description

Author: Francis A. Lees
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 56

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Book Description

Author: Phyllis S. McGrath
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 36

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Book Description

Author: Financial Analysts Federation
Publisher:
ISBN:
Category : Business forecasting
Languages : en
Pages : 216

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Book Description

Author: Ashiq Ali
Publisher:
ISBN:
Category :
Languages : en
Pages : 44

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Book Description
This paper examines whether a corporate disclosure practice is a reason for the forecast dispersion anomaly -- the negative relation between analyst forecast dispersion and future stock returns. Prior studies have shown that firms tend to disclose good news in a timely manner and delay the disclosure of bad news, and that withholding of news leads to greater dispersion in analysts' forecasts. Accordingly, we predict that firms with higher dispersion in analysts' earnings forecasts are more likely to experience poor earnings in subsequent quarters, and find evidence consistent with this prediction. After controlling for the relation between forecast dispersion and future earnings, we find that forecast dispersion is no longer negatively related to future stock returns. These results suggest that firms' tendency to withhold bad news increases forecast dispersion as well as causes the market to temporarily overvalue stocks until the bad news is publicly released.

Author: S. David Young
Publisher: John Wiley & Sons
ISBN: 1119494575
Category : Business & Economics
Languages : en
Pages : 368

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Book Description
Corporate Financial Reporting Analysis combines comprehensive coverage and a rigorous approach to modern financial reporting with a readable and accessible style. Merging traditional principles of corporate finance and accepted reporting practices with current models enable the reader to develop essential interpretation and analysis skills, while the emphasis on real-world practicality and methodology provides seamless coverage of both GAAP and IFRS requirements for enhanced global relevance. Two decades of classroom testing among INSEAD MBA students has honed this text to provide the clearest, most comprehensive model for financial statement interpretation and analysis; a concise, logically organized pedagogical framework includes problems, discussion questions, and real-world case studies that illustrate applications and current practices, and in-depth examination of key topics clarifies complex concepts and builds professional intuition. With insightful coverage of revenue recognition, inventory accounting, receivables, long-term assets, M&A, income taxes, and other principle topics, this book provides both education and ongoing reference for MBA students.

Author: R.K.Mautz & William G. May
Publisher:
ISBN:
Category :
Languages : en
Pages : 300

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Book Description

Author: Wallace Davidson, III
Publisher: John Wiley & Sons
ISBN: 1119514290
Category : Business & Economics
Languages : en
Pages : 224

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Book Description
Many companies fail to succeed due to poor planning, which is one reason why accountants are in big demand. Skilled at forecasting, accountants can plan a company's future by determining the maximum sustainable growth and predict its external fund requirements. This book provides you with the basic tools necessary to project the balance sheet and statements of income and cash flow, enabling you to add a unique value to your client(s) work. This book will prepare you to do the following: Recall the basics of planning and forecasting financial statements Recall considerations related to a basic forecasting model Identify the evidence of growth mismanagement and develop the skills to determine maximum sustainable growth Apply statistical procedures to forecasting Analyze projected or forecasted financial statements

Author: Bertrand Horwitz
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 232

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Book Description

Author: Brian Gibbons
Publisher:
ISBN:
Category :
Languages : en
Pages :

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Book Description
This dissertation contains three essays. In the first essay, I document that disclosure of financially immaterial environmental and social (E&S) information has material effects on firms' investment and financing decisions using the staggered introduction of 87 country-level regulations that mandate firms report such information. Firms domiciled in countries that mandate E&S transparency increase R&D expenditures and patenting activity after disclosing. Transparent non-financial disclosure reduces financing frictions, resulting in more innovation for equity-dependent firms and increased reliance on external equity. It also improves shareholders' contracting and monitoring abilities, incentivizing managers to invest in innovation. Fixed capital investment, which is less sensitive to information frictions, does not change following E&S disclosure. Additionally, I only observe changes to investment and financing decisions when E&S disclosure is mandatory--highlighting the unique value of consistent and comparable disclosure. In the second essay, I study venture capital firms (VCs) use of public market information and how attention to this information relates to their private market investment outcomes. I link web traffic to public disclosure filings hosted on the Security and Exchange Commission's (SEC's) EDGAR server to individual VCs. VCs analyze public information before most deals. An increase in EDGAR filing views relates positively to the probability of an exit through acquisition, suggesting that public information helps identify paths to acquisition. The effect is stronger when the VC has less access to private information. I conclude that policymakers should consider spillover effects on private markets when setting public disclosure requirements. In the third essay, we identify analysts' information acquisition patterns by linking EDGAR server activity to analysts' brokerage houses. Analysts rely on EDGAR in 24% of their estimate updates, with an average of eight filings viewed. We document that analysts' attention to public disclosure is driven by the demand for information and the analysts' incentives and career concerns. We find that information acquisition via EDGAR is associated with a significant reduction in analysts' forecasting error relative to their peers. This relationship is likewise present when we focus on the intensity of analyst research. Attention to public information further enables analysts to provide forecasts for more time periods and more financial metrics. Informed recommendation updates are associated with substantial and persistent abnormal returns, even when the analyst accesses historical filings. Analysts' use of EDGAR is associated with longer and more informative analyses within recommendation reports.