Author: Zeina Al-AhmadPublisher:
ISBN:
Category :
Languages : en
Pages :
Book Description
Earnings Forecasts Disclosed in UK IPO Prospectuses: an Empirical Analysis of the Determinants and Implications of Their Disclosure and Accuracy/bias
Author: Zeina Al-AhmadThe Voluntary Disclosure of Profits Forecasts in UK IPOs Prospectuses, Its Determinants and Implications
Author: Zeina Al-AhmadPublisher:
ISBN:
Category :
Languages : en
Pages : 40
Book Description
This study examines the differences between IPOs that voluntarily disclose earnings forecasts in their prospectuses and those that do not. Using a sample of 166 UK IPOs listed between 1992-2002, we investigate whether forecasters have different firms' characteristics than non forecasters and whether they perform differently in the short and medium term. The results support the hypotheses that forecasters are firms that are closer to their financial year-end, have lower past profit variability, and higher growth prospect than non forecasters. However, the initial and after market returns of forecasters are not better than that of non forecasters. We also find evidence that optimistic forecasters, ceteris paribus, significantly underperform conservative forecasters and non forecasters in the mid term. Moreover, at the time of going public, investors can use earnings predicted by time series models to asses the performance of forecasters IPOs.
The Determinants of the Accuracy of Earnings Forecasts in IPO Prospectuses and Their Association with Initial IPO Returns: a Study of Greece
Author: Eirini SpanoudakiAccuracy of Forecast Information Disclosed in the IPO Prospectuses of Hong Kong Firms
Author: Bikki JaggiPublisher:
ISBN:
Category :
Languages : en
Pages :
Book Description
Hong Kong investors as well as international investors would be interested to know how accurate are the forecasts disclosed in the Initial Public Offering (IPS) prospectuses issued by Hong Kong companies. This study has examined bias as well as accuracy of IPO forecasts disclosed from 1990 to 1994. The results of the study show that unlike IPO forecasts disclosed in most other countries, IPO forecasts disclosed by Hong Kong companies do not overestimate their earnings. Instead, the bias seems to be toward underestimation of earnings. The level of forecast accuracy is also quite high and compares favorably with that of most other countries. The results show that the level of accuracy to some extent is influenced by the company's age, i.e., how many years the company has been in business. No other firms-specific variable seems to have any influence on the accuracy level. On an overall basis, the findings of this study can be interpreted to mean the IPO forecasts disclosed by Hong Kong companies provide reliable information.
An Examination of the Accuracy and Bias of Prospectus Earnings Forecasts
Author: K. KeaseyThe Determinants of Accuracy of Management of Earnings Forecasts in UK Initial Public Offerings Prospectuses and Their Association with Initial IPO Returns 1996-2000
Author: Electra-Joanna DoumasDeterminants of the Incidence and Precision of Earnings Forecasts
Author: Jacob NelsonPublisher:
ISBN:
Category :
Languages : en
Pages :
Book Description
I investigate two related aspects of corporate disclosure of earnings forecasts. Specifically, I empirically model managers' disclosure decisions as a sequential choice: managers first decide whether to publicly issue an earnings forecast and, if they decide to disclose, they choose the precision with which to make this disclosure. I classify point forecasts as the most precise, and all other forecasts as less precise. I estimate dichotomous choice logistic regressions for each of these decisions. I examine the effect of both capital market and product market considerations on these two aspects of the disclosure decision. Broadly, the analysis suggests that while capital market considerations are the primary determinant of the decision to disclose, product market considerations appear to be important in determining disclosure precision. In particular, disclosure precision appears to be decreasing (increasing) in proprietary costs for good (bad) news firms. This study adds to recent analytical and empirical research on the influence of product market considerations on disclosure decisions.
Accuracy of Earnings Forecasts Disclosed in IPO Prospectuses
Author: Bingdong XuBias, Accuracy and Rationality of Profit Forecasts Disclosed in Malaysian IPO Prospectuses and the Association of Forecast Error with Initial Returns
Author: Derek Adam FerrisIndex to Theses with Abstracts Accepted for Higher Degrees by the Universities of Great Britain and Ireland and the Council for National Academic Awards
Author: Publisher:
ISBN:
Category : Dissertations, Academic
Languages : en
Pages : 398
Book Description