Firm Life Cycle and Analyst Forecast Behavior PDF Download
Are you looking for read ebook online? Search for your book and save it on your Kindle device, PC, phones or tablets. Download Firm Life Cycle and Analyst Forecast Behavior PDF full book. Access full book title Firm Life Cycle and Analyst Forecast Behavior by Lars Hamers. Download full books in PDF and EPUB format.
Author: Lars Hamers Publisher: ISBN: Category : Languages : en Pages : 60
Book Description
This study examines how analyst forecast behavior varies over the firm life cycle. While mispricing by investors and firms' visibility concerns could increase both the supply and demand for analyst services in early-stage firms, forecasting difficulty and limited visibility could in contrast reduce analysts' incentives to follow these firms. Consistent with analysts responding to investor needs, we find that analyst following is higher for firms in the introduction and growth stage. With regard to forecast accuracy, we find that whereas analyst forecasts are less accurate in the introduction, shake-out and decline stage, analysts issue more accurate forecasts for firms in the growth stage. Additionally, forecast accuracy increases when there is life cycle alignment between the firm and its industry, reflecting the greater extent to which analysts can be benefit from their industry expertise under these circumstances. Yet, forecast accuracy decreases after life cycle changes, suggesting that analyst do not immediately incorporate changes in the earnings generating process after a life cycle shock.
Author: Lars Hamers Publisher: ISBN: Category : Languages : en Pages : 60
Book Description
This study examines how analyst forecast behavior varies over the firm life cycle. While mispricing by investors and firms' visibility concerns could increase both the supply and demand for analyst services in early-stage firms, forecasting difficulty and limited visibility could in contrast reduce analysts' incentives to follow these firms. Consistent with analysts responding to investor needs, we find that analyst following is higher for firms in the introduction and growth stage. With regard to forecast accuracy, we find that whereas analyst forecasts are less accurate in the introduction, shake-out and decline stage, analysts issue more accurate forecasts for firms in the growth stage. Additionally, forecast accuracy increases when there is life cycle alignment between the firm and its industry, reflecting the greater extent to which analysts can be benefit from their industry expertise under these circumstances. Yet, forecast accuracy decreases after life cycle changes, suggesting that analyst do not immediately incorporate changes in the earnings generating process after a life cycle shock.
Author: John Vail Farr Publisher: CRC Press ISBN: 1000894843 Category : Technology & Engineering Languages : en Pages : 413
Book Description
The rise of the information age and the digital economy has dramatically changed engineering and other technology-driven fields. With tremendous advances in computing and communication systems, major organizational upheavals, all fueled by complexity, globalization, short cycle times, and lean supply chains, the functions of engineers have significantly changed. Engineers and similar professionals must be technically savvy and have product management and costing skills all while working in a distributed and often unstable environment. This new-edition textbook is updated to cover the integration of cost, risk, value, scheduling, and informationtechnologies going beyond basic engineering economics. Engineering Economics of Life Cycle Cost Analysis, Second Edition, offers a systems and life cycle or total ownership cost perspective. It presents advanced costing techniques such as simulation-based costing, decision and risk analysis, complex systemscosting, software, big data, and cloud computing estimation. Examples and problems demonstrating these techniques with real-world applications are also included. All engineers and similar professionals will find this book useful, but it is mainly written for systems engineers, engineering managers, program/product managers, and industrial engineers. The text can serve as a professional reference or for use with graduate courses on advanced engineering economic analysis and cost management, and financial analysis for engineers.
Author: Ahsan Habib Publisher: ISBN: Category : Languages : en Pages : 43
Book Description
This paper investigates the impact of firm life cycle and moderating role of investor sentiment on corporate risk taking propensities. Using a large sample of US firms during 1987-2013, we find that corporate risk taking varies across the life cycle of the firm. In particular, using Dickinson (2011)'s life cycle measure, we find that risk taking is higher in the introduction and decline stages but lower in the growth and mature stages, resembling a 'U' shaped pattern. We also find that risk taking is higher during periods of high investor sentiment. When life cycle and investor sentiment are interacted with respect to risk taking, results show that during periods of high investor sentiment, firms in the growth stage of their life cycle assume more risk. Finally we document that future operating performance deteriorates as a result of corporate risk-taking which is more pronounced for risk taking during periods of high investor sentiment. Our results are robust to alternative specification of corporate risk taking proxies, life cycle proxy and investor sentiment measures. Collectively, these results suggest that firm life cycle has explanatory power for managerial risk taking behavior.
Author: Panel on Retirement Income Modeling Publisher: National Academies Press ISBN: 0309589533 Category : Social Science Languages : en Pages : 288
Book Description
This book brings together in one volume what researchers have learned about workers, employers, and retirees that is important for formulating retirement income policies. As the U.S. population ages, there is increasing uncertainty about the solvency of the Social Security and Medicare systems and the adequacy of private pensions to provide for people's retirement needs. The volume covers such critical behaviors as workers' decisions to retire, people's choices of saving over consumption, and employers' decisions about hiring older workers and providing pension and health care benefits. Also covered are trends in mortality, health status, and health care costs that are key to projecting the likely costs and effects of alternative retirement income security policies and a strategy for combining data and research knowledge into a policy modeling framework.
Author: Stefanie Rinderle-Ma Publisher: Springer Science & Business Media ISBN: 364223058X Category : Computers Languages : en Pages : 444
Book Description
This book constitutes the refereed proceedings of the 9th International Conference on Business Process Management, BPM 2011, held in Clermont-Ferrand, France, in August/September 2011. The volume contains 22 revised full research papers carefully reviewed and selected from 157 submissions, as well as 5 industrial track papers and abstracts of three invited talkes. The papers address innovative research of highest quality from computer science, management information science, service-oriented computing, and technology management.
Author: Jae K. Shim Publisher: CRC Press ISBN: 9781574442519 Category : Business & Economics Languages : en Pages : 312
Book Description
A book on practical business forecasting belongs in the library of everyone interested in business. Forecasting is extremely important to finance and accounting executives, business economists and managers at all levels. Strategic Business Forecasting: The Complete Guide to Forecasting Real World Company Performance provides you with a working knowledge of the fundamentals of business forecasting that can be applied in the real world regardless of the size of the firm. The author explains the basic forecasting methodology and the practical applications. All aspects of business are discussed, making this a comprehensive and valuable reference. The author avoids theoretical and mathematical discussions to gets right into how, when , and why to use this book. Many practical examples, applications, illustrations, guidelines, measures, checklists, rules of thumb, tips, graphs, diagrams and tables aid your comprehension of the subject. The author displays and explains printouts obtained using many popular spreadsheet programs and software packages. The book goes far beyond just sales forecasting, encompassing a wide range of topics of major importance to practical business managers and finance professionals, including cash flow forecasting, cost prediction, earnings forecasts, bankruptcy prediction, foreign exchange forecasting, and interest rate forecasting. Written in an easy-to-read style, it is practical, current, and intriguing - a reference book to use throughout your business career.
Author: Cheng Chen Publisher: ISBN: Category : Languages : en Pages :
Book Description
Using a long-panel dataset of Japanese firms that contains firm-level sales forecasts, we provide evidence on firm-level uncertainty and imperfect information over their life cycle. We find that firms make non-negligible and positively correlated forecast errors. However, they make more precise forecasts and less correlated forecast errors when they become more experienced. We then build a model of heterogeneous firms with endogenous entry and exit where firms gradually learn about their demand by using a noisy signal. In our model, informational imperfections lead firms to enter the market without being fully informed. Moreover, young firms tend to wait long before entering or exiting the market faced with high uncertainty about their demand. The former learning effect, combined with the latter real-options effect, adversely affect firms' entry decisions and thus resource allocation. Our quantitative exercise substantiates the importance of accumulation of experience for firms' post-entry dynamics and aggregate productivity.
Author: Sun, Zhaohao Publisher: IGI Global ISBN: 179989018X Category : Computers Languages : en Pages : 425
Book Description
Intelligent business analytics is an emerging technology that has become a mainstream market adopted broadly across industries, organizations, and geographic regions. Intelligent business analytics is a current focus for research and development across academia and industries and must be examined and considered thoroughly so businesses can apply the technology appropriately. The Handbook of Research on Foundations and Applications of Intelligent Business Analytics examines the technologies and applications of intelligent business analytics and discusses the foundations of intelligent analytics such as intelligent mining, intelligent statistical modeling, and machine learning. Covering topics such as augmented analytics and artificial intelligence systems, this major reference work is ideal for scholars, engineers, professors, practitioners, researchers, industry professionals, academicians, and students.
Author: Lars Hamers Publisher: ISBN: Category : Languages : en Pages : 52
Book Description
This study examines the relation between firm life cycle and stock price crash risk. Consistent with the argumentation that heterogeneity in investor beliefs about firm fundamental values is highest during the introduction and growth stage, we find that crash risk peaks in these stages. Furthermore, this relation is stronger for firms without short interest, firms deriving more value from future growth opportunities and high performing growth firms. These findings provide additional support for the “heterogeneity in investor beliefs” hypothesis. We contribute to existing literature by incorporating an inherent yet dynamic firm characteristic, life cycle, into the crash risk prediction model.
Author: Marc J. Schniederjans Publisher: FT Press ISBN: 0132963906 Category : Business & Economics Languages : en Pages : 660
Book Description
Optimize supply chains throughout their entire lifecycle: creation, growth, maturity, and decline! Reflecting up-to-the-minute "in-the-trenches" experience and pioneering research, this book illuminates the complex transformational processes associated with managing complex supply chains that incorporate multiple products and services within ever-changing networks. Marc J. Schniederjans and Stephen B. Legrand walk you through: starting, creating, and building new supply chains; then, realigning those supply chains for growth, adjusting to dynamic change, readjusting networks, building flexibility, and managing new supply chain risks. Next, they offer practical, realistic guidance for realigning "mature" supply chains, innovating, controlling costs; and smoothly managing declining demand. Throughout, they offer invaluable insights and tools for negotiating, measuring performance, anticipating change, improving agility and flexibility, meeting commitments to social responsibility and the law; and much more. Based on the authors' up-to-the minute supply chain experience and pioneering academic research, Reinventing the Supply Chain Life Cycle contains many real-world examples and interviews with executives from some of the world’s top organizations. It integrates content related to key certifications and offers valuable material that can be incorporated directly into existing supply chain practices, procedures, and policies.
Author: Lars Hamers
Author: Lars Hamers
Author: John Vail Farr
Author: Ahsan Habib
Author: Panel on Retirement Income Modeling
Author: Stefanie Rinderle-Ma
Author: Jae K. Shim
Author: Cheng Chen
Author: Sun, Zhaohao
Author: Lars Hamers
Author: Marc J. Schniederjans