Author: JOHN E. SCHLATERPublisher:
ISBN:
Category :
Languages : en
Pages : 436
Book Description
FORECASTING QUARTERLY EARNINGS PER SHARE AND INVESTIGATIONS OF MARKET EFFICIENCY
Forecasting Quarterly Earnings Per Share and an Investigation of Market Efficiency
Author: John Edward SchlaterForecasting Quarterly Earnings Per Share and an Investigation of Market Efficiency
Author: John Edward SchlaterPublisher:
ISBN:
Category : Dividends
Languages : en
Pages : 480
Book Description
Stock Price Reaction to Quarterly Earnings Announcements with respect of outlook changes and deviation to consensus forecast
Author: Benjamin SchmittPublisher: GRIN Verlag
ISBN: 3656972419
Category : Business & Economics
Languages : en
Pages : 57
Book Description
Bachelor 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.
Crowdsourced Earnings Forecasts
Author: Rajiv D. BankerPublisher:
ISBN:
Category :
Languages : en
Pages : 57
Book Description
We investigate how the arrival of Estimize, a provider of crowdsourced earnings forecasts, impacts IBES analysts' forecast timeliness and facilitates market efficiency. We find that IBES analysts become more responsive to earnings announcements and start issuing their quarterly forecasts earlier when faced with competition from Estimize. The Estimize effect is strongest when Estimize quarterly forecasts pose a direct competitive threat to IBES -- when Estimize forecasts are present within 3 days of earnings announcements (i.e., are issued early). Specifically, IBES analysts become more responsive to earnings announcements post Estimize, and issue more than 9% of their one-quarter-ahead forecasts earlier in the quarter when early Estimize coverage is present in the prior quarter. We also document that this increased responsiveness of IBES analysts facilitates market efficiency as it results in greater immediate market reaction to earnings surprises and mostly eliminates the post-earnings-announcement drift.
Empirical Investigation Into the Stock Market Reactions to Corporate Earnings Reports
Author: Hay Young ChungThe Valuation of Shares and the Efficient-markets Theory
Author: Michael Arthur FirthPublisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 202
Book Description
Public Disclosure of Corporate Earnings Forecasts
Author: Francis A. LeesPublisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 56
Book Description
Earnings Forecasting Research
Author: Lawrence D. BrownPublisher:
ISBN:
Category :
Languages : en
Pages : 26
Book Description
Since 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?
An Introduction to Risk and Return from Common Stocks
Author: Richard A. BrealeyPublisher: MIT Press (MA)
ISBN:
Category : Investment analysis
Languages : en
Pages : 168
Book Description