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Author: Gia Marie Chevis Publisher: ISBN: Category : Languages : en Pages :
Book Description
Financial analysts are considered inefficient when they do not fully incorporate relevant information into their forecasts. In this dissertation, I investigate differences in the observable efficiency of analysts' earnings forecasts between firms that consistently meet or exceed analysts' earnings expectations and those that do not. I then analyze the extent to which the market incorporates this (in)efficiency into its earnings expectations. Consistent with my hypotheses, I find that analysts are relatively less efficient with respect to prior returns for firms that do not consistently meet expectations than for firms that do follow such a strategy, especially when prior returns convey bad news. However, forecast errors for firms that consistently meet expectations do not appear to be serially correlated to a greater extent than those for firms that do not consistently meet expectations. It is not clear whether the market considers such inefficiency when setting its own expectations. While the evidence suggests they may do so in the context of a shorter historical pattern of realized forecast errors, other evidence suggests they may not distinguish between predictable and surprise components of forecast error when the historical forecast error pattern is more established.
Author: Gia Marie Chevis Publisher: ISBN: Category : Languages : en Pages :
Book Description
Financial analysts are considered inefficient when they do not fully incorporate relevant information into their forecasts. In this dissertation, I investigate differences in the observable efficiency of analysts' earnings forecasts between firms that consistently meet or exceed analysts' earnings expectations and those that do not. I then analyze the extent to which the market incorporates this (in)efficiency into its earnings expectations. Consistent with my hypotheses, I find that analysts are relatively less efficient with respect to prior returns for firms that do not consistently meet expectations than for firms that do follow such a strategy, especially when prior returns convey bad news. However, forecast errors for firms that consistently meet expectations do not appear to be serially correlated to a greater extent than those for firms that do not consistently meet expectations. It is not clear whether the market considers such inefficiency when setting its own expectations. While the evidence suggests they may do so in the context of a shorter historical pattern of realized forecast errors, other evidence suggests they may not distinguish between predictable and surprise components of forecast error when the historical forecast error pattern is more established.
Author: Frederic S. Mishkin Publisher: University of Chicago Press ISBN: 0226531929 Category : Business & Economics Languages : en Pages : 184
Book Description
A Rational Expectations Approach to Macroeconometrics pursues a rational expectations approach to the estimation of a class of models widely discussed in the macroeconomics and finance literature: those which emphasize the effects from unanticipated, rather than anticipated, movements in variables. In this volume, Fredrick S. Mishkin first theoretically develops and discusses a unified econometric treatment of these models and then shows how to estimate them with an annotated computer program.
Author: Yasuyuki Fuchita Publisher: Brookings Institution Press ISBN: 0815729820 Category : Business & Economics Languages : en Pages : 216
Book Description
A Brookings Institution Press and Nomura Institute of Capital Markets Research publication Developed country capital markets have devised a set of institutions and actors to help provide investors with timely and accurate information they need to make informed investment decisions. These actors have become known as "financial gatekeepers" and include auditors, financial analysts, and credit rating agencies. Corporate financial reporting scandals in the United States and elsewhere in recent years, however, have called into question the sufficiency of the legal framework governing these gatekeepers. Policymakers have since responded by imposing a series of new obligations, restrictions, and punishments—all with the purpose of strengthening investor confidence in these important actors. Financial Gatekeepers provides an in-depth look at these new frameworks, especially in the United States and Japan. How have they worked? Are further refinements appropriate? These are among the questions addressed in this timely and important volume. Contributors include Leslie Boni (University of New Mexico), Barry Bosworth (Brookings Institution), Tomoo Inoue (Seikei University), Zoe-Vonna Palmrose (University of Southern California), Frank Partnoy (University of San Diego School of Law), George Perry (Brookings Institution), Justin Pettit (UBS), Paul Stevens (Investment Company Institute), Peter Wallison (American Enterprise Institute).
Author: Wing-Keung Wong Publisher: Mdpi AG ISBN: 9783036530802 Category : Business & Economics Languages : en Pages : 232
Book Description
The Efficient Market Hypothesis believes that it is impossible for an investor to outperform the market because all available information is already built into stock prices. However, some anomalies could persist in stock markets while some other anomalies could appear, disappear and re-appear again without any warning. A Special Issue on "Efficiency and Anomalies in Stock Markets" will be devoted to advancements in the theoretical development of market efficiency and anomaly in the Stock Market, as well as applications in Stock Market efficiency and anomalies.
Author: Paul Barnes Publisher: CRC Press ISBN: 1317049934 Category : Law Languages : en Pages : 222
Book Description
The recent turbulence in the stock market has brought into question the way, and prices at which, shares are traded, and how the market effectively values companies. It has also raised public concern as to the way by which dealers and investors take advantage of changes in market prices. A number of high profile criminal prosecutions of insider dealing and market abuse and the frequent claims of other instances, combined with the changes in regulations resulting in a more aggressive and proactive stance by the various regulators, have brought the issue under the spotlight. This book discusses what makes stock market efficiency so important for the economy, looks at the theory and issues that underpin market abuse and why an offence often dismissed as a victimless crime is punished so severely. It explores the impact of perception and other factors that distort the market and outlines the extent of abuse. Regulators, lawyers, company officials, investigators, professional advisers and of course investors, both professional and otherwise will find this a helpful guide to the underlying elements of fraud and market manipulation.
Author: Stephen Satchell Publisher: Elsevier ISBN: 0080550673 Category : Business & Economics Languages : en Pages : 299
Book Description
Forecasting returns is as important as forecasting volatility in multiple areas of finance. This topic, essential to practitioners, is also studied by academics. In this new book, Dr Stephen Satchell brings together a collection of leading thinkers and practitioners from around the world who address this complex problem using the latest quantitative techniques. *Forecasting expected returns is an essential aspect of finance and highly technical *The first collection of papers to present new and developing techniques *International authors present both academic and practitioner perspectives
Author: Boris Groysberg Publisher: Stanford University Press ISBN: 0804787123 Category : Business & Economics Languages : en Pages : 200
Book Description
Wall Street Research: Past, Present, and Future provides a timely account of the dramatic evolution of Wall Street research, examining its rise, fall, and reemergence. Despite regulatory, technological, and global forces that have transformed equity research in the last ten years, the industry has proven to be remarkably resilient and consistent. Boris Groysberg and Paul M. Healy get to the heart of Wall Street research—the analysts engaged in the process—and demonstrate how the analysts' roles have evolved, what drives their performance today, and how they stack up against their buy-side counterparts. The book unpacks key trends and describes how different firms have coped with shifting pressures. It concludes with an assessment of where equity research is headed in emerging markets, drawing conclusions about this often overlooked corner of Wall Street and the industry's future challenges.
Author: Gia Marie Chevis
Author: Gia Marie Chevis
Author: Joanne Copp
Author: Frederic S. Mishkin
Author: Yasuyuki Fuchita
Author: Wing-Keung Wong
Author: 
Author: Paul Barnes
Author: Stephen Satchell
Author: Boris Groysberg
Author: Steven M. Sheffrin