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Persistent link: https://www.econbiz.de/10013415351
Although various income statement–based measures predict the cross section of stock returns, direct method cash flow measures have even stronger predictive power. We transform indirect method cash flow statements into disaggregated and more direct estimates of cash flows from operations and...
Persistent link: https://www.econbiz.de/10012972956
The COVID-19 pandemic disrupts capital markets and confuses decision makers. This event represents an opportunity to better understand how financial analysts forecast earnings. We focus on forecasts for Real Estate Investment Trusts (REITs) in the United States, since REITs are relatively...
Persistent link: https://www.econbiz.de/10012628786
Prior research generally reports a positive relationship between firm-level accounting earnings surprises and contemporaneous stock prices, indicating that accounting earnings carry value-relevant information. Recent studies, however, show that investors respond negatively to unexpected changes...
Persistent link: https://www.econbiz.de/10014437246
Prior literature documents the usefulness of the DuPont disaggregation for predicting firms future profitability …. However, there is a lack of research examining how earnings quality affects forecasts of profitability. This paper explores … whether different earnings quality factors moderate the accuracy of profitability forecasts. This study contributes to the …
Persistent link: https://www.econbiz.de/10010520353
We examine the time variations of expected momentum profits using a two-state Markov switching model with time-varying transition probabilities to evaluate the empirical relevance of recent rational theories of momentum profits. We find that in the expansion state the expected returns of winner...
Persistent link: https://www.econbiz.de/10012905189
stocks. While long-short (zero initial outlay) portfolios based on this signal usually make a profit on average, it is rarely …
Persistent link: https://www.econbiz.de/10012824583
financial structure that has the purpose of maximizing business performance in the sense of maximizing profitability and return … profitability (measured by rates of return on equity). This paper seeks to answer the question of cause and effect in the context of … financial structure and profitability of the company: whether a certain financial structure (higher or lower indebtedness …
Persistent link: https://www.econbiz.de/10011588163
Persistent link: https://www.econbiz.de/10013413249
Purpose: The Group Method of Data Handling (GMDH) neural network has demonstrated good performance in data mining, prediction, and optimization. Scholars have used it to forecast stock and real estate investment trust (REIT) returns in some countries and region, but not in the United States (US)...
Persistent link: https://www.econbiz.de/10014363989