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Bruijn, Bert de; Franses, Philip Hans - Tinbergen Instituut - 2013

We analyze earnings forecasts retrieved from the I/B/E/S database concerning 596 firms for the sample 1995 to 2011, with a specific focus on whether these earnings forecasts can be predicted from available data. Our main result is that earnings forecasts can be predicted quite accurately using...

Persistent link: https://www.econbiz.de/10011255828

Are CEOs incentivized to avoid Corporate Taxes? - Empirical Evidence on Managerial Bonus Contracts

Schmittdiel, Heiner - Tinbergen Instituut - 2014

In this paper, we test empirically whether there is a relationship between corporate income taxes and CEO bonus payments. Using Compustat and ExecuComp data from 1992 to 2010, we find mixed results. Looking at the whole sample, the average bonus contract rewards tax savings excessively in...

Persistent link: https://www.econbiz.de/10011256064

How Informative are the Unpredictable Components of Earnings Forecasts?

Bruijn, Bert de; Franses, Philip Hans - Tinbergen Instituut - 2015

An analysis of about 300000 earnings forecasts, created by 18000 individual forecasters for earnings of over 300 S&P listed firms, shows that these forecasts are predictable to a large extent using a statistical model that includes publicly available information. When we focus on the...

Persistent link: https://www.econbiz.de/10011256066

The Degradation of Distorted Performance Measures

Sloof, Randolph; Praag, Mirjam van - Tinbergen Instituut - 2008

Baker (2002) has demonstrated theoretically that the quality of performance measures used in compensation contracts hinges on two characteristics: noise and distortion. These criteria, though, will only be useful in practice as long as the noise and distortion of a performance measure can be...

Persistent link: https://www.econbiz.de/10011256322

What drives the Quotes of Earnings Forecasters?

Bruijn, Bert de; Franses, Philip Hans - Tinbergen Instituut - 2012

Earnings forecasts can be useful for investment decisions. Research on earnings forecasts has focused on forecast performance in relation to firm characteristics, on categorizing the analysts into groups with similar behaviour and on the effect of an earnings announcement by thefirm on future...

Persistent link: https://www.econbiz.de/10011257426

Decoupling Economic Growth and Energy Use. An Empirical Cross-Country Analysis for 10 Manufacturing Sectors

Mulder, Peter; Groot, Henri L.F. de - Tinbergen Instituut - 2004

This paper provides an empirical analysis of decoupling economic growth and energy use and its various determinants by exploring trends in energy- and labour productivity across 10 manufacturing sectors and 14 OECD countries for the period 1970-1997. We explicitly aim to trace back aggregate...

Persistent link: https://www.econbiz.de/10011255666

A Meta-Analysis of Beta-Convergence: The Legendary Two-Percent

Abreu, Maria; Groot, Henri L.F. de; Florax, Raymond J.G.M. - Tinbergen Instituut - 2005

The topic of convergence is at the heart of a wide-ranging debate in the growth literature. Empirical studies of … convergence differ widely in their theoretical backgrounds, empirical specifications and in their treatment of cross …-sectional heterogeneity. Despite these differences, a rate of convergence of about 2% has been found under a variety of different conditions …

Persistent link: https://www.econbiz.de/10011255754

Global Aging and Economic Convergence: A Real Option or Still a Case of Science Fiction?

Dalen, Hendrik P. van - Tinbergen Instituut - 2007

How does global aging affect the convergence in global economic development? Both the developing and developed world …

Persistent link: https://www.econbiz.de/10011255772

Defining European Wholesale Electricity Markets: An “And/Or” Approach

Dijkgraaf, Elbert; Janssen, Maarten C.W. - Tinbergen Instituut - 2009

An important question in the dynamic European wholesale markets for electricity is whether to define the geographical market at the level of an individual member state or more broadly. We show that if we currently take the traditional approach by considering for each member state whether there...

Persistent link: https://www.econbiz.de/10011255814

Structural Change and Convergence of Energy Intensity across OECD Countries, 1970-2005

Mulder, Peter; Groot, Henri L.F. de - Tinbergen Instituut - 2012

aggregate energy intensity dynamics. A convergence analysis reveals that only after 1995 cross-country variation in aggregate … convergence in Services. Moreover, we find evidence for the hypothesis that across sectors lagging countries are catching-up with … leading countries, with rates of convergence on average being higher in Services than in Manufacturing. Aggregate convergence …

Persistent link: https://www.econbiz.de/10011256243