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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
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
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
A worker's utility may increase with his income, but envy can make his utility decline with his employer's income. This article uses a principal-agent model to study profit-maximizing contracts when a worker envies his employer. Envy tightens the worker's participation constraint and so calls...
Persistent link: https://www.econbiz.de/10011256032
that the absence of a social loss is a necessary, but not sufficient, condition for the denial of compensation. The victim … (or a third party) may have actually paid for protection against purely private losses. Thus, compensation should be … awarded irrespective of whether national law treats the case under tort or contract (where compensation is undisputed …
Persistent link: https://www.econbiz.de/10011256478
predict that the design and implementation of a performance measurement and compensation system affect the motivation of … compensation system and extrinsic motivation. Intrinsic motivation is not affected by the design of monetary compensation, but by … promotion opportunities. The compensation system also significantly affects work satisfaction and turnover intent. Our results …
Persistent link: https://www.econbiz.de/10011257406
explanation is that managers require to be compensated for the additional risk inherent in running an aggressive tax strategy. In … accordance with previous literature, we document a substantial heterogeneity in compensation practices across industries. It …
Persistent link: https://www.econbiz.de/10011256064
This paper investigates whether observed executive compensation contracts are designed to provide risk … observed compensation practice surprisingly well. In particular, it justifies large option holdings and high base salaries. Our … major objective in executive compensation practice. …
Persistent link: https://www.econbiz.de/10011256397
Can vanity do any good? It may seem obvious to answer this question in the negative, as economists have shown how reputational concerns lead agents e.g. to ignore valuable information, to herd, and to become overly risk averse. We explore how proud agents may be a social blessing. An agent may...
Persistent link: https://www.econbiz.de/10011255970
quality goods and keep up the reputation of the destination as demandcontinues to grow, producers need to gain a mark-up on …
Persistent link: https://www.econbiz.de/10011256142