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Endogenous Information Flows and the Clustering of Announcements

Acharya, Viral V; DeMarzo, Peter; Kremer, Ilan - C.E.P.R. Discussion Papers - 2011

We consider the strategic timing of information releases in a dynamic disclosure model. Because investors don’t know whether or when the firm is informed, the firm will not necessarily disclose immediately. We show that bad market news can trigger the immediate release of information by firms....

Persistent link: https://www.econbiz.de/10009364996

The Predictability of Management Forecast Error: A Study of Australian IPO Disclosures

Hartnett, Neil; Romcke, Jennifer - In: Multinational Finance Journal 4 (2000) 1-2, pp. 101-132

context, Australian sharemarket initial public offerings. This article extends the literature on company forecast risk by … internationalisation) and by refining others. The study investigates the association between earnings forecast risk and conventional ex …-ante uncertainty proxies used to explain IPO underpricing. Ex-ante and ex-post explanatory variables are distinguished and a forecast …

Persistent link: https://www.econbiz.de/10010937088

Symposium on Analysts' Forecast

Chaney, Paul K. (contributor) - Symposium on Analysts' Forecast - In: Journal of accounting & economics 27,3 (1999)

Persistent link: https://www.econbiz.de/10004649859

Delisting Returns and Their Effect on Accounting-Based Market Anomalies

Beaver, William H. - 2009

We show that tests of market efficiency are sensitive to the inclusion of delisting firm-years. When included, trading strategy returns based on anomaly variables can increase (for strategies based on earnings, cash flows and the book-to-market ratio) or decrease (for a strategy based on...

Persistent link: https://www.econbiz.de/10012721486

The Effects of Earnings and Firm Characteristics on Differential Interpretation of Earnings Announcements

Ahmed, Anwer S. - 2009

characteristics. We find that Kandel and Pearson's (1995) forecast measures of differential interpretation are: 1) negatively related …

Persistent link: https://www.econbiz.de/10012721531

Can Firm-Specific Models Predict Price Responses to Earnings News?

Freeman, Robert N. - 2009

The primary question addressed in this study is whether firm-specific ERCs - i.e., slope coefficients obtained from time-series regressions of abnormal returns on earnings surprises - are helpful in predicting price responses to future earnings surprises. Fundamental analysis involves both...

Persistent link: https://www.econbiz.de/10012721698

Agency Theory of Overvalued Equity as an Explanation for the Accrual Anomaly

Kothari, S.P. - 2009

, accrual firms' investment-financing decisions and insider trading activity are distorted, and analyst forecast optimism is …

Persistent link: https://www.econbiz.de/10012721710

Do Buy-Side Analysts Out-Perform the Sell-Side?

Groysberg, Boris - 2009

We examine the performance of buy-side analysts relative to that of the sell-side. Our tests show that buy-side analysts at a large investment firm make less optimistic stock recommendations than sell-side analysts, consistent with their facing fewer conflicts of interest. However, their...

Persistent link: https://www.econbiz.de/10012721736

Investment Performance of Residual Income Valuation Models on the German Stock Market

Jamin, Goesta - 2009

This paper analyses value-investing strategies based on the residual income valuation approach which has become popular due to the work of Ohlson (1995) and Feltham and Ohlson (1995) for the German stock market. Plenty of empirical evidence shows that it is possible to earn positive abnormal...

Persistent link: https://www.econbiz.de/10012721759

The Usefulness of Accounting Estimates for Predicting Cash Flows and Earnings

Li, Siyi - 2009

Estimates and projections are embedded in most financial statement items. These estimates potentially improve the relevance of financial information by providing managers the means to convey to investors forward-looking, inside information (e.g., on future collections from customers via the bad...

Persistent link: https://www.econbiz.de/10012721782

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