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Estimating the Expected Cost of Equity Capital Using Consensus Forecasts
Gebhardt, Günther; Daske, Holger; Klein, Stefan - 2004
In this study, we develop a technique for estimating a firm’s expected cost of equity capital derived from analyst consensus forecasts and stock prices. Building on the work of Gebhardt/Lee/-Swaminathan (2001) and Easton/Taylor/Shroff/Sougiannis (2002), our approach allows daily estimation,...
Persistent link: https://www.econbiz.de/10010316291
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Dividend announcements reconsidered: Dividend changes versus dividend surprises
Andres, Christian; Betzer, André; van den Bongard, Inga; … - 2012
difference between the actual dividend and the analyst consensus forecast as obtained from I/B/E/S as a proxy for the dividend …This paper reconsiders the issue of share price reactions to dividend announcements. Previous papers rely almost … exclusively on a naive dividend model in which the dividend change is used as a proxy for the dividend surprise. We use the …
Persistent link: https://www.econbiz.de/10010309228
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Dividend announcements reconsidered dividend changes versus dividend surprises
Andres, Christian; Betzer, André; van den Bongard, Inga; … - 2011
difference between the actual dividend and the analyst consensus forecast as obtained from I/B/E/S as a proxy for the dividend …This paper reconsiders the issue of share price reactions to dividend announcements. Previous papers rely almost … exclusively on a naive dividend model in which the dividend change is used as a proxy for the dividend surprise. We use the …
Persistent link: https://www.econbiz.de/10010291093
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Grade Inflation, Social Background, and Labour Market Matching
Schwager, Robert - 2008
A model is presented where workers of differing abilities and from different social backgrounds are assigned to jobs based on grades received at school. It is examined how this matching is affected if good grades are granted to some low ability students. Such grade inflation is shown to reduce...
Persistent link: https://www.econbiz.de/10010298081
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Dividend momentum and stock return predictability: A Bayesian approach
Antolín-Díaz, Juan; Petrella, Ivan; Rubio-Ramírez, … - 2021
empirical practice of omitting dividend growth from the system amounts to imposing the extra restriction that dividend growth is … not persistent. We highlight that persistence in dividend growth induces a previously overlooked channel for return … predictability, which we label "dividend momentum." Compared to estimation based on ordinary least squares, our restricted …
Persistent link: https://www.econbiz.de/10012819002
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Target Price Accuracy
Kerl, Alexander G. - In: BuR - Business Research 4 (2011) 1, pp. 74-96
price forecast accuracy that evaluates the ability of analysts to exactly forecast the ex-ante (unknown) 12-month stock … of interests between an analyst and a covered company do not bias forecast accuracy. …This study analyzes the accuracy of forecasted target prices within analysts' reports. We compute a measure for target …
Persistent link: https://www.econbiz.de/10010421358
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The impact of the use of forecasts in information sets
Gallo, Giampiero M.; Granger, Clive William John; Jeon, … - 1999
influencing individual current forecasts in the form of an attraction to conform to the mean forecast. There are two implications …
Persistent link: https://www.econbiz.de/10010301760
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Accounting for stock-based compensation: an extended clean surplus relation
Hess, Dieter E.; Lüders, Erik - 2001
Residual income valuation is based on the assumption that the clean surplus relation holds. As pointed out by Ohlson (2000), among others, the standard clean surplus relation is frequently violated. Moreover, standard residual income valuation models rest on the implicit assumption that future...
Persistent link: https://www.econbiz.de/10010297780
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Price adjustment to news with uncertain precision
Hautsch, Nikolaus; Hess, Dieter E.; Müller, Christoph - 2008
Bayesian learning provides the core concept of processing noisy information. In standard Bayesian frameworks, assessing the price impact of information requires perfect knowledge of news' precision. In practice, however, precision is rarely dis- closed. Therefore, we extend standard Bayesian...
Persistent link: https://www.econbiz.de/10010303759
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Price adjustment to news with uncertain precision
Hautsch, Nikolaus; Hess, Dieter E.; Müller, Christoph - 2008
Bayesian learning provides a core concept of information processing in financial markets. Typically it is assumed that market participants perfectly know the quality of released news. However, in practice, news' precision is rarely disclosed. Therefore, we extend standard Bayesian learning...
Persistent link: https://www.econbiz.de/10010274280