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Are analysts misleading investors? The case of goingconcern opinions

Peixinho, Ruben M.T.; Taffler, Richard J. - Centro de Estudos e Formação Avançada em Gestão e … - 2011

This paper addresses the role of security analysts in the short-term market reaction to the publication of a going -concern (GC) modified audit report. We find that the 3-day mean abnormal return associated with the GC announcement is at least -6.9% for firms with analyst coverage in comparison...

Persistent link: https://www.econbiz.de/10009646040

Information Content of Analysts' Stock Ratings and Earnings Forecasts in the Presence of Management Earnings Forecasts

Ota, Koji - In: The Japanese Accounting Review 2 (2012) December, pp. 87-116

This paper evaluates the informativeness of analysts’ ratings and earnings forecast information contained in analyst …

Persistent link: https://www.econbiz.de/10010900678

Benchmark for Earnings Performance: Management Forecasts versus Analysts’ Forecasts

Dhole, Sandip; Mishra, Sagarika; Sivaramakrishnan, K. - Deakin University, Faculty of Business and Law, School …

We investigate the incremental information conveyed by management forecast errors over and above the consensus analyst … forecast error at the time of earnings announcement. To the extent that analysts rationally revise their forecasts to subsume … and the subsequent analyst forecasts are different, management forecast errors convey information to the stock market that …

Persistent link: https://www.econbiz.de/10010665529

A new approach to predicting analyst forecast errors: Do investors overweight analyst forecasts?

So, Eric C. - In: Journal of Financial Economics 108 (2013) 3, pp. 615-640

forecast errors and revisions. I find abnormal returns to strategies that sort firms by predicted forecast errors, consistent …

Persistent link: https://www.econbiz.de/10010665566

Do analysts know but not say? The case of goingconcern opinions

Peixinho, Rúben; Taffler, Richard - Centro de Estudos e Formação Avançada em Gestão e … - 2011

This study explores whether security analysts recognize firms’ going-concern problems and report appropriately to investors. We find that analysts signal their anticipation of the publication of a going-concern modified (GCM) audit report in two ways: 1) they downgrade more aggressively stock...

Persistent link: https://www.econbiz.de/10009003775

Why do analysts revise their stock recommendations after earnings announcements?

Yezegel, Ari - In: Journal of Accounting and Economics 59 (2015) 2, pp. 163-181

Recent research finds that many analyst recommendation revisions take place shortly after earnings announcements. Altinkilic and Hansen (2009) attribute the clustering of recommendations to analysts strategically piggybacking on earnings information to improve the perceived performance of their...

Persistent link: https://www.econbiz.de/10011208567

Determinantes de la divulgación de información previsional en España: un análisis de las empresas del ibex 35

Trombetta, Marco; Urquiza, Francisco Bravo; Navarro, … - Instituto Valenciano de Investigaciones Económicas (IVIE) - 2008

In recent years, users' information needs have changed, and forward-looking information has become of great importance, as it has been highlighted in many international and national reports. Nonetheless, Spanish regulations are not very specific in this respect, since although it is required to...

Persistent link: https://www.econbiz.de/10005731097

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

Disclosure, transparency, and market discipline

Freixas, Xavier; Laux, Christian - Center for Financial Studies - 2011

The aim of this paper is to examine what has been the role of information provision to the market throughout the crisis. We consider two main sources of information to the market, financial statements and information provided by credit rating agencies. We examine how these sources of information...

Persistent link: https://www.econbiz.de/10010958732

Forecasting Earnings Forecasts

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

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