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The Quality of Securities Firms’ Earnings Forecasts and Stock Recommendations : Do Affiliation, Geography and Reputation Matter in China?
Bartholdy, Jan - 2010
that the average forecast error has decreased over time reflecting the maturing of the Chinese securities firms. Affiliated … than un-affiliated firms which is contrary to findings from other countries. Also, forecast errors produced by local … to forecast earnings. Finally financial markets react stronger to stock recommendations by star analysts …
Persistent link: https://www.econbiz.de/10013135921
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Financial Market Reactions to Earnings Announcements and Earnings Forecast Revisions : Evidence from the U.S. and China
Gift, Michael J. - 2010
This paper examines the impact of earnings announcements and earnings forecast revisions on stock returns across …-looking earnings announcement information and forward-looking earnings forecast information on the price of equity shares. We analyze … availability and actual or perceived reliability affect this relationship. We find that forward-looking analyst forecast …
Persistent link: https://www.econbiz.de/10013138780
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Earnings Seasonality, Management Earnings Forecasts, and Stock Returns in China
Jiang, Danling; Song, Pan; Zhu, Hongquan - 2022
Previous research finds that, owing to the representativeness heuristic bias, earnings seasonal rank negatively predicts stock returns surrounding earnings announcements (EAs) in China’s A-share markets. We examine whether management earnings forecasts (MEFs) help alleviate the stock return...
Persistent link: https://www.econbiz.de/10013405828
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Does the market reward meeting or beating analyst earnings forecasts? Empirical evidence from China
Luo, Guqiang; Wang, Kun Tracy; Wu, Yue - 2022
While analyst earnings forecasts are crucial earnings benchmarks in equity valuation, existing studies provide no consensus on whether the market rewards firms for beating analyst earnings expectations. Using a sample of 9,898 firm-year observations from 1,821 unique Chinese listed firms over...
Persistent link: https://www.econbiz.de/10014080903
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Firms' digital transformation and management earnings forecasts : evidence from China
Han, Fei; Zhang, Xuehui; Chan, Kam C.; Li, Ya - In: Borsa Istanbul Review 23 (2023) 6, pp. 1356-1366
This paper examines the impact of firms' digital transformation on management earnings forecasts with a sample of Chinese firms. Using a deep learning model and textual analysis, we create a proxy for digital transformation based on the frequency of keywords related to digitization in firms'...
Persistent link: https://www.econbiz.de/10014447470
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Local versus Non-Local Effects of Chinese Media and Post-Earnings Announcement Drift
Kim, Jeong-Bon - 2019
Taking advantage of the institutional difference in capture between local and non-local media in China, we examine the association between media capture and post-earnings announcement drift (PEAD). Using both portfolio and regression analyses, we find that, for the same firms, non-local media...
Persistent link: https://www.econbiz.de/10012870770
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Uncertainty of Information, Reaction of Investors and Post-Earnings Announcement Drift : Some Empirical Evidences from A-H Share Markets of China
Lu, Jing - 2010
By means of Event Study, Panel Data Regression and Feasible Generalized Least Squares, we discuss the influence of uncertainty of information on the Post-Earnings Announcement Drift. We find that there are not significant differences between the H-share financial statements and the A-share...
Persistent link: https://www.econbiz.de/10013139665
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Chinese Institutional Trading, Stock Returns and Earnings Announcements
Chen, Zhijuan - 2014
This paper focuses on Chinese institutional trading and its relation with stock returns. We use the data of institutional ownership of Topview from Shanghai Stock Exchange to get daily order flow of dealers and mutual funds. We first document that their daily order flow is persistent in the...
Persistent link: https://www.econbiz.de/10013059978
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Performance Evaluation of Chinese Actively Managed Stock Mutual Funds
Chi, Yeguang - 2013
The aggregate portfolio of Chinese actively managed stock mutual funds exhibits a large and significantly positive alpha. Results from bootstrap simulations indicate that most Chinese active stock mutual fund managers have skill. A substantial amount of their outperformance can be attributed to...
Persistent link: https://www.econbiz.de/10013081605
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An Empirical Study of Mutual Funds Performance in China
Chen, Dawei - 2013
This study evaluates equity mutual fund performance in the Chinese mutual funds industry by employing Goetzmann and Ibbotson's (1994) method. The data set consists of all open-end equity mutual funds in China and is free of survivorship bias. The research period covers January 2002 to December...
Persistent link: https://www.econbiz.de/10013086571