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supplement their earnings forecasts with sales forecasts. I find that earnings forecast revisions supplemented with sales … the incremental information content in sales forecasts. Supplemented earnings forecasts are more accurate ex post … effects. Taken as a whole, financial analysts are more likely to supplement their earnings forecasts with sales forecasts when …
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Chinese companies report year-end earnings and dividends simultaneously, so when the two sets of news are in conflict, the relative importance of earnings versus dividends can be disentangled. Chinese dividend announcements take precedence over earnings news, as revealed by Cumulative Absolute...
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This study aims to test and analyze the effect of capital structure, profitability, investment opportunity set, firm value, earnings per share, and dividend policy, on stock returns. Our research uses regression analysis to determine and analyze the influence of independent variables on...
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We analyze the earnings information and stock prices of S&P500 firms and find that investors following S&P500 stocks (i) respond more to pro forma earnings than to GAAP earnings, (ii) respond to an emphasis on pro forma earnings, and (iii) are fixated on pro forma earnings. We provide the first...
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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...
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The primary aim of this study is to investigate the stock return volatility surrounding management earnings forecasts. Disclosure by managers of expected earnings are particularly important communications, and as such, it is important to understand the capital market implications surrounding...
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