The effectively mandatory provision of management earnings forecasts (MEF) is an unique feature of Japan's financial disclosure system. The first objective of this study is to identify the determinants of systematic bias in MEF using a sample of nearly 25,000 one-year-ahead earnings forecasts...

This paper investigates the effects of ten factors on bias in management earnings forecasts (MEF) using a sample of 28,000 forecasts announced by Japanese firms over the period 1979-1999. The ten factors are macroeconomic influence, industry, firm size, Exchange/OTC, external financing,...

This paper investigates the validity of the Ohlson (1995) information dynamics (Linear Information Model: LIM) and attempts to improve the LIM. The difficulty concerning the empirical tests of the LIM lies in identifying v, which denotes information other than abnormal earnings. Recent papers,...

This paper investigates the validity of the Ohlson (1995) information dynamics (Linear Information Model: LIM) and attempts to improve the LIM. The difficulty concerning the empirical tests of the LIM lies in identifying v, which denotes information other than abnormal earnings. Recent papers,...

This paper investigates the validity of the Ohlson (1995) information dynamics (Linear Information Model: LIM) and attempts to improve LIM. The difficulty concerning the empirical tests on LIM lies in identifying v, which denotes information other than abnormal earnings. Recent papers, such as...