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Lundholm, Russell J. - 2020

In this paper we examine the time-series and cross-sectional volatility in analyst forecasts. We derive a bound on the degree of variation in forecasts, analogous to the variance bound literature in finance, and document the frequency and circumstances surrounding violations of this bound. We...

Persistent link: https://www.econbiz.de/10012856368

Disagreement, Speculation and Management Forecasts

Dimitrov, Valentin - 2020

Prior research shows that disagreement leads to speculative trading and a speculative premium in stock prices. We examine how managers respond to this speculative premium. Using exogenous variation in speculative trading due to the reconstitution of the Russell 1000/2000 indices, we find that...

Persistent link: https://www.econbiz.de/10012838034

FASB was Right : Earnings Beat Cash Flows when Predicting Future Cash Flows

Ball, Ray - 2020

Do accruals-based accounting earnings provide better information to investors about future operating cash flows than operating cash flows themselves, as predicted by FASB's conceptual framework? The most recent evidence (Nallareddy et al., 2020) is that operating cash flows, measured correctly...

Persistent link: https://www.econbiz.de/10012823531

Components of Other Comprehensive Income Increase Uncertainty and Reduce Analyst Forecasting Ability

Arthur, Neal - 2019

This study examines the relationship between components of OCI and analysts' forecasting behaviour, being forecast … negatively associated with forecast accuracy and herding. We also find that available for sale (AFS) amounts are positively … associated with forecast accuracy, herding and analyst following. Together with prior evidence, our findings provide empirical …

Persistent link: https://www.econbiz.de/10012872055

A Modified Dechow and Dichev (2002) Model with Cash Flow Forecasts

Shi, Linna - 2016

We propose a modification to the Dechow and Dichev (2002) model (DD hereafter) by replacing realized next-period cash flows with forecasted future cash flows. We first theorize the relation between the modified- and original DD model and that between abnormal accruals from the modified DD model...

Persistent link: https://www.econbiz.de/10013007971

Analysts' use of range information provided in management earnings forecasts

Jensen, Tyler - 2015

accuracy. In sum, we find that analysts react to information conveyed by all four parameters of a management range forecast and …

Persistent link: https://www.econbiz.de/10013036561

Volatility Forecasting Using Financial Statement Information

Sridharan, Suhas A. - 2015

. My main hypothesis is accounting-based drivers can be used to forecast future volatility incremental to either past …

Persistent link: https://www.econbiz.de/10013037345

An Improved Earnings Forecasting Model

Harris, Richard D. F. - 2016

In this paper, we employ the earnings model developed in Ashton and Wang (2013) to forecast the one- to three …

Persistent link: https://www.econbiz.de/10012987876

Do Analysts’ Cash Flow Forecasts Improve the Accuracy of Their Target Prices?

Hashim, Noor - 2016

Current evidence on the sophistication of analysts' cash flow forecasts is ambiguous. For example, Call et al. (2009) show that issuing cash flow forecasts has important benefits for analysts' earnings forecasts, while Givoly et al. (2009) question the validity of this result, arguing that...

Persistent link: https://www.econbiz.de/10012988560

Do Analysts’ Cash Flow Forecasts Improve the Accuracy of Their Target Prices?

Hashim, Noor - 2016

Persistent link: https://www.econbiz.de/10012988890