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This paper extends the study of Herrmann and Thomas (2005) on granularity in analyst forecasts at multiples of nickels and finds that forecasts at multiples of nickels are more optimistic, and induce weaker market responses. Granularity in analyst forecasts combined with managers’ incentive to...
Persistent link: https://www.econbiz.de/10014205618
We investigate how the interaction between product market competition and firm-level corporate governance enhances the accuracy of analysts' forecasts and reduces the forecasts' deviation. Using a sample of Brazilian public firms covered by analysts, we find that competitive industries provide...
Persistent link: https://www.econbiz.de/10013021973
We examine the propensity and properties of bond analysts' forecasts on cash flows and earnings. We find that the probability to issue cash flow, relative to earnings, forecasts is greater for bond analysts than for equity analysts, consistent with the notion that cash flow, relative to...
Persistent link: https://www.econbiz.de/10013019557
We examine whether firms with greater financial statement complexity are more likely to meet or beat analysts' earnings expectations. We proxy for financial statement complexity using the firm's industry and year adjusted accounting policy disclosure length. Firms with more complex financial...
Persistent link: https://www.econbiz.de/10013033851
Prior archival studies of analysts' forecasts have found evidence for systematic underreaction, systematic overreaction, and systematic optimism bias. Easterwood and Nutt (1999) attempt to reconcile the conflicting evidence by testing the robustness of Abarbanell and Bernard's (1992)...
Persistent link: https://www.econbiz.de/10014087976
Prior archival studies of analysts' forecasts have found evidence for systematic underreaction, systematic overreaction, and systematic optimism bias. Easterwood and Nutt (1999) attempt to reconcile the conflicting evidence by testing the robustness of Abarbanell and Bernard's (1992)...
Persistent link: https://www.econbiz.de/10014082357
With this study we are the first to systematically compare today’s two major counterparts as a source of accounting and financial data for researchers: Compustat North America by Standard & Poor’s and Worldscope by Thomson Financial. This investigation is conducted for U.S. and partly...
Persistent link: https://www.econbiz.de/10005678031
In this study, we examine how analysts are affected by the public actions of investors and other analysts by closely examining how analysts revise their earnings forecasts after an earnings announcement. In particular, we hypothesize that analysts observe the actions of investors and other...
Persistent link: https://www.econbiz.de/10014224917
Using an international sample, I investigate whether the extent of firms' disclosure of their accounting policies in the annual report is associated with properties of analysts' earnings forecasts. Controlling for firm - and country - level variables, I find that the level of accounting policy...
Persistent link: https://www.econbiz.de/10014113741
In this study we examine changes in the precision and the commonality of information contained in individual analysts' earnings forecasts, focusing on changes around earnings announcements. Using the empirical proxies suggested by the Barron et al. (1998) model that are based on the...
Persistent link: https://www.econbiz.de/10014114630