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Do Stock Prices Influence Analysts’ Earnings Forecasts?

Miller, Jeffrey S. - 2010

This paper presents results from an experiment and follow-up survey examining whether stock prices influence analysts' earnings forecasts. In our experiment, prices influence analysts' forecasts when uncertainty about future earnings is high, but not when uncertainty is low. Additional analyses...

Persistent link: https://www.econbiz.de/10013139640

Do Stock Prices Influence Analysts’ Earnings Forecasts?

Sedor, Lisa M. - 2011

financial analysts, we find that analysts updating their earnings forecasts in response to a management earnings forecast … provide different forecasts depending on the stock price reaction to management's forecast. Lower (higher) stock price leads …

Persistent link: https://www.econbiz.de/10013120423

Implications of Analyst Forecasts at the Time of Earnings Announcements for Market Reactions to Earnings Announcements

Lobo, Gerald J. - 2011

Theory suggests that the informativeness of price at the time of an earnings announcement increases with the number of informed traders who possess superior information to process news from firm disclosures (Kyle 1985; Admati and Pfleiderer 1988; Kim and Verrecchia 1994). In this paper, we investigate...

Persistent link: https://www.econbiz.de/10013120980

Derivatives Use and Analysts’ Earnings Forecast Accuracy

Mefteh-Wali, Salma - 2012

derivatives enjoy high levels of forecast accuracy relative to firms that do not. This result is in accord with the arguments …

Persistent link: https://www.econbiz.de/10013104379

Regression-Based Earnings Forecasts

Gerakos, Joseph - 2013

We provide a comprehensive examination of regression-based earnings forecasts. Specifically, we evaluate forecasts of scaled and unscaled net income along a number of relevant dimensions including variable selection, estimation methods, estimation windows, and Winsorization. Overall, we find...

Persistent link: https://www.econbiz.de/10013090594

An Examination of the Statistical Significance and Economic Implications of Model-Based and Analyst Earnings Forecasts

Yong, Kevin Ow - 2014

We address the demand for model-based earnings forecasts by proposing a cross-sectional model which incorporates three salient ideas. First, firm performance converges to expected levels over time; second, amounts from current financial statements are robust predictors of future performance; and...

Persistent link: https://www.econbiz.de/10013064780

Interactions between Analyst Earnings Forecasts and Management Earnings Forecasts

Brown, Lawrence D. - 2014

We examine interactions between analyst earnings forecasts and management earnings forecasts by investigating: (1) managers' comparative efficiency relative to analysts at incorporating past earnings changes, accruals, stock returns and analyst-based earnings surprises into their earnings...

Persistent link: https://www.econbiz.de/10013066655

The Stock Price Effects from Downward Earnings Guidance Versus Beating Analysts' Forecasts : Which Effect Dominates?

Rees, Lynn L. - 2014

This paper provides evidence on the net stock price effects associated with managers following a disclosure strategy of guiding earnings down to a level where they can report a positive earnings surprise. Prior literature documents a stock price premium when firms meet or beat analysts'...

Persistent link: https://www.econbiz.de/10013069199

Financial Signaling and Earnings Forecasts

Brushko, Iuliia - 2013

This paper examines the extent to which financial signaling affects the analysts' and managers' forecast releases. The … findings give evidence of heterogeneity of analysts' forecast errors between firms with strong financial indicators (high … group). The paper further indicates that managers' forecast releases also depend on the type of the firm and that managers …

Persistent link: https://www.econbiz.de/10013071999

The Impact of Mandatory IFRS Adoption on Financial Analysts’ Earnings Forecasts in Spain

Garrido Miralles, Pascual - 2014

. In terms of analysts' earnings forecast error and dispersion after implementation of IFRS, benefits are concentrated …

Persistent link: https://www.econbiz.de/10013060341