An Examination of the Bias and Determinants of Prospectus Earnings Forecasts PDF Download
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Author: Yuen May Lum
Publisher:
ISBN:
Category : Going public (Securities)
Languages : en
Pages : 100
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Author: Yuen May Lum
Publisher:
ISBN:
Category : Going public (Securities)
Languages : en
Pages : 100
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Author: K. Keasey
Publisher:
ISBN:
Category : Commerce
Languages : en
Pages :
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Author: Andrew A. Anabila
Publisher:
ISBN:
Category :
Languages : en
Pages : 12
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Book Description
The safe harbor provisions have increased over the years, following the Private Securities Litigation Reform Act (PSLRA) of 1996 and the Securities Litigation Uniform Standards Act (SLUSA) of 1998. The objective is to encourage more earnings guidance by managers. However, a number of firms like Coca Cola and Gillette moved to abandon quantitative earnings forecasts, due to concerns over the markets' response when they miss their forecasts. This study examines the determinants of management earnings forecasts bias and inaccuracy. The evidence suggests that forecast bias and inaccuracy are not systematically associated with diversification however, are associated with the fraction of nonoperating assets. Also, capital structure, audit quality and institutional holdings are systematic determinants of forecast bias and inaccuracy. Finally, industry attributes of munificence, dynamism and concentration are indicators of inherent imperfections of management forecasts, but are exogenous to management's control. The reasons for, and implications of these findings are discussed.
Author: Zeina Al-Ahmad
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Author: Bruce J. McConomy
Publisher:
ISBN:
Category :
Languages : en
Pages :
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This paper assesses how the bias and accuracy of managers' earnings forecasts in prospectuses were affected by a 1989 regulation that required the forecasts to be audited by public accountants. Theory suggests that auditors' association with the forecasts would reduce positive (optimistic) bias, by reducing moral hazard. Regulators expected that the audit requirement would also improve the accuracy of the forecasts. Both predictions were tested using management earnings forecasts disclosed in prospectuses of Canadian initial public offerings. The results show that audited forecasts contained significantly less positive bias than reviewed forecasts, but there was only a marginally significant improvement in accuracy.Key Words: Initial public offering; Bias; Earnings forecast.
Author: University of Illinois at Urbana-Champaign. Center for International Education and Research in Accounting
Publisher:
ISBN:
Category :
Languages : en
Pages : 804
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Author: Bong-Heui Han
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Researchers have identified numerous factors associated with security analysts' optimistic bias, including size, earnings-to-price ratio, forecast dispersion, past returns, and past forecast errors. These factors are viewed as having future earnings uncertainty as a common attribute. Empirical evidence consistent with this view is presented. Using these factors as proxies for future earnings uncertainty, univariate tests show that analysts' bias increases as uncertainty increases. Multivariate tests indicate that each of the uncertainty proxies incrementally explains bias, after controlling for the other variables. A model is developed which significantly improves accuracy by reducing both forecast bias and forecast error variance in tests on holdout samples.
Author:
Publisher:
ISBN:
Category : Accounting
Languages : en
Pages : 412
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Book Description
![Disclosure and Bias of Earnings Forecasts in Prospectuses [microform] : Theory and Canadian Evidence PDF](https://books.google.com/books/content/images/frontcover/tKjvvgEACAAJ?fife=w80-h100)
Author: Dean E. Neu
Publisher: National Library of Canada
ISBN: 9780315534520
Category :
Languages : en
Pages :
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Author:
Publisher:
ISBN:
Category : International finance
Languages : en
Pages : 316
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