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Author: Ravi Bhushan
Publisher:
ISBN:
Category :
Languages : en
Pages : 31
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Book Description
Author: Ravi Bhushan
Publisher:
ISBN:
Category :
Languages : en
Pages : 31
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Book Description
Author: Julia Grant
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
This paper examines the relationship between financial analysis levels and identifiable firm characteristics. The full text of 187 sell-side analyst reports is coded using content analysis. Publicly available information is searched to identify potential sources of the coded information. Source results are used to measure analyst effort, where information cited by the analyst but having no identifiable source is assumed to require the greatest effort, and information taken from financial statements requires the lowest effort. Thus, effort is an increasing function of the level of non-financial-report information cited. Empirical analysis applies nonlinear estimation techniques, using the Poisson distribution for count data, to the relationship between nonreport information cited and firm characteristics. Results identify positive relationships between the measure of analyst effort and firm complexity and trading volume. Negative relationships are identified between effort level and inside ownership, firm disclosure quality, earnings variability, and level of coverage by other analysts. In addition, a positive relationship is identified between size and effort.
Author: Vinesh Jha
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
We address whether analyst skill is a persistent characteristic, and the extent to which skill is associated with characteristics of the brokerage firm employing the analyst. In particular, we examine analysts' ability to publish accurate earnings estimates consistently. We look globally with a focus on the United States and Japan, and find that this ability is persistent in all regions. Secondly, we find that analyst estimate accuracy is in part associated with the size of the firm employing the analyst; the home country of the firm, in the case of Japanese stocks; and underwriting affiliations of the firm employing the analyst, in the case of U.S. stocks. Finally, we demonstrate how these firm characteristics relate to the profitability of stock recommendations made by the analysts employed by firms of various types.
Author: Russell James Lundholm
Publisher: McGraw-Hill/Irwin
ISBN: 9780073309699
Category : Business enterprises
Languages : en
Pages : 0
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Book Description
While focusing on the underlying theories of financial analysis and valuation, this work aims to answer the question, "What is this company really worth?". It takes the view that sound forecasts of financial statements are the key input to a good valuation, and that other aspects of the valuation process are mechanical.
Author: Peter Easton
Publisher: Now Publishers Inc
ISBN: 1601981945
Category : Business & Economics
Languages : en
Pages : 148
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Book Description
Estimating the Cost of Capital Implied by Market Prices and Accounting Data focuses on estimating the expected rate of return implied by market prices, summary accounting numbers, and forecasts of earnings and dividends. Estimates of the expected rate of return, often used as proxies for the cost of capital, are obtained by inverting accounting-based valuation models. The author describes accounting-based valuation models and discusses how these models have been used, and how they may be used, to obtain estimates of the cost of capital. The practical appeal of accounting-based valuation models is that they focus on the two variables that are commonly at the heart of valuations carried out by equity analysts -- forecasts of earnings and forecasts of earnings growth. The question at the core of this monograph is -- How can these forecasts be used to obtain an estimate of the cost of capital? The author examines the empirical validity of the estimates based on these forecasts and explores ways to improve these estimates. In addition, this monograph details a method for isolating the effect of any factor of interest (such as cross-listing, fraud, disclosure quality, taxes, analyst following, accounting standards, etc.) on the cost of capital. If you are interested in understanding the academic literature on accounting-based estimates of expected rate of return this monograph is for you. Estimating the Cost of Capital Implied by Market Prices and Accounting Data provides a foundation for a deeper comprehension of this literature and will give a jump start to those who have an interest in these topics. The key ideas are introduced via examples based on actual forecasts, accounting information, and market prices for listed firms, and the numerical examples are based on sound algebraic relations.
Author: Patricia C. O'Brien and Ravi Bhushan
Publisher:
ISBN:
Category :
Languages : en
Pages : 28
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Book Description
Author: Darren T. Roulstone
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
This paper investigates the relation between analyst characteristics (number of analysts following a firm and their forecast dispersion) and market liquidity characteristics (bid-ask spreads and depths and the adverse-selection component of the spread). Prior research has found contradictory results on the relation between analyst following and market liquidity and has offered differing theories on how analysts affect liquidity. While prior research has posited analysts as proxies for privately informed trade or as signals of information asymmetry, I hypothesize that analysts provide public information, implying that analyst following (forecast dispersion) should have a positive (negative) association with liquidity. Cross-sectional simultaneous estimations provide support for this hypothesis. The results are both statistically significant and economically important. Granger-causality tests indicate that analyst characteristics lead market liquidity characteristics. These results clarify the role of analysts in providing information to financial markets and highlight benefits of increased analyst following.
Author: John G. Cragg
Publisher: University of Chicago Press
ISBN: 0226116727
Category : Business & Economics
Languages : en
Pages : 185
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Book Description
John G. Cragg and Burton G. Malkiel collected detailed forecasts of professional investors concerning the growth of 175 companies and use this information to examine the impact of such forecasts on the market evaluations of the companies and to test and extend traditional models of how stock market values are determined.
Author: Mr.Roberto Cardarelli
Publisher: International Monetary Fund
ISBN: 1513520830
Category : Business & Economics
Languages : en
Pages : 24
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Book Description
Total factor productivity (TFP) growth began slowing in the United States in the mid-2000s, before the Great Recession. To many, the main culprit is the fading positive impact of the information technology (IT) revolution that took place in the 1990s. But our estimates of TFP growth across the U.S. states reveal that the slowdown in TFP was quite widespread and not particularly stronger in IT-producing states or in those with a relatively more intensive usage of IT. An alternative explanation offered in this paper is that the slowdown in U.S. TFP growth reflects a loss of efficiency or market dynamism over the last two decades. Indeed, there are large differences in production efficiency across U.S. states, with the states having better educational attainment and greater investment in R&D being closer to the production “frontier.”
Author: Dr. Othmar M. Lehner
Publisher: ACRN Publishing House
ISBN: 3950351817
Category : Business & Economics
Languages : en
Pages : 575
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Book Description
Proceedings of the 14th FRAP Finance, Risk and Accounting Perspectives conference taking place in Cambridge UK.
