Cross Listing, Management Earning Forecasts, and Firm Values PDF Download
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Author: Ning Yaqi Shi
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
Author: Ning Yaqi Shi
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
Author: Mark H. Lang
Publisher:
ISBN:
Category :
Languages : en
Pages : 39
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Book Description
This paper investigates the relation between cross listing in the U.S., with its resulting commitment to increased disclosure, and the information environment of non-U.S. firms. We find that firms that cross-list on U.S. exchanges have greater analyst coverage and increased forecast accuracy relative to firms that are not cross listed. A time-series analysis shows that the change in analyst coverage and forecast accuracy occurs around cross listing. We also document that firms that have more analyst coverage and higher forecast accuracy have a higher valuation. Further, the change in firm value around cross listing is correlated with changes in the firm's information environment. Our findings support the hypothesis that cross-listed firms have better information environments, which are associated with higher market valuations.
Author: Klaus S. Beckmann
Publisher:
ISBN:
Category : Industrial management
Languages : en
Pages : 284
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Author: Somnath Das
Publisher:
ISBN:
Category : Earnings per share
Languages : en
Pages : 32
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Book Description
Author: Kenneth D. Lawrence
Publisher: Emerald Group Publishing
ISBN: 0857247875
Category : Business & Economics
Languages : en
Pages : 307
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Book Description
Includes sections devoted to financial applications of forecasting, as well as demand forecasting. This publication also includes a section on general business applications of forecasting, as well as one on forecasting methodologies.
Author:
Publisher:
ISBN:
Category : Dissertations, Academic
Languages : en
Pages : 594
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Author: Wan-Jung Hsu
Publisher:
ISBN:
Category :
Languages : en
Pages : 136
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Author: Christian Leuz
Publisher:
ISBN:
Category :
Languages : en
Pages : 24
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Book Description
Lang, Lins and Miller (2002) investigate the relation between cross listing in the U.S. and information intermediation by analysts. The results suggest that cross listing in the U.S. increases analyst following and forecast accuracy and that both variables are associated with Tobin's Q. These findings are interesting and advance the cross-listing literature in several ways. This discussion raises two issues. First, I highlight that the sources of cross-listing effects are not obvious and are difficult to disentangle. To illustrate this point, I replicate the analysis using cross-listed Canadian firms, for which mandated disclosures are held constant. Thus, if disclosure effects are important for documented cross-listing effects, I expect to find no relation in the Canadian sample. The findings for forecast accuracy are consistent with this hypothesis. However, analyst following continues to be significantly higher for cross-listed Canadian firms. These findings suggest that the sources of cross-listing effects differ for analyst coverage and forecast accuracy. Second, I discuss the link between analyst variables, firm value and cost of capital. As they are only tenuously related, I draw attention to some unresolved questions and areas for future research.
Author: Mark H. Lang
Publisher:
ISBN:
Category :
Languages : en
Pages : 39
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Book Description
We compare the characteristics of US GAAP earnings for US firms with reconciled earnings for non-US firms cross listing on US markets. We find that the reconciled earnings for non-US firms differ systematically from US GAAP earnings for US firms, and are characterized by more evidence of smoothing, a greater tendency to manage earnings towards a target, a lower association with share price and less timely recognition of losses. Further, splitting by country of domicile, earnings for firms from countries with relatively weak local investor protection environments show more evidence of earnings management, suggesting that institutional features of the local environment find their way into US GAAP-reported earnings. Our evidence suggests that, even though cross-listed firms operate under the regulatory authority of the SEC and follow nominally similar accounting standards, their reconciled accounting data show more evidence of earnings management than data prepared by US firms.
Author: Sundaresh Ramnath
Publisher: Now Publishers Inc
ISBN: 1601981627
Category : Business & Economics
Languages : en
Pages : 125
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Book Description
Financial Analysts' Forecasts and Stock Recommendations reviews research related to the role of financial analysts in the allocation of resources in capital markets. The authors provide an organized look at the literature, with particular attention to important questions that remain open for further research. They focus research related to analysts' decision processes and the usefulness of their forecasts and stock recommendations. Some of the major surveys were published in the early 1990's and since then no less than 250 papers related to financial analysts have appeared in the nine major research journals that we used to launch our review of the literature. The research has evolved from descriptions of the statistical properties of analysts' forecasts to investigations of the incentives and decision processes that give rise to those properties. However, in spite of this broader focus, much of analysts' decision processes and the market's mechanism of drawing a useful consensus from the combination of individual analysts' decisions remain hidden in a black box. What do we know about the relevant valuation metrics and the mechanism by which analysts and investors translate forecasts into present equity values? What do we know about the heuristics relied upon by analysts and the market and the appropriateness of their use? Financial Analysts' Forecasts and Stock Recommendations examines these and other questions and concludes by highlighting area for future research.
