Download or read book Security Analysts Cash Flow Forecasts and Turnover written by Shail Pandit and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine the relation between security analyst turnover and the relative accuracy of their annual earnings and cash flow forecasts. Controlling for self-selection in an analyst's decision to issue a cash flow forecast, we find that relatively more accurate earnings and cash flow forecasts reduce the probability of turnover. Relative earnings forecast accuracy decreases the probability of turnover more than relative cash flow forecast accuracy. We conduct two cross-sectional tests. We find that relative cash flow forecast accuracy is more important in the analyst's career outcome when cash flow forecasts are potentially more useful to investors. We find that relative cash flow forecast accuracy is more heavily weighted in the career outcome when the number of other analysts providing cash flow forecasts for the firm is larger. This finding is consistent with economic intuition that relative performance evaluation is more effective when larger groups of individuals are compared.

Download or read book Security Analyst Multi year Earnings Forecasts and the Capital Market written by Philip Brown and published by . This book was released on 1985 with total page 188 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Handbook of Security Analyst Forecasting and Asset Allocation written by John Guerard and published by JAI Press(NY). This book was released on 1993 with total page 264 pages. Available in PDF, EPUB and Kindle. Book excerpt: Part of a series on contemporary studies in economic and financial analysis, this volume focuses on security analyst forecasting and asset allocation. Topics include market response to earning forecasts; and the effectiveness of security analysts' forecasts; among others.

Download or read book Security Analysis on Wall Street written by Jeffrey C. Hooke and published by John Wiley & Sons. This book was released on 1998-04-06 with total page 460 pages. Available in PDF, EPUB and Kindle. Book excerpt: Table of Contents

Download or read book Security Analysis and Business Valuation on Wall Street written by Jeffrey C. Hooke and published by John Wiley & Sons. This book was released on 2010-04-07 with total page 436 pages. Available in PDF, EPUB and Kindle. Book excerpt: An insider's look at security analysis and business valuation, as practiced by Wall Street, Corporate America, and international businesses Two major market crashes, numerous financial and accounting scandals, growth in private equity and hedge funds, Sarbanes Oxley and related regulations, and international developments changed security analysis and business valuation substantially over the last fourteen years. These events necessitated a second edition of this modern classic, praised earlier by Barron's as a "welcome successor to Graham and Dodd" and used in the global CFA exam. This authoritative book shows the rational, rigorous analysis is still the most successful way to evaluate securities. It picks up where Graham and Dodd's bestselling Security Analysis - for decades considered the definitive word on the subject - leaves off. Providing a practical viewpoint, Security Analysis on Wall Street shows how the values of common stock are really determined in today's marketplace. Incorporating dozens of real-world examples, and spotlighting many special analysis cases - including cash flow stocks, unusual industries and distressed securities - this comprehensive resources delivers all the answers to your questions about security analysis and corporate valuation on Wall Street. The Second Edition of Security Analysis on Wall Street examines how mutual funds, private equity funds, hedge funds, institutional money managers, investment banks, business appraisers, and corporate acquirers perform their craft of security analysis and business valuation in today's highly charged environment. Completely updated to reflect the latest methodologies, this reliable resource represents the most comprehensive book written by someone who has actually worked as an investment banker, private equity executive, and international institutional investor. Shows the methodical process that practitioners use to value common stocks and operating companies and to make buy/sell decisions Discusses the impact of the two stock market crashes, the accounting and financial scandals, and the new regulations on the evaluation process Covers how Internet and computing power automate portions of the research and analytical effort Includes new case study examples representative of valuation issues faced daily by mutual funds, private equity funds, hedge funds, institutional investors, investment banks, business appraisers, and corporate acquirers Is a perfect tool for professors wishing to show their MBA students the essential tools of equity and business valuation Security analysis and business valuation are core financial disciplines for Wall Streeters, corporate acquirers, and international investors. The Second Edition of Security Analysis on Wall Street is an important book for anyone who needs a solid grounding in these critical finance topics.

Download or read book Cash Flow and Security Analysis written by Kenneth S. Hackel and published by Irwin Professional Publishing. This book was released on 1992 with total page 298 pages. Available in PDF, EPUB and Kindle. Book excerpt: "As institutional investors continue to affect the governance of corporate America, it is imperative that every business and financial player be capable of distinguishing free cash flow from commonly accepted cash flow and operating cash flow. Cash Flow and Security Analysis explains, for the first time, what cash flow analysis is all about as it pertains to fundamental security analysis...how it differs from accrual accounting...why accounting regulators are increasingly focusing on cash flow...and why investors should be focusing on free cash flow." "Chock-full of examples of how you can convert from accrual accounting to cash flow reporting, this timely guide shows you how to effectively put this important investment yardstick to use. In addition, the authors give you the specific benefits of cash flow analysis, stressing the importance of free cash flow." "An important reference that shows you how to avoid common costly mistakes, Cash Flow and Security Analysis explains how to identify undervalued companies and takeover targets, provides dozens of examples and illustrations for cash flow reporting and analysis, and shows how an investment strategy based on free cash flow outperforms other popular strategies in back tests and real life portfolios."--BOOK JACKET.Title Summary field provided by Blackwell North America, Inc. All Rights Reserved

Download or read book Modern Security Analysis written by Martin J. Whitman and published by John Wiley & Sons. This book was released on 2013-05-07 with total page 496 pages. Available in PDF, EPUB and Kindle. Book excerpt: A legendary value investor on security analysis for a modern era This book outlines Whitman's approach to business and security analysis that departs from most conventional security analysts. This approach has more in common with corporate finance than it does with the conventional approach. The key factors in appraising a company and its securities: 1) Credit worthiness, 2) Flows—both cash and earnings, 3) Long-term outlook, 4) Salable assets which can be disposed of without compromising the going concern, dynamics, 5) Resource conversions such as changes in control, mergers and acquisitions, going private, and major changes in assets or in liabilities, and 6) Access to capital. Offers the security analysis value approach Martin Whitman has used successfully since 1986 Details Whitman's unconventional approach to security analysis and offers information on the six key factors for appraising a company Contains the three most overemphasized factors used in conventional securities investing Written by Martin J. Whitman and Fernando Diz, Modern Security Analysis meets the challenge of today's marketplace by taking into account changes to regulation, market structures, instruments, and the speed and volume of trading.

Download or read book Getting Started in Security Analysis written by Peter J. Klein and published by John Wiley & Sons. This book was released on 2009-12-02 with total page 336 pages. Available in PDF, EPUB and Kindle. Book excerpt: An updated look at security analysis and how to use it during tough financial times Due to the current economic climate, individual investors are starting to take much more time and effort to really understand their investments. They've been investing on their own in record numbers, but many have no idea how to handle the current financial crisis. This accessible guide shows you how to take control of your investment decisions by mastering security analysis. This fully updated Second Edition of Getting Started in Security Analysis covers everything you need to fully grasp the fundamentals of security analysis. It focuses on the practical mechanics of such vital topics as fundamental analysis, security valuation, portfolio management, real estate analysis, and fixed income analysis. Easy-to-follow instructions and case studies put the tools of this trade in perspective and show you how to incorporate them into your portfolio Along with dozens of examples, you'll find special quiz sections that test your skills Focuses on key security analysis topics such as deciphering financial statements, fixed-income analysis, fundamental analysis, and security valuation If you want to make better investment decisions, then look no further than the Second Edition of Getting Started in Security Analysis.

Download or read book Creative Cash Flow Reporting written by Charles W. Mulford and published by John Wiley & Sons. This book was released on 2005-05-13 with total page 432 pages. Available in PDF, EPUB and Kindle. Book excerpt: Successful methodology for identifying earnings-related reporting indiscretions Creative Cash Flow Reporting and Analysis capitalizes on current concerns with misleading financial reporting on misleading financial reporting. It identifies the common steps used to yield misleading cash flow amounts, demonstrates how to adjust the cash flow statement for more effective analysis, and how to use adjusted operating cash flow to uncover earnings that have been misreported using aggressive or fraudulent accounting practices. Charles W. Mulford, PhD, CPA (Atlanta, GA), is the coauthor of three books, including the bestselling The Financial Numbers Game: Identifying Creative Accounting Practices. Eugene E. Comiskey, PhD, CPA, CMA (Atlanta, GA), is the coauthor of the bestselling The Financial Numbers Game: Identifying Creative Accounting Practices.

Download or read book Analysts Cash Flow Forecasts and the Predictive Ability and Pricing of Operating Cash Flows written by Andrew C. Call and published by . This book was released on 2009 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: I examine the association between analysts' cash flow forecasts and the predictive ability and pricing of operating cash flows. I argue that when analysts issue cash flow forecasts, they serve a monitoring role over the firm's reported cash flow information. Consistent with this idea, I find the ability of current cash flows to predict future cash flows is greater for firms whose analysts issue cash flow forecasts, and improves when analysts begin forecasting cash flows, suggesting analysts' cash flow forecasts discipline managers to report cash flow information that is more informative about future firm prospects. Furthermore, I find the incremental weight investors assign to operating cash flows is greater for firms with a cash flow forecast than for firms without a cash flow forecast, and increases in the years immediately after analysts begin issuing cash flow forecasts. As a result, the anomalous underpricing of operating cash flows is eliminated for firms whose analysts issue cash flow forecasts. These results suggest analysts' cash flow forecasts have implications for both the reporting and pricing of cash flow information.

Download or read book An Empirical Analysis of Analysts Cash Flow Forecasts written by Mark L. DeFond and published by . This book was released on 2003 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study investigates the relatively recent and growing trend in analysts making operating cash flow forecasts. We find that cash flow forecasts are made for companies with accounting, operating and financing characteristics that are likely to make cash flows more helpful in interpreting earnings and assessing firm viability. Specifically, consistent with our expectations, we find that cash flow forecasts are more likely to be made for firms: (1) in industries with greater accounting choice heterogeneity; (2) with forecasted earnings losses;(3) with shorter operating cycles; (4) with greater capital intensity; and (5) with higher leverage. These findings suggest that market participants demand cash flow forecasts when cash flows are relatively more useful in assessing firm value. Supporting this explanation, we also find that analysts make cash flow forecasts when current cash flows have greater ability, and earnings have less ability, to predict future cash flows; when annual earnings have a lower association with stock returns; and when cash flow forecast errors are associated with stock returns around the earnings announcement date, but earnings forecast errors are not.

Download or read book Bold Security Analysts Earnings Forecasts and Managers Information Flow written by Allen Huang and published by . This book was released on 2012 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine the relation between security analysts' annual earnings forecast boldness ("bold analysts") and changes in the inferred flow of earnings-related information from managers of the forecasted firm to bold analysts. We find that unfavorably bold analysts experience an improvement in their subsequent relative forecast accuracy. Favorable forecasters, however, experience a decrease in subsequent relative forecast accuracy. Our forecast revisions tests suggest that the market recognizes the improvement in subsequent relative forecast accuracy for unfavorably bold analysts and places no additional weight on forecast revisions from favorably bold analysts.

Download or read book Cash Flow For Dummies written by John A. Tracy and published by John Wiley & Sons. This book was released on 2011-10-07 with total page 384 pages. Available in PDF, EPUB and Kindle. Book excerpt: The fast and easy way to grasp cash flow management Cash Flow For Dummies offers small business owners, accountants, prospective entrepreneurs, and others responsible for cash management an informational manual to cash flow basics and proven success strategies. Cash Flow For Dummies is an essential guide to effective strategies that will make your business more appealing on the market. Loaded with valuable tips and techniques, it teaches individuals and companies the ins and outs of maximizing cash flow, the fundamentals of cash management, and how it affects the quality of a company's earnings. Cash flow is the movement of cash into or out of a business, project, or financial product. It is usually measured during a specified, finite period of time, and can be used to measure rates of return, actual liquidity, real profits, and to evaluate the quality of investments. Cash Flow For Dummies gives you an understanding of the basic principles of cash management and its core principles to facilitate small business success. Covers how to read cash flow statements Illustrates how cash balances are analyzed and monitored—including internal controls over cash receipts and disbursements, plus bank account reconciliation and activity analysis Tips on how to avoid the pitfalls of granting credit—evaluating customer credit, sources of credit information, and overall credit policy Advice on how to prevent fraud and waste Covers cash-generating tactics when doing business with dot-coms, other start-ups, and bankrupt customers Cash Flow For Dummies is an easy-to-understand guide that covers all of these essentials for success and more.

Download or read book Security Analysts Career Concerns and Herding of Earnings Forecasts written by Harrison Gregory Hong and published by . This book was released on 1998 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Financial Reporting for Security Investment and Credit Decisions written by Morton Backer and published by . This book was released on 1970 with total page 292 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Financial Statement Analysis written by Martin S. Fridson and published by John Wiley & Sons. This book was released on 2011-06-01 with total page 405 pages. Available in PDF, EPUB and Kindle. Book excerpt: The updated, real-world guide to interpreting and unpacking GAAP and non-GAAP financial statements In Financial Statement Analysis, 5th Edition, leading investment authority Martin Fridson returns with Fernando Alvarez to provide the analytical framework you need to scrutinize financial statements, whether you’re evaluating a company’s stock price or determining valuations for a merger or acquisition. Rather than taking financial statements at face value, you’ll learn practical and straightforward analytical techniques for uncovering the reality behind the numbers. This fully revised and up-to-date 5th Edition offers fresh information that will help you to evaluate financial statements in today’s volatile markets and uncertain economy. The declining connection between GAAP earnings and stock prices has introduced a need to discriminate between instructive and misleading non-GAAP alternatives. This book integrates the alternatives and provides guidance on understanding the extent to which non-GAAP reports, particularly from US companies, may be biased. Understanding financial statements is an essential skill for business professionals and investors. Most books on the subject proceed from the questionable premise that companies' objective is to present a true picture of their financial condition. A safer assumption is that they seek to minimize the cost of raising capital by portraying themselves in the most favorable light possible. Financial Statement Analysis teaches readers the tricks that companies use to mislead, so readers can more clearly interpret statements. Learn how to read and understand financial statements prepared according to GAAP and non-GAAP standards Compare CFROI, EVA, Valens, and other non-GAAP methodologies to determine how accurate companies’ reports are Improve your business decision making, stock valuations, or merger and acquisition strategy Develop the essential skill of quickly and accurately gathering and assessing information from financial statements of all types Professional analysts, investors, and students will gain valuable knowledge from this updated edition of the popular guide. Filled with real-life examples and expert advice, Financial Statement Analysis, 5th Edition, will help you interpret and unpack financial statements.

Download or read book Three Essays on Security Analysts written by Roger K. Loh and published by . This book was released on 2008 with total page 153 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: I examine the role of sell-side security analysts in financial markets. The first essay addresses the stylized fact that investors' reaction to stock recommendations is often incomplete so that there is a predictable post-recommendation drift. I investigate whether investor inattention contributes to this drift by using turnover as a proxy for attention. I find that the recommendation drift of firms with low prior turnover is more than double in magnitude compared to that of firms with high prior turnover. Volume reactions around the recommendation show that investors fail to react promptly to recommendations issued on low attention stocks. Together, the evidence suggests that investor inattention is a plausible explanation for investors' underreaction to stock recommendations. The second essay studies conflict of interests in analyst research. Analyst research is alleged to be biased because analysts' employers underwrite securities for the firms covered. I argue that this analyst affiliation bias should be strongest for firms with a desire to over-inflate stock prices. Using stock recommendations data, I find that the analyst affiliation bias is on average pervasive across all firms in the bull-market years of 1994-2000. In the regulatory reform years of 2001-2006, only poorly governed firms, firms whose CEO wealth is highly sensitive to stock price, and negative prior return firms continue to exhibit the affiliation bias while the bias mostly disappears for all other firms. Examining the market's reaction around stock recommendations shows that the market does not sufficiently discount the fact that affiliated analyst optimism is more serious for some firms. The third essay investigates the market's response to trends and reversals in earnings surprises where earnings surprises are defined as firms' reported earnings less analysts' consensus forecasts. Trends are defined as consecutive same-signed earnings surprises while reversals occur when the sign of the most recent surprise differs from the prior surprises. I find significantly stronger return drift following trends than reversals. In comparison to reversals, trends are associated with greater predictability in subsequent analyst forecast revisions. These results are inconsistent with representativeness and conservatism causing return drift and could be consistent with the gambler's fallacy in Rabin (2002).