Download or read book Whisper Forecasts and Earnings Management written by Arnoldo Jose Rodriguez and published by . This book was released on 2005 with total page 114 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Explaining the Surprising Performance of Whisper Forecasts of Earnings written by Susan M. Machuga and published by . This book was released on 2009 with total page 57 pages. Available in PDF, EPUB and Kindle. Book excerpt: Whisper numbers have attracted both popular press and academic interest since at least 1998, when Whispernumbers.com was established. Nearly all academic research to date has focused on the accuracy and representativeness of whispers relative to financial analysts' earnings forecasts and has found that in some circumstances, whisper forecasts are more accurate and/or more closely associated with investors' expectations than are financial analysts' forecasts. In this paper we find that the surprisingly strong performance of whisper forecasts says more about relative weakness in analysts' forecasts in certain contexts than relative strength of whispers.

Download or read book Whisper Forecasts of Quarterly Earnings Per Share written by Mark Bagnoli and published by . This book was released on 2014 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper, we compare First Call analyst forecasts to unofficial forecasts of quarterly earnings per share commonly referred to as whisper forecasts. Our analysis yields the following results. First, we find that whispers are, on average, more accurate than First Call forecasts and are better proxies for market expectations of earnings than are First Call forecasts, consistent with the claim in the professional press that whispers are increasingly becoming the true market expectation of earnings. Second, we show that trading strategies based on the relationship between whisper and First Call forecasts earn abnormal returns. Our results, when considered collectively, suggest that whispers contain information not contained in First Call analyst forecasts and that they appear to be widely enough disseminated so that at least part of this information is incorporated in stock prices prior to the earnings release.Formally titled quot;Whispers and Shouts: Forecasts of Quarterly Earnings Per Sharequot.

Download or read book Earnings Management and Forecast Guidance as Mechanisms to Meet Or Beat Analysts Earnings Forecasts written by Lixin Su and published by . This book was released on 2005 with total page 326 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Analyst Forecasts Earnings Management and Insider Trading Patterns written by Garen Markarian and published by VDM Publishing. This book was released on 2008 with total page 164 pages. Available in PDF, EPUB and Kindle. Book excerpt: For at least two decades, it was believed that making managers into owners could ameliorate many agency conflicts existing in capital markets settings. In fact, it now appears that managerial ownership of stock itself may encourage earnings manipulations. In this study, we show that CEO insider trading, earnings manipulations, and the ability to meet and exceed market benchmarks are all interrelated. Managers manipulate earnings to exceed analyst earnings forecasts. Additionally, managerial insider selling increases with performance relative to analyst forecasts, and is magnified by stock option holdings. Insider selling is more intense among managers who have used earnings manipulations to exceed forecasts. Additionally, managers who sell following the announcement of an earnings surprise are able to earn abnormal profits. Firms having both positive earnings surprises and insider selling exhibit lower subsequent accounting performance. This study is of interest to academics, practitioners who are interested in the finer mechanisms of markets, and advanced finance students, alike.

Download or read book Management Earnings Forecasts Cash Flow Forecasts and Earnings Management written by Hanmei Chen and published by . This book was released on 2008 with total page 104 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Analyst Forecasts Earnings Management and Insider Trading Patterns written by Garen Markarian and published by . This book was released on 2005 with total page 155 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Management Earnings Forecasts written by Hwa Deuk Yi and published by . This book was released on 1994 with total page 236 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Earnings Management to Meet Analysts Forecasts an Analysis of Information Acquisition and Financial Reporting written by Maximilian Rohowsky and published by . This book was released on 2021 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Earnings Forecast Earnings Management and Asymmetric Price Response written by Baohua Xin and published by ProQuest. This book was released on 2008 with total page 144 pages. Available in PDF, EPUB and Kindle. Book excerpt: The empirical evidence on earnings management and the corresponding stock price response to earnings announcements has consistently uncovered two important regularities: Missing an earnings target triggers a large and disproportionate negative stock price response, while exceeding such a target meets with only a moderate increase in stock price; and firms seem to manipulate and stretch their announced earnings in order to meet or beat earnings targets. I seek a rational explanation that connects these regularities by formulating an analytical model of earnings forecasts, mandatory earnings announcements and stock price behavior. I show that there is a kink in the distribution of reported earnings located close to but to the left of the earnings forecast. I also show the equilibrium stock price schedule is much steeper when reported earnings lie below the forecast than when reported earnings lie above the forecast. Additionally, there is a discrete jump in the stock price when reported earnings equal the forecast. These results help shed light on many puzzling empirical findings.

Download or read book Earnings Management written by Joshua Ronen and published by Springer Science & Business Media. This book was released on 2008-08-06 with total page 587 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is a study of earnings management, aimed at scholars and professionals in accounting, finance, economics, and law. The authors address research questions including: Why are earnings so important that firms feel compelled to manipulate them? What set of circumstances will induce earnings management? How will the interaction among management, boards of directors, investors, employees, suppliers, customers and regulators affect earnings management? How to design empirical research addressing earnings management? What are the limitations and strengths of current empirical models?

Download or read book Advances in Business and Management Forecasting written by Kenneth D. Lawrence and published by Emerald Group Publishing. This book was released on 2006-02-17 with total page 301 pages. Available in PDF, EPUB and Kindle. Book excerpt: Aims to present state-of-the-art studies in the application of forecasting methodologies to such areas as sales, marketing, and strategic decision making. The topics in this title include: sales and marketing, forecasting, new product forecasting, judgmentally based forecasting, the application of surveys to forecasting, and more.

Download or read book Short Term Earnings Guidance and Earnings Management written by Andrew C. Call and published by . This book was released on 2011 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study the relation between short-term earnings guidance and earnings management. We find that firms issuing short-term earnings forecasts exhibit significantly lower absolute abnormal accruals, our proxy for earnings management, than do firms that do not issue earnings forecasts. Regular guiders also exhibit less earnings management than do less regular guiders. These findings are contrary to conventional wisdom but consistent with the implications of Dutta and Gigler (2002) and the expectations alignment role of earnings guidance (Ajinkya and Gift 1984). Our results continue to hold after we control for self-selection and potential reverse causality concerns, and in a setting where managers are documented to have strong incentives to manage earnings. Additional analysis reveals that guiding firms exhibit less income-increasing accrual management whether firms guide expectations upwards or downwards, and no evidence that guiding firms inflate earnings through real activities management. We also provide evidence to demonstrate that meeting-or-beating benchmarks is not an appropriate proxy for earnings management in our research setting.

Download or read book Advances in Quantitative Analysis of Finance and Accounting New Series 2011 Vol 9 written by Cheng F. Lee and published by Center for PBBEFR & Airiti Press. This book was released on 2011-10-01 with total page 339 pages. Available in PDF, EPUB and Kindle. Book excerpt: Advances in Quantitative Analysis of Finance and Accounting (New Series) is an annual publication designed to disseminate developments in the quantitative analysis of finance and accounting. The publication is a forum for statistical and quantitative analyses of issues in finance and accounting as well as applications of quantitative methods to problems in financial management, financial accounting, and business management. The objective is to promote interaction between academic research in finance and accounting and applied research in the financial community and the accounting profession.

Download or read book Analyst s Forecasts as Earnings Expectations written by Patricia C. O'Brien and published by Palala Press. This book was released on 2018-03 with total page 136 pages. Available in PDF, EPUB and Kindle. Book excerpt: This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work. This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work. As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.

Download or read book Essays on Earnings Management and Analyst Forecast written by Yue Li and published by . This book was released on 2006 with total page 89 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Public Disclosure of Corporate Earnings Forecasts written by Francis A. Lees and published by . This book was released on 1981 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: