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作者：Bradshaw, Mark T.; Brown, Lawrence D.; Huang, Kelly
作者单位：Boston College; Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University; University of Alabama System; University of Alabama Tuscaloosa
摘要：We examine the overall and individual analyst performance of 12-month-ahead target price forecasts over the 10 years from 2000 through 2009. Implied target price-based returns exceed actual returns by an average of 15 %, and absolute target price forecast errors average 45 %. At the end of the 12-month forecast horizon, only 38 % of target prices are met, but 64 % are met at some time during the forecast horizon. We find statistically significant but economically weak evidence of persistent di...
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作者：Jung, Michael J.
作者单位：New York University
摘要：I develop and test an investor demand-driven explanation for why one firm's change in voluntary disclosure behavior is emulated by some firms in the industry but not others. I focus on the overlap in institutional investor ownership between two firms as a mechanism by which a first-mover firm's increase in disclosure prompts investors to seek a similar increase from a follower firm. Using 10-K market risk disclosures as my empirical setting, I find that a firm's decision to follow a first move...
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作者：Linsmeier, Thomas J.
摘要：This paper describes an income-statement-focused framework for selecting between between the fair value and historical cost measurement attributes that differs from the balance-sheet-focused relevance versus reliability tradeoff perspective that is common to most academic research. This income-statement-focused framework is then applied to the Christensen and Nikolaev setting in Rev Account Stud 18(3), (2013) to suggest that most of the study's findings are not surprising and can be explained ...
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作者：Mohanram, Partha; Gode, Dan
作者单位：University of Toronto; New York University
摘要：Prior research documents a weak association between the implied cost of equity inferred from analyst forecasts and realized returns. It points to predictable errors in analyst forecasts as a possible cause. We show that removing predictable errors from analyst forecasts leads to a much stronger association between implied cost of equity estimates obtained from adjusted forecasts and realized returns after controlling for cash flow news and discount rate news. An estimate of implied risk premiu...
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作者：Ashton, David; Wang, Pengguo
作者单位：University of Bristol; University of Exeter
摘要：We develop a model based on the notion that prices lead earnings, allowing for a simultaneous estimation of the implied growth rate and the cost of equity capital for US industrial sectors. The major difference between our approach and that in prior literature is that ours avoids the necessity to make assumptions about terminal values and consequently about future growth rates. In fact, growth rates are an endogenous variable, which is estimated simultaneously with the implied cost of equity c...
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作者：Ng, Jeffrey; Tuna, Irem; Verdi, Rodrigo
作者单位：Singapore Management University; University of London; London Business School; Massachusetts Institute of Technology (MIT)
摘要：In this paper, we first document evidence of underreaction to management forecast news. We then hypothesize that the credibility of the forecast influences the magnitude of this underreaction. Relying on evidence that more credible forecasts are associated with a larger reaction in the short window around the management forecasts and a smaller post-management forecast drift in returns, we show that the magnitude of the underreaction is smaller for firms that provide more credible forecasts. Ou...
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作者：Mayew, William J.; Sharp, Nathan Y.; Venkatachalam, Mohan
作者单位：Duke University; Texas A&M University System; Texas A&M University College Station; Mays Business School
摘要：We examine the extent to which analysts who participate in earnings conference calls by asking questions possess superior private information relative to analysts who do not ask questions. Using a large sample of earnings conference call transcripts over the period 2002-2005, we find that annual earnings forecasts issued immediately after a conference call are both more accurate and timelier for participating analysts relative to nonparticipating analysts. These results hold after controlling ...
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作者：Bryan, Daniel; Liu, M. H. Carol; Tiras, Samuel L.; Zhuang, Zili
作者单位：University of Washington; University of Washington Tacoma; Louisiana State University System; Louisiana State University; Chinese University of Hong Kong
摘要：By employing a Heckman two-stage selection model, we identify whether employing a financial expert with or without accounting expertise on the audit committee is optimal and how earnings quality varies across these optimal and suboptimal choices. Using four earnings quality measures (informativeness, timely loss recognition, earnings persistence, and accruals quality), we find no differences in earnings quality between firms optimally choosing an expert with or without accounting expertise, co...
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作者：Fitzgerald, Tristan; Gray, Stephen; Hall, Jason; Jeyaraj, Ravi
作者单位：University of Queensland
摘要：Estimates of the equity risk premium implied by analyst forecasts-generally 2-4 %-are often significantly below realized equity returns of 6 %. Measurement error could result from conservative assumptions, reliance upon consensus rather than detailed forecasts, the use of market rather than target prices, and regression analysis, which can be influenced by a small number of observations. We address these potential sources of measurement error. Our estimates are consistent with subsequently rea...
