Security Analysts Career Concerns And Herding Of Earnings Forecasts
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Security Analysts Career Concerns And Herding Of Earnings Forecasts
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Author : Jeffrey D. Kubik
language : en
Publisher:
Release Date : 2009
Security Analysts Career Concerns And Herding Of Earnings Forecasts written by Jeffrey D. Kubik and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with categories.
Several theories of reputation and herding (see, e.g., Scharfstein and Stein (1990)) suggest that herding among agents should vary with career concerns. Our goal in this paper is to document whether such a link exists in the labor market for security analysts. Specifically, we look at the relationship between an analyst's job tenure (a proxy for career concerns) and various measures of stock earnings forecast performance. We establish the following key results. (1) Older analysts are more likely to produce earnings forecasts of firms before younger ones. (2) Their forecasts also deviate more from the consensus forecast than their younger counterparts. We argue that these results are consistent with some reputational models of herding. We also establish a number of auxiliary findings regarding the relationship between forecast accuracy and frequency of forecast revisions with job tenure.
Security Analysts Career Concerns And Herding Of Earnings Forecasts
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Author : Harrison Gregory Hong
language : en
Publisher:
Release Date : 1998
Security Analysts Career Concerns And Herding Of Earnings Forecasts written by Harrison Gregory Hong and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998 with Corporate profits categories.
Measuring The Career Concerns Of Security Analysts
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Author : Jeffrey D. Kubik
language : en
Publisher:
Release Date : 2009
Measuring The Career Concerns Of Security Analysts written by Jeffrey D. Kubik and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with categories.
This paper examines the career concerns of security analysts using long histories of their earnings forecasts, job separations and stock coverage assignments. Our findings include the following. Relatively good (accurate) past forecast performance increases the probability that an analyst moves from a low status to a high status (large, prestigious) brokerage house, while relatively poor past forecast performance leads to movements down the brokerage house hierarchy. High status brokerage houses are more likely to discharge an analyst for poor past forecast performance than other houses. In addition, analysts with poor past forecast performances but who do not change employers are more likely to be removed from following stocks with large market capitalization or significant analyst following. This effect is also more pronounced for analysts who work for high status brokerage houses. These findings suggest that the labor market for security analysts provides important implicit incentives for analysts to produce good forecast track records.
New Determinants Of Analysts Earnings Forecast Accuracy
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Author : Tanja Klettke
language : en
Publisher: Springer Science & Business
Release Date : 2014-04-28
New Determinants Of Analysts Earnings Forecast Accuracy written by Tanja Klettke and has been published by Springer Science & Business this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-04-28 with Business & Economics categories.
Financial analysts provide information in their research reports and thereby help forming expectations of a firm’s future business performance. Thus, it is essential to recognize analysts who provide the most precise forecasts and the accounting literature identifies characteristics that help finding the most accurate analysts. Tanja Klettke detects new relationships and identifies two new determinants of earnings forecast accuracy. These new determinants are an analyst’s “general forecast effort” and the “number of supplementary forecasts”. Within two comprehensive empirical investigations she proves these measures’ power to explain accuracy differences. Tanja Klettke’s research helps investors and researchers to identify more accurate earnings forecasts.
Handbook Of Economic Forecasting
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Author : Graham Elliott
language : en
Publisher: Elsevier
Release Date : 2013-08-23
Handbook Of Economic Forecasting written by Graham Elliott and has been published by Elsevier this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-08-23 with Business & Economics categories.
The highly prized ability to make financial plans with some certainty about the future comes from the core fields of economics. In recent years the availability of more data, analytical tools of greater precision, and ex post studies of business decisions have increased demand for information about economic forecasting. Volumes 2A and 2B, which follows Nobel laureate Clive Granger's Volume 1 (2006), concentrate on two major subjects. Volume 2A covers innovations in methodologies, specifically macroforecasting and forecasting financial variables. Volume 2B investigates commercial applications, with sections on forecasters' objectives and methodologies. Experts provide surveys of a large range of literature scattered across applied and theoretical statistics journals as well as econometrics and empirical economics journals. The Handbook of Economic Forecasting Volumes 2A and 2B provide a unique compilation of chapters giving a coherent overview of forecasting theory and applications in one place and with up-to-date accounts of all major conceptual issues. Focuses on innovation in economic forecasting via industry applications Presents coherent summaries of subjects in economic forecasting that stretch from methodologies to applications Makes details about economic forecasting accessible to scholars in fields outside economics
International Perspectives On Accounting And Corporate Behavior
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Author : Kunio Ito
language : en
Publisher: Springer
Release Date : 2014-07-08
International Perspectives On Accounting And Corporate Behavior written by Kunio Ito and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-07-08 with Business & Economics categories.
Despite the globalization of accounting standards occurring through convergence to International Financial Reporting Standards, local accounting systems are deeply intertwined with each country’s unique institutions such as its corporate system, disclosure practices and enforcement mechanisms. First, this book empirically analyzes the effects of globalization and localization of accounting rules on corporate behavior such as earnings management, signaling, investment behavior and dividend payout policy. Second, the book unravels the economic consequences of disclosure based on the concept of self-disciplining enforcement such as management forecasts, environmental disclosures and risk disclosures by Japanese firms. This volume is a step forward in understanding the link between accounting and corporate behavior based on a new institutional accounting approach.
Contract Governance
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Author : Stefan Grundmann
language : en
Publisher: OUP Oxford
Release Date : 2015-07-23
Contract Governance written by Stefan Grundmann and has been published by OUP Oxford this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-07-23 with Law categories.
This book introduces and develops Contract Governance as a new approach to contract theory. While the concept of governance has already been developed in Williamson's seminal article, it has, ironically, not received much attention in general contract law theory. Indeed, Contract Governance appears to be an important and necessary complement to corporate governance and in fact, as the second, equally important pillar of governance research in the core of private law. With this in mind, Grundmann, Möslein, and Riesenhuber provide a novel approach in setting an international and interdisciplinary research agenda for developing contract law scholarship. Contract Governance focuses particularly on the ways in which a governance perspective leads to research questions that have been neglected in traditional contract law scholarship, and how, from a governance perspective, the questions are dealt with in a different manner and style. Combining substantive chapters and commentaries, this collection of essays addresses an array of topics, including: third party impact and contract governance problems in herd behaviour; governance of networks of contracts; governance in long-term contractual relationships; contract governance and rule setting; and contract governance and political dimensions.
Advances In Accounting Behavioral Research
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Author : Khondkar E. Karim
language : en
Publisher: Emerald Group Publishing
Release Date : 2019-09-30
Advances In Accounting Behavioral Research written by Khondkar E. Karim and has been published by Emerald Group Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-09-30 with Business & Economics categories.
Focusing on research that examines both individual and organizational behavior relative to accounting, this volume of Advances in Accounting Behavioral Research offers a perspectives on topics such as tax compliance, risk judgement, and affiliation bias.
The Large Cap Portfolio
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Author : Thomas Villalta
language : en
Publisher: John Wiley & Sons
Release Date : 2012-04-12
The Large Cap Portfolio written by Thomas Villalta and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-04-12 with Business & Economics categories.
The practical guide to finding value and opportunity in large-cap stocks using investor behavior Large-Cap is an abbreviation of the term "large market capitalization" and refers to the stock of publicly traded companies with market capitalization values of roughly more than $10 billion, like Walmart, Microsoft, and Ford. Because of their size, the conventional view is that these companies do not present investors with an ability to be opportunistic. The Large-Cap Portfolio + Website argues that, contrary to popular perceptions, significant opportunities exist in these stocks. Written with a fluency that both the savvy amateur and professional investor will understand, the book fills a void in the market by offering the practitioner a methodology to identify and approach the major assumptions that underlie valuation, with an emphasis on issues that are more relevant to the analysis of large-cap stocks. Full of useful information on how to reap the rewards of stocks that most investors avoid Presents essential insights into understanding stock valuation Includes an actionable chapter devoted to portfolio management Packed with timely instruction, Large-Cap Portfolio gives readers invaluable insights and examples of how to build portfolios that will out-perform broad market benchmarks.
Financial Behavior
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Author : H. Kent Baker
language : en
Publisher: Oxford University Press
Release Date : 2017-05-02
Financial Behavior written by H. Kent Baker and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-05-02 with Business & Economics categories.
Financial Behavior: Players, Services, Products, and Markets provides a synthesis of the theoretical and empirical literature on the financial behavior of major stakeholders, financial services, investment products, and financial markets. The book offers a different way of looking at financial and emotional well-being and processing beliefs, emotions, and behaviors related to money. The book provides important insights about cognitive and emotional biases that influence various financial decision-makers, services, products, and markets. With diverse concepts and topics, the book brings together noted scholars and practitioners so readers can gain an in-depth understanding about this topic from experts from around the world. In today's financial setting, the discipline of behavioral finance is an ever-changing area that continues to evolve at a rapid pace. This book takes readers through the core topics and issues as well as the latest trends, cutting-edge research developments, and real-world situations. Additionally, discussion of research on various cognitive and emotional issues is covered throughout the book. Thus, this volume covers a breadth of content from theoretical to practical, while attempting to offer a useful balance of detailed and user-friendly coverage. Those interested in a broad survey will benefit as will those searching for more in-depth presentations of specific areas within this field of study. As the seventh book in the Financial Markets and Investment Series, Financial Behavior: Players, Services, Products, and Markets offers a fresh looks at the fascinating area of financial behavior.