Analyst earnings forecast precision and local advantage: evidence from American depositary receipt firms

Prior research has documented a finding that local analysts provide more accurate earnings forecasts than nonlocal analysts in many settings. However, little is known about local and nonlocal analysts’ relative earnings forecast abilities for ADR stocks. In this study, we find that the local advantage disappears for ADR stocks and that nonlocal analysts in fact outperform local ones in this case. We investigate the source of this ‘local disadvantage’ and find evidence against hypotheses based on accounting standards and exchange rates. We document that the local advantage decreases with increased investor interest in foreign firms, consistent with our nonlocal investors’ interest hypothesis.     

基于灰色系统理论的常州市物流需求预测

地区性的物流需求预测对于制定宏观经济政策和促进地区经济发展具有重要意义。根据常州市近10年来的物流需求变化,建立了灰色预测的GM（1,1）模型,通过计算对常州市今后10年的物流需求进行了预测,为政府规划地区物流发展提供相关理论参考。     

企业战略差异度会影响分析师盈余预测吗？

随着我国资本市场的发展,证券分析师的作用日益凸显,关于分析师盈余预测的研究一直是各界关注的重点。采用我国沪深两市A股上市公司2011—2015年分析师盈余预测数据,检验了企业战略差异度对分析师盈余预测精度和分析师跟踪偏好的影响。实证结果表明：（1）企业战略差异度越大,分析师盈余预测准确度越低;（2）企业战略差异度越大,分析师盈余预测分歧度越大;（3）企业战略差异度越大,分析师跟踪人数越少。进一步研究还发现：国有产权会削弱战略差异度对分析师盈余预测准确度和跟踪人数的不利影响。     

基于等维新息灰色马尔可夫模型的河南旅游总收入预测

以河南省旅游总收入为对象进行研究,选取2005—2018年的旅游总收入数据作为研究样本,在GM(1,1)模型的基础上,用马尔可夫理论和等维新息的思想加以修正,建立了等维新息灰色马尔可夫模型。结果表明,等维新息灰色马尔可夫模型比传统的GM（1,1）模型和灰色马尔可夫模型的预测精度要高,达到了94.735%,可用来进行旅游总收入的预测,从而为有关部门制定政策提供参考。     

铁路客运量季节指数计算方法研究

为在铁路客运量预测中消除季节性变化的影响,采用平均数季节指数法、移动平均趋势剔除法、最小平方趋势剔除法对2002年—2004年的铁路客运量计算季节指数,通过误差分析,说明最小平方趋势剔除法能更好地反映运量的季节变动状况,是预测的最佳选择方案。     

云南铁路货运量增长问题研究

在分析国内外铁路货运需求增长模型的基础上,提出铁路货运需求增长过程的4阶段划分理论,结合云南铁路发展滞后的现状,建立了消除铁路货运能力限制的货运量增长模型。通过对云南铁路货运量和货运需求量的计算,应用MATLAB仿真技术验证了模型的正确性,并对云南铁路货运量和货运需求量进行了预测。     

Does Integrated Reporting Matter to the Capital Market?

Integrated reporting (<IR>) is an emerging international corporate reporting initiative to address limitations to extant corporate reporting approaches, which are commonly criticized for being both voluminous and disjointed. While <IR> is gaining in popularity, current momentum has been limited due to a lack of clear evidence of its benefits. Utilizing the most suitable setting currently available, being discretionary disclosures made by listed companies on the Johannesburg Stock Exchange, this study provides evidence that analyst forecast error reduces as a company's level of alignment with the <IR> framework increases. Further, the improved alignment is associated with a subsequent reduction in the cost of equity capital for certain reporting companies. The results are obtained after controlling for factors relating to financial transparency and the issuance of standalone non‐financial reports, which suggests that <IR> is providing incrementally useful information to the capital market over and above existing reporting mechanisms.     

Analyst Firm Coverage and Forecast Accuracy: The Effect of Regulation Fair Disclosure

In this study, we revisit the relationship between analyst firm coverage and forecast accuracy. In contrast to the proposed negative association in Clement (1999) owing to the portfolio complexity effect, we hypothesize an ‘economy‐of‐scale effect’ that is likely to dominate when analysts rely mostly on public information. In support of the latter effect, we find a positive association between firm coverage and forecast accuracy after the enactment of Regulation Fair Disclosure (Reg FD), which substantially reduces the flow of material private information to analysts. Such a result survives a battery of robustness analyses. We further show that, in the post‐Reg FD period, covering more firms increases an analyst's probability of being selected as a star analyst in the subsequent year. Overall, our findings highlight the importance of the information environment in shaping the economic link between an analyst's firm coverage and forecast accuracy.     

Earnings benchmark hierarchy

We examine the hierarchy of earnings benchmarks in Australia. Our results demonstrate a disconnect between the actions managers appear to take and the market reaction to firms exceeding or just missing earnings benchmarks. The actions of managers appear consistent with them acting in a manner to avoid making losses and earnings decreases. On the other hand, the market reacts in a manner where the analysts’ earnings forecast is at the top of the earnings benchmark hierarchy. However, for firms without analyst coverage, the reporting of positive earnings is the predominant earnings benchmark.     

我国电影票房收入增长对GDP增速的预测作用——基于混频数据抽样模型的实证分析

电影产业在我国经济发展中的作用日益显著,电影市场与我国宏观经济发展的内在联系有待深入研究。选取2012年1月到2018年3月我国周度电影票房收入增速作为高频解释变量,采用自回归分布滞后混频数据抽样模型（ADL-MIDAS）分析其与季度GDP增速及月度制造业PMI增速之间的关系,结果表明：电影票房收入增速与GDP增速和制造业PMI增速之间具有负向相关关系,我国电影市场存在“口红效应”,可以根据电影票房收入增长情况对宏观经济走势做出预判。对多种模型的比较结果显示,加入电影票房收入可以显著提高GDP预测精度,电影票房收入可以作为GDP预测指标体系的有益补充。