排序方式: 共有149条查询结果,搜索用时 15 毫秒
1.
Recently, much of the research into the relation between market values and accounting numbers has used, or at least made reference to, the residual income model (RIM). Two basic types of empirical research have developed. The “historical” type explores the relation between market values and reported accounting numbers, often using the linear dynamics in Ohlson 1995 and Feltham and Ohlson 1995 and 1996. The “forecast” type explores the relation between market value and the present value of the book value of equity, a truncated sequence of residual income forecasts, and an estimate of the terminal value at the truncation date. The analysis in this paper integrates these two approaches. We expand the Feltham and Ohlson 1996 model by including one‐ and two‐period‐ahead residual income forecasts to infer “other” information regarding future revenues from past investments and future growth opportunities. This approach results in a model in which the difference between market value and book value of equity is a function of current residual income, one‐ and two‐period‐ahead residual income, current capital investment, and start‐of‐period operating assets. The existence of both persistence in revenues from current and prior investments and growth in future positive net present value investment opportunities leads us to hypothesize a negative coefficient on the one‐period‐ahead residual income forecast and a positive coefficient on the two‐period‐ahead residual income forecast. Our empirical results strongly support our hypotheses with respect to the forecast coefficients. 相似文献
2.
美国“特许金融分析师”(Chartered Financial Analyst,简称CFA)是一种金融投资从业专业资格认证。自从1962年1月,美国“投资管理与研究协会”(AIMR),通过授予CFA称号来确认从业人员具有高级专业资格。美国投资管理研究协会(AIMR)的“特许金融分析师”认证体系值得我们借鉴。培养和认证中国高级金融分析师,将提高我国金融从业人员的整体素质,增强我国金融业在国际金融市场的竞争力。 相似文献
3.
We examine whether firms that capitalize a higher proportion of their underlying intangible assets have higher analyst following, lower dispersion of analysts’ earnings forecasts and more accurate earnings forecasts relative to firms that capitalize a lower proportion. Under Australian generally accepted accounting principles, capitalization of intangible assets has become increasingly ‘routine’ since the late 1980s. It is predicted that this experience leads Australian analysts to expect firms with relatively more certain intangible investments to signal this fact by capitalizing intangible assets. Our results are consistent with this. We find that capitalization of intangible assets is associated with higher analyst following and lower absolute earnings forecast error for firms with a stock of underlying intangible assets. Our tests suggest a weaker association between capitalization and lower earnings forecast dispersion. We conclude that there are benefits for analysts, for management to have the option to capitalize intangible assets. These findings suggest that IAS 38 Intangible Assets and AASB 138 Intangible Assets reduce the usefulness of financial statements. 相似文献
4.
5.
This study examines the effect of oil price dynamics on quarterly earnings and their predictability with a sample of 30 airlines for 1994–2017. First, we document a significantly positive impact of demand-driven oil shocks on airline earnings, suggesting that the revenue effect from shifting air travel demands dominates the cost effect of aviation fuels. Regarding earnings predictability, we find evidence of deterioration in oil-volatile quarters as indicated by both the earnings variability based on common benchmarks and the quality of analyst forecasts issued early in the quarter. We further show that supply-driven oil shocks have a more detrimental impact on earning predictability than demand-driven oil shocks. Finally, we do not find supporting evidence for the possible moderating effect of hedging. 相似文献
6.
《International Business Review》2014,23(4):824-837
This paper analyses four key markets within the European context. In this context, where the level of analyst coverage is lower than in the US setting, we aim to ascertain whether the origin of optimism in analyst forecasts in these markets is mainly strategic or whether it also contains an element of cognitive bias. Despite the fact that forecast errors lack the explanatory power to account for a significant percentage of the relationship between market sentiment and future stock returns, our new tests based on selection bias (SB1 and SB2), in conjunction with an analysis of abnormal trading volume, confirm the presence of both cognitive bias and strategic behaviour in analyst forecasts. This shows that, although regulation can reduce analyst optimism bias, the benefits are constrained by the fact that optimism bias is partly associated with cognitive bias. 相似文献
7.
Disclosure and the cost of equity in international cross-listing 总被引:1,自引:1,他引:0
Tim V. Eaton John R. Nofsinger Daniel G. Weaver 《Review of Quantitative Finance and Accounting》2007,29(1):1-24
In this paper, we examine the relationship between disclosure level and the cost of equity capital for a sample of international
firms cross-listing on the New York Stock Exchange. Increased disclosure has the potential to reduce information asymmetry,
reduce the cost of financing and increase analyst following. Using an international asset pricing model, we find that listing
firms experience a decrease in both disclosure risk and systematic risk while matching firms do not. Further, we find that
the magnitude of the decrease is related to three types of disclosure: accounting standards; analyst following; and exchange/regulatory
investor protection. Our results suggest that increased disclosure through accounting standards is beneficial to investors
and that disclosure can be accomplished through information intermediaries, e.g., analyst following. For firms with the lowest
levels of disclosure prior to cross-listing, all three types of disclosure appear to be valuable.
相似文献
Daniel G. WeaverEmail: |
8.
我国承销商利用分析师报告托市了吗? 总被引:10,自引:1,他引:9
学术界对于我国IPO市场是否存在承销商托市行为一直存在争议。本文通过搜集新股上市一年之内的分析师报告数据,系统考察了我国承销商利用分析师报告进行托市的行为特征,以及投资者对于承销商分析师具有托市性质报告的市场反应。结果发现:(1)承销商会利用乐观、但偏颇的分析师报告为市场表现不佳的新股进行托市,但这一现象在新股上市90天后消失;(2)声誉机制在新股解禁期后才能有效约束承销商利用分析师报告托市的利益冲突行为;(3)市场投资者总体上能够识别承销商的托市意图,并对承销商分析师报告的系统偏误进行自我调整。本文的研究不仅为我国承销商是否存在托市行为提供了新的直接性经验证据,而且有助于市场各方洞悉分析师报告背后的利益冲突,同时也为监管部门出台相关的规范政策提供了新的决策参考。 相似文献
9.
10.
基于时间距离的河南城市经济联系及其空间结构 总被引:2,自引:0,他引:2
采用GIS网络分析获得城市间公路交通的OD时间距离对引力模型的距离进行修正,对河南各地市间1997年和2007年的经济联系进行测算和比较,继而采用分形模型对各城市对外经济联系总量及联系强度的分形维数进行测算,探讨了地市对外经济联系的空间结构特征.研究表明,河南各城市经济联系总量等级特征明显,地市间经济联系初步形成了“十... 相似文献