Journal ArticleDOI
Earnings forecasting research: its implications for capital markets research
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In this article, the authors investigated whether annual earnings follow a seasonal random walk or an IMA (1, 1) model, does this mean that earnings changes cannot be predicted?About:
This article is published in International Journal of Forecasting.The article was published on 1993-11-01. It has received 431 citations till now. The article focuses on the topics: Earnings & Post-earnings-announcement drift.read more
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Corporate Disclosure Policy and Analyst Behavior
Mark H. Lang,Russell J. Lundholm +1 more
TL;DR: In this article, the authors examine the relation between the disclosure practices of firms, the number of analysts following each firm, and properties of the analysts' earnings forecasts and find that firms with more informative disclosure policies have a larger analyst following, more accurate analyst earnings forecasts, less dispersion among individual analyst forecasts and less volatility in forecast revisions.
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Capital markets research in accounting
TL;DR: This paper reviewed empirical research on the relation between capital markets and financial statements and found that the principal sources of demand for capital markets research in accounting are fundamental analysis and valuation, tests of market efficiency, and the role of accounting numbers in contracts and the political process.
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Ratio Analysis and Equity Valuation: From Research to Practice
Doron Nissim,Stephen H. Penman +1 more
TL;DR: In this article, a financial statement analysis for use in equity valuation is presented as a matter of pro forma analysis of the future, with forecasted ratios viewed as building blocks offorecasts of payoffs.
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The Effects of Total Quality Management on Corporate Performance: An Empirical Investigation
TL;DR: In this article, the authors examined the impact of deployment of TQM systems on the performance of a sample of 108 firms which began serious efforts to implement total quality management (TQM) between 1981 and 1991.
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Dividend Changes and Future Profitability
Doron Nissim,Amir Ziv +1 more
TL;DR: In this paper, the authors investigated the relation between dividend changes and future profitability, measured in terms of either future earnings or future abnormal earnings, and found that dividend changes provided information about the level of profitability in subsequent years, incremental to market and accounting data.
References
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Book
Judgment Under Uncertainty: Heuristics and Biases
Amos Tversky,Daniel Kahneman +1 more
TL;DR: The authors described three heuristics that are employed in making judgements under uncertainty: representativeness, availability of instances or scenarios, and adjustment from an anchor, which is usually employed in numerical prediction when a relevant value is available.
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Efficient capital markets: a review of theory and empirical work*
TL;DR: Efficient Capital Markets: A Review of Theory and Empirical Work Author(s): Eugene Fama Source: The Journal of Finance, Vol. 25, No. 2, Papers and Proceedings of the Twenty-Eighth Annual Meeting of the American Finance Association New York, N.Y. December, 28-30, 1969 (May, 1970), pp. 383-417 as mentioned in this paper
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Dividend Policy, Growth, and the Valuation of Shares
TL;DR: In this paper, the effect of differences in dividend policy on the current price of shares in an ideal economy characterized by perfect capital markets, rational behavior, and perfect certainty is examined.
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Time Series Analysis: Forecasting and Control
TL;DR: Time Series Analysis and Forecasting: principles and practice as mentioned in this paper The Oxford Handbook of Quantitative Methods, Vol. 3, No. 2: Statistical AnalysisTime-Series ForecastingPractical Time-Series AnalysisApplied Bayesian Forecasting and Time Series AnalysisSAS for Forecasting Time SeriesApplied Time Series analysisTime Series analysisElements of Nonlinear Time Series analyses and forecastingTime series analysis and forecasting by Example.
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An empirical evaluation of accounting income numbers
Ray Ball,Philip Brown +1 more
TL;DR: In this article, it is argued that income numbers cannot be defined substantively, that they lack "meaning" and are therefore of doubtful utility, and the argument stems in part from the patchwork development of account-based theories.