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Prediction Performance of Earnings Forecasts: The Case of U.S. Multinationals
16 references·1 citing·45 second hop
Prediction Performance of Earnings Forecasts: The Case of U.S. Multinationals (1991)Prediction Performance of Earnings Foreca…Analysts' forecasts as earnings expectations (1988)Analysts' forecasts as earnin…The association between accounting earnings and security returns for large and small firms (1987)The association between accou…Security analyst superiority relative to univariate time-series models in forecasting quarterly earnings (1987)Security analyst superiority …Firm size and the information content of prices with respect to earnings (1987)Firm size and the information…International Asset Pricing under Mild Segmentation: Theory and Test (1985)International Asset Pricing u…Shareholder Benefits from Corporate International Diversification (1984)Shareholder Benefits from Cor…International Portfolio Choice and Corporation Finance: A Synthesis (1983)International Portfolio Choic…Financial analysts' forecasts of earnings (1982)Financial analysts' forecasts…An Empirical Investigation of the Voluntary Disclosure of Corporate Earnings Forecasts (1980)An Empirical Investigation of…The information content of financial analysts' forecasts of earnings (1979)The information content of fi…The Association between Unsystematic Security Returns and the Magnitude of Earnings Forecast Errors (1979)The Association between Unsys…THE SUPERIORITY OF ANALYST FORECASTS AS MEASURES OF EXPECTATIONS: EVIDENCE FROM EARNINGS (1978)THE SUPERIORITY OF ANALYST FO…INVESTOR RECOGNITION OF CORPORATE INTERNATIONAL DIVERSIFICATION (1977)INVESTOR RECOGNITION OF CORPO…Corporate Forecasts of Earnings Per Share and Stock Price Behavior: Empirical Test (1976)Corporate Forecasts of Earnin…International Diversification of Investment Portfolios (1970)International Diversification…Internationally Diversified Portfolios: Welfare Gains and Capital Flows (1968)Internationally Diversified P…Accuracy of Analysts' Earnings Forecasts: A Comparison of Non-U.S. Cross-Listed Firms and U.S. Multinationals (2002)Accuracy of Analysts' Earning…An Empirical Evaluation of Accounting Income Numbers (1968)Risk and return: The case of merging firms (1974)TESTING A CAUSAL MODEL OF CORPORATE RISK TAKING AND PERFORMANCE. (1991)Capital markets research in accounting (2001)The impact of corporate social responsibility on investment recommendations: Analysts' perceptions and shifting institutional logics (2014)Liquidity Preference as Behavior Towards Risk (1958)CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* (1964)SECURITY PRICES, RISK, AND MAXIMAL GAINS FROM DIVERSIFICATION* (1965)Why Not Diversify Internationally Rather Than Domestically? (1974)What Determines the Domestic Bias and Foreign Bias? Evidence from Mutual Fund Equity Allocations Worldwide (2005)International comovement of stock market returns: A wavelet analysis (2009)Portfolio Selection: Efficient Diversification of Investments (1959)Does industrial structure explain the benefits of international diversification? (1994)The Valuation of Risk Assets and the Selection of Risky Investments in Stock Portfolios and Capital Budgets (1965)THE VALUATION OF RISK ASSETS AND THE SELECTION OF RISKY INVESTMENTS IN STOCK PORTFOLIOS AND CAPITAL BUDGETS**This paper is another in a series of interrelated theoretical and statistical studies of corporate financial and investment policies being made under grants from the Rockefeller Foundation, and more recently the Ford Foundation, to the Harvard Business School. The generous support for this work is most gratefully acknowledged. The author is also much indebted to his colleagues Professors Bishop, Christenson, Kahr, Raiffa, and (especially) Schlaifer, for extensive discussion and commentary on an earlier draft of this paper; but responsibility for any errors or imperfections remains strictly his own.[Professor Sharpe's paper, “Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk” (Journal of Finance, September 1964) appeared after this paper was in final form and on its way to the printers. My first section, which parallels the first half of his paper (with corresponding conclusions), sets the algebraic framework for sections II, III and VI, (which have no counterpart in his paper) and for section IV on the equilibrium prices of risk assets, concerning which our results differ significantly for reasons which will be explored elsewhere. Sharpe does not take up the capital budgeting problem developed in section V below.] (1975)Differential information and the small firm effect (1984)Earnings news and small traders (1992)The Combination of Forecasts (1969)Norm theory: Comparing reality to its alternatives. (1986)Herd Behavior and Investment (1988)Forecasting Economic Time Series (2000)The Cost of Capital, Corporation Finance and the Theory of Investment (1958)EFFICIENT CAPITAL MARKETS: A REVIEW OF THEORY AND EMPIRICAL WORK* (1970)Measuring security price performance (1980)Earnings Management During Import Relief Investigations (1991)Event Studies in Economics and Finance (1997)Time Series Analysis: Forecasting and Control (1977)The information content of security prices (1980)Positive Accounting Theory (1985)Investor Sophistication and Market Earnings Expectations (1997)Revenue surprises and stock returns (2006)Trading Volume Around Earnings Announcements and Other Financial Reports: Theory, Research Design, Empirical Evidence, and Directions for Future Research* (2011)Time‐Varying World Market Integration (1995)Value versus Growth: The International Evidence (1998)Home Bias at Home: Local Equity Preference in Domestic Portfolios (1999)The cost of capital, corporation finance and the theory of investment (2008)An equilibrium model of the international capital market (1974)A critique of the asset pricing theory's tests Part I: On past and potential testability of the theory (1977)Foundations of Finance. (1977)The market reaction to international cross-listings: evidence from Depositary Receipts (1999)Emerging markets finance (2003)The Information Content of Annual Earnings Announcements (1968)Ambiguity and self-evaluation: The role of idiosyncratic trait definitions in self-serving assessments of ability. (1989)Ambiguity and Self-Evaluation: The Role of Idiosyncratic Trait Definitions in Self-Serving Assessments of Ability (2002)An Empirical Analysis of Triple Bottom‐Line Reporting and its Determinants: Evidence from the United States and Japan (2007)
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References

  • 1976Corporate Forecasts of Earnings Per Share and Stock Price Behavior: Empirical Test1,749 cited
  • 1983International Portfolio Choice and Corporation Finance: A Synthesis1,447 cited
  • 1970International Diversification of Investment Portfolios1,130 cited
  • 1968Internationally Diversified Portfolios: Welfare Gains and Capital Flows1,025 cited
  • 1985International Asset Pricing under Mild Segmentation: Theory and Test1,021 cited
  • 1988Analysts' forecasts as earnings expectations985 cited
  • 1982Financial analysts' forecasts of earnings577 cited
  • 1987The association between accounting earnings and security returns for large and small firms528 cited
  • 1987Security analyst superiority relative to univariate time-series models in forecasting quarterly earnings502 cited
  • 1980An Empirical Investigation of the Voluntary Disclosure of Corporate Earnings Forecasts490 cited
  • 1978THE SUPERIORITY OF ANALYST FORECASTS AS MEASURES OF EXPECTATIONS: EVIDENCE FROM EARNINGS485 cited
  • 1979The Association between Unsystematic Security Returns and the Magnitude of Earnings Forecast Errors462 cited
  • 1987Firm size and the information content of prices with respect to earnings453 cited
  • 1979The information content of financial analysts' forecasts of earnings412 cited

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  • 1977INVESTOR RECOGNITION OF CORPORATE INTERNATIONAL DIVERSIFICATION402 cited
  • 1984Shareholder Benefits from Corporate International Diversification382 cited
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    • 2002Accuracy of Analysts' Earnings Forecasts: A Comparison of Non-U.S. Cross-Listed Firms and U.S. Multinationals13 cited