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dc.contributor.authorWatt, Claytonen_NZ
dc.date.available2011-04-07T03:15:03Z
dc.date.copyright2001-02-28en_NZ
dc.identifier.citationWatt, C. (2001, February 28). Consecutive earnings forecast revisions and their relationship to stock returns (Thesis). Retrieved from http://hdl.handle.net/10523/1380en
dc.identifier.urihttp://hdl.handle.net/10523/1380
dc.description.abstractThis paper tests whether consecutive forecast revisions of annual EPS have a reinforcing factor effect built in when the consecutive revision is in the same direction. If in fact there is a reinforcing factor effect present, then there should be a relationship between the consecutive monthly revisions and monthly stock returns in the second consecutive revision month. The analysis used 63 New Zealand and 226 Australian companies for the period from June 1989 to May 1998. The analysis indicated that there is no indication of this reinforcing factor effect and only a very small amount (1%) of the return variation can actually be explained by the consecutive forecast revisions.en_NZ
dc.subjectEarnings per shareen_NZ
dc.subjectEPSen_NZ
dc.subjectconsecutive monthly revisionsen_NZ
dc.subjectmonthly stock returnsen_NZ
dc.subjectNew Zealanden_NZ
dc.subjectAustralianen_NZ
dc.subjectJune 1989 to May 1998en_NZ
dc.subject.lcshHF Commerceen_NZ
dc.subject.lcshHF5601 Accountingen_NZ
dc.subject.lcshHG Financeen_NZ
dc.subject.lcshH Social Sciences (General)en_NZ
dc.titleConsecutive earnings forecast revisions and their relationship to stock returnsen_NZ
dc.typeThesisen_NZ
dc.description.versionUnpublisheden_NZ
otago.bitstream.pages42en_NZ
otago.date.accession2007-04-23en_NZ
otago.schoolFinanceen_NZ
thesis.degree.disciplineFinanceen_NZ
thesis.degree.grantorUniversity of Otagoen_NZ
thesis.degree.levelMasters Thesesen_NZ
otago.interloanyesen_NZ
otago.openaccessAbstract Only
dc.identifier.eprints656en_NZ
otago.school.eprintsFinance & Quantitative Analysisen_NZ
dc.description.referencesAbarbanell, J., and Bushee, B., 1997, Fundamental analysis, future earnings, and stock prices, Journal of Accounting Research 35,I-23. Bauman, S., and Dowen, R., 1991, Revisions in corporate earnings forecast and common stock returns, Financial Analysts Journal 22, 86-90. Ball, R., and Brown, P., 1968, An empirical evaluation of accounting income numbers, Journal of Accounting Research 7 I59-177. Brown, P., Foster, G., and Noreen, E., 1985, Security analyst multi-year earnings forecasts and the capital market, American Accounting Association Studies in Accounting Research 21, 46-121. Elizabeth, M., 1993, Conducting event studies with thinly traded stocks, Journal of Banking and Finance 17, 145-157. Foster, G., 1973, Stock market reaction to estimates of earnings per share by company officials, Journal of Accounting Research 12, 25-36. Imhoff, E., and Lobo, G., 1984, Information content of analysts' composite forecast revisions, Journal of Accounting Research 22, 54I-554. Lys, T., Sohn, S., 1991, The association between revisions of financial analysts' earnings forecasts and security-price changes, Journal of Accounting and Economics 13, 341-363en_NZ
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