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dc.contributor.authorCiccone, Stephen Jen_NZ
dc.contributor.authorEtebari, Ahmaden_NZ
dc.date.available2011-04-07T03:18:57Z
dc.date.copyright2006-07-07en_NZ
dc.identifier.citationCiccone, S. J., & Etebari, A. (2006, July 7). Analyst forecasts in New Zealand. University of Otago Department of Finance Seminar Series. Presented at the University of Otago, Department of Finance, Seminar.en
dc.identifier.urihttp://hdl.handle.net/10523/1517
dc.description.abstractThis study explores analyst annual earnings forecasts in New Zealand. The results show that forecasts of New Zealand firms do not suffer from the pessimistic biases found in studies of forecasts for United States firms. Similar to United States studies, however, loss firm forecasts are significantly less accurate and more optimistic. These results suggest that New Zealand firms do not tend to manage earnings to beat expectations, but poorly performing firms might attempt to deceive investors by decreasing the quality of their information environment. Furthermore, optimism does appear to be impounded in stock prices, as firms with optimistic forecasts underperform firms with pessimistic forecasts by about 30%.en_NZ
dc.format.mimetypeapplication/pdf
dc.relation.ispartofUniversity of Otago Department of Finance Seminar Seriesen_NZ
dc.relation.urihttp://www.business.otago.ac.nz/finc/research/seminars_06.htmlen_NZ
dc.subjectannual earnings forecastsen_NZ
dc.subjectNew Zealanden_NZ
dc.subjectpessimistic forecastsen_NZ
dc.subjectoptimistic forecastsen_NZ
dc.subject.lcshHF Commerceen_NZ
dc.subject.lcshHF5601 Accountingen_NZ
dc.subject.lcshHG Financeen_NZ
dc.titleAnalyst forecasts in New Zealanden_NZ
dc.typeConference or Workshop Item (Seminar, Speech or Other Presentation)en_NZ
dc.description.versionUnpublisheden_NZ
otago.bitstream.pages16en_NZ
otago.date.accession2007-04-12en_NZ
otago.schoolFinanceen_NZ
otago.openaccessOpen
otago.place.publicationDunedin, New Zealanden_NZ
dc.identifier.eprints610en_NZ
dc.description.refereedNon Peer Revieweden_NZ
otago.school.eprintsFinance & Quantitative Analysisen_NZ
dc.description.referencesBrown, Lawrence D. 2001. “A Temporal Analysis of Earnings Surprises: Profits Versus Losses.” Journal of Accounting Research, vol. 39, no. 2 (September): 221-241. Butler, Kirt C., and Hakan Saraoglu. 1999. “Improving Analysts’ Negative Earnings Forecasts.” Financial Analysts Journal, vol. 55, no. 3 (May/June): 48-56. Chang, James, Tarun Khanna, and Krishna G. Palepu. 2001. “Analyst Activity Around the World.” Working Paper. Harvard University. Ciccone, Stephen J. 2001. “Analyst Forecasts, Financial Distress, and Business Risk.” Working Paper. University of New Hampshire. Ciccone, Stephen J. 2003. “Does Analyst Optimism Distort Stock Prices?” Journal of Behavioral Finance, vol. 4, no. 2: 59-64. Diether, Karl, Christopher Malloy, and Anna Scherbina. 2002. “Differences of Opinion and the Cross-Section of Stock Returns.” Journal of Finance, vol. 57, no. 5 (October): 2263-2287. Collingwood, Harris. 2001. “The Earnings Game: Everybody Plays, Nobody Wins.” Harvard Business Review, vol. 79, no. 6 (June): 65-74. Degeorge, Francois, Jayendu Patel, and Richard Zeckhauser. 1999. “Earnings Management to Exceed Thresholds.” Journal of Business, vol. 72, no. 1 (January): 1-33. Doukas, John A., Chansog Kim, and Christos Pantzalis. 2005. “Divergence of Opinion and Equity Returns under Different States of Earnings Expectations.” Working Paper, Old Dominion University. Hope, Ole-Kristian. 2003. “Disclosure Practices, Enforcement of Accounting Standards, and Analysts’ Forecast Accuracy: An International Study.” Journal of Accounting Research, vol. 41, no. 2 (May): 235-272. Matsumoto, Dawn. 2002. “Management’s Incentives to Avoid Negative Earnings Surprises.” Accounting Review, vol. 77, no. 3 (July): 483-514. White, Halbert. 1980. “A Heteroskedasticity-Consistent Covariance Matrix Estimator and a Direct Test for Heteroskedasticity.” Econometrica, vol. 48, no. 4 (May): 817-838en_NZ
otago.event.dates7 July 2006en_NZ
otago.event.placeCommerce 5.37, University of Otago, Dunedin, Otagoen_NZ
otago.event.typeotheren_NZ
otago.event.titleUniversity of Otago, Department of Finance, Seminaren_NZ
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