Artículos relacionados a The Accuracy of Analyst Forecasts: IPOs at the Neue...

The Accuracy of Analyst Forecasts: IPOs at the Neue Markt in Frankfurt - Tapa blanda

Butler, Patrick J.

 
9783838661674: The Accuracy of Analyst Forecasts: IPOs at the Neue Markt in Frankfurt
Tapa blanda
ISBN 10: 3838661672 ISBN 13: 9783838661674
Editorial: Diplomarbeiten Agentur diplom.de, 2002

Sinopsis

Diplomarbeit, die am 26.08.2002 erfolgreich an einer Wirtschaftsuniversität in Österreich eingereicht wurde. Abstract: This paper investigates the quality of financial analysts' earnings forecasts for companies which conducted initial public offerings (IPOs) during the years 1997 to 1999. The Neue Markt in Frankfurt offers a good setting to also study the development of a young market from the beginning of its operation onwards. I find support for the notion that initial returns and analysts' forecast accuracy are negatively related. I find that analysts' forecasts were by no means accurate. Mean forecast deviation, measured as percent deviation from actual earnings per share for the fiscal year, is 186.61 percent for the average broker. The sample is inhibited by serious availability problems, but all the same allows significant findings. Table of Contents: 1.|Introduction|5 2.|Literature|10 2.1|Banking systems - the German framework|10 2.2|Conflict of interest as regulated in the German legal system|12 2.3|The quality of analysts' forecasts and conflicts of interest|16 2.4|The long-run underperformance phenomenon|23 2.5|Predicting the aftermarket performance of IPOs|27 2.6|Summary|39 3.|Data|41 4.|Method|49 5.|Empirical Results|53 5.1|IPOs differentiated by year of issue|53 5.2|Disparities of actual values|58 5.3|Earning per share found in annual reports as basis|62 5.4|IPOs differentiated by industry classification|67 5.5|Percentage deviations differentiated by Brokers|73 6.|Additional Results|80 6.1|Large German banks - seasoned vs. IPO companies|80 6.2|The time factor|86 6.3|The relevance of accounting policy|88 7.|Summary and Conclusion|92 8.|References|95...

"Sinopsis" puede pertenecer a otra edición de este libro.

Reseña del editor

Inhaltsangabe:Abstract: This paper investigates the quality of financial analysts' earnings forecasts for companies which conducted initial public offerings (IPOs) during the years 1997 to 1999. The Neue Markt in Frankfurt offers a good setting to also study the development of a young market from the beginning of its operation onwards. I find support for the notion that initial returns and analysts' forecast accuracy are negatively related. I find that analysts' forecasts were by no means accurate. Mean forecast deviation, measured as percent deviation from actual earnings per share for the fiscal year, is 186.61 percent for the average broker. The sample is inhibited by serious availability problems, but all the same allows significant findings. Inhaltsverzeichnis:Table of Contents: 1.Introduction5 2.Literature10 2.1Banking systems – the German framework10 2.2Conflict of interest as regulated in the German legal system12 2.3The quality of analysts' forecasts and conflicts of interest16 2.4The long-run underperformance phenomenon23 2.5Predicting the aftermarket performance of IPOs27 2.6Summary39 3.Data41 4.Method49 5.Empirical Results53 5.1IPOs differentiated by year of issue53 5.2Disparities of actual values58 5.3Earning per share found in annual reports as basis62 5.4IPOs differentiated by industry classification67 5.5Percentage deviations differentiated by Brokers73 6.Additional Results80 6.1Large German banks – seasoned vs. IPO companies80 6.2The time factor86 6.3The relevance of accounting policy88 7.Summary and Conclusion92 8.References95

Reseña del editor

Diplomarbeit, die am 26.08.2002 erfolgreich an einer Wirtschaftsuniversität in Österreich eingereicht wurde. Abstract: This paper investigates the quality of financial analysts' earnings forecasts for companies which conducted initial public offerings (IPOs) during the years 1997 to 1999. The Neue Markt in Frankfurt offers a good setting to also study the development of a young market from the beginning of its operation onwards. I find support for the notion that initial returns and analysts' forecast accuracy are negatively related. I find that analysts' forecasts were by no means accurate. Mean forecast deviation, measured as percent deviation from actual earnings per share for the fiscal year, is 186.61 percent for the average broker. The sample is inhibited by serious availability problems, but all the same allows significant findings. Table of Contents: 1.|Introduction|5 2.|Literature|10 2.1|Banking systems - the German framework|10 2.2|Conflict of interest as regulated in the German legal system|12 2.3|The quality of analysts' forecasts and conflicts of interest|16 2.4|The long-run underperformance phenomenon|23 2.5|Predicting the aftermarket performance of IPOs|27 2.6|Summary|39 3.|Data|41 4.|Method|49 5.|Empirical Results|53 5.1|IPOs differentiated by year of issue|53 5.2|Disparities of actual values|58 5.3|Earning per share found in annual reports as basis|62 5.4|IPOs differentiated by industry classification|67 5.5|Percentage deviations differentiated by Brokers|73 6.|Additional Results|80 6.1|Large German banks - seasoned vs. IPO companies|80 6.2|The time factor|86 6.3|The relevance of accounting policy|88 7.|Summary and Conclusion|92 8.|References|95...

"Sobre este título" puede pertenecer a otra edición de este libro.

Editorial
Diplomarbeiten Agentur diplom.de
Año de publicación
2002
Idioma
Inglés
ISBN 10 
3838661672
ISBN 13 
9783838661674
Encuadernación
Tapa blanda
Número de edición
2
Número de páginas
100
Contacto del fabricante
Bedey und Thoms Media GmbH
kontakt@bedey-media.de

Hermannstal 119k
Hamburg
22119
Alemania