Whisper Forecasts of Earnings Per Share: Is Anyone Still Listening?

We examine the relative efficiency of whisperers’ and analysts’ forecasts of one-quarter-ahead earnings per share (EPS) and identify commonalities and differences in their use of fundamentals to forecast earnings. Results suggest that (a) fundamentals that focus on sales and cost of sales are relevant in explaining one-quarter-ahead EPS changes; (b) whisperers focus on cash flow fundamentals and accrual-based earnings measures in their one-quarter-ahead forecasts, whereas analysts focus on only cash flow fundamentals; and (c) although neither analysts nor whisperers fully incorporate information contained in fundamentals and accrual-based earnings measures in their forecasts, whisperers’ earnings forecast model (forecast errors model) exhibits higher (lower) explanatory power than that of analysts. We also examine robustness of our results by reestimating the models using a two-way random-effects panel data estimator. Although our conclusions remain the same, more statistically significant fundamentals emerge in panel regression results. Evidence presented in this article is consistent with (a) whisperers being different from analysts and (b) whisper forecasts containing unique incremental information beyond that of analysts’ forecasts. Market participants may want to consider using both forecasts when making investment decisions.

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Airbus and Boeing Manufacturing Performance, Income and Earnings Per Share: A Comparative Analysis

Recoletos Multidisciplinary Research Journal ◽

10.32871/rmrj1402.01.01 ◽

2014 ◽

Vol 2 (1) ◽

pp. 1-9

Author(s):

Alexis Pamatong ◽

◽

Ferdinand Abocejo ◽

Keyword(s):

Comparative Analysis ◽

Earnings Per Share ◽

Manufacturing Performance

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Markov Process Model Forecasting of Quarterly Accounting Earnings Per Share

Indian Journal Of Applied Research ◽

10.15373/2249555x/june2013/33 ◽

2011 ◽

Vol 3 (6) ◽

pp. 99-103

Author(s):

M. P. Rajakumar M. P. Rajakumar ◽

◽

Dr. V. Shanthi Dr. V. Shanthi

Keyword(s):

Markov Process ◽

Process Model ◽

Accounting Earnings ◽

Earnings Per Share ◽

Markov Process Model

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The Case Against Maximizing Earnings Per Share

Financial Analysts Journal ◽

10.2469/faj.v26.n5.107 ◽

1970 ◽

Vol 26 (5) ◽

pp. 107-112 ◽

Cited By ~ 2

Author(s):

Joel M. Stern

Keyword(s):

Earnings Per Share

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New Insights into Changes in Earnings Per Share

Financial Analysts Journal ◽

10.2469/faj.v31.n2.77 ◽

1975 ◽

Vol 31 (2) ◽

pp. 77-83

Author(s):

Robert A. Larsen ◽

Joseph E. Murphy

Keyword(s):

Earnings Per Share

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Pengaruh ROE, EPS, OCF, Size, DER, CR dan Growth Terhadap Kebijakan Dividen pada Perusahaan Manufaktur di Bursa Efek Indonesia (BEI)

Akuntansi dan Manajemen ◽

10.30630/jakmenpnp.14.2.177 ◽

2019 ◽

Vol 14 (2) ◽

pp. 80

Author(s):

Crystha Armereo ◽

Pipit Fitri Rahayu

Keyword(s):

Cash Flow ◽

Dividend Policy ◽

Regression Result ◽

Manufacturing Companies ◽

Current Ratio ◽

Dividend Payout ◽

Return On Equity ◽

Earnings Per Share ◽

Equity Ratio ◽

Operating Cash Flow

Abstract The objective of this research is to identify the influence of return on equity, earnings per share, operating cash flow, size, debt to equity ratio, current ratio, and growth to dividend payout. Data collected from manufacturing companies that listed on Indonesian Stock Exchange for three years period 2014 to 2016. Sample selected by using purposive sampling method. There are 38 companies meet the criteria and used as sample. The statistical method used in this research is multiple regression. Result of this research showed that return on equity, earnings per share, and growth have influence dividend payout but operating cash flow, size, debt to equity ratio, and current ratio have no influence towards dividend policy. Keywords: Dividend Policy, Return on Equity, Earnings per Share, Current Ratio, Operating Cash Flow Size

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PENGARUH DEBT TO TOTAL ASSET RATIO DAN TOTAL ASSET TURN OVERTERHADAP EARNING PERSHARE PADA PERUSAHAAN SUBSEKTOR FARMASI YANG TERDAFTAR DI BURSA EFEK INDONESIA

10.31227/osf.io/jh4z9 ◽

2018 ◽

Author(s):

STIM Sukma

Keyword(s):

Data Processing ◽

Pharmaceutical Company ◽

Stock Exchange ◽

Total Asset ◽

Coefficient Of Determination ◽

Simultaneous Test ◽

Earnings Per Share ◽

Regression Test ◽

Asset Turnover ◽

Convenience Sampling

The purpose of this study was to determine whether there is influence of debt to total assets ratio and total asset turnover to earnings per share in the sub-sector pharmaceutical company listed on the Indonesia Stock Exchange. Samples were taken throughout the pharmaceutical company listed on the Indonesia Stock Exchange for the years 2010 to 2015, sampling using a convenience sampling is sampling based on the desire of researchers. Analysis of data using multiple regression test the accuracy of the model (the classical assumption), hypothesis testing using the coefficient of determination (R ²), partial test (t test) and a simultaneous test (f test), while the data processing using SPSS. The results showed that test the coefficient of determination (R ²) DAR and TATO variable able to explain the existence of the variable Earning Per Share, besides partially and simultaneously DAR and TATO negative and not significant to Earning Per Share.Keywords: Debt to total assets ratio, total asset turnover and earnings per share.

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