Does the Form of Management's Earnings Guidance Affect Analysts' Earnings Forecasts? (Retracted)

2006 ◽  
Vol 81 (1) ◽  
pp. 207-225 ◽  
Author(s):  
Robert Libby ◽  
Hun-Tong Tan ◽  
James E. Hunton
Keyword(s):  
Narrow Range ◽  
Earnings Forecasts ◽  
Point Estimate ◽  
Earnings Guidance ◽  
Earnings Announcement ◽  
Wide Range ◽  
Information Precision ◽  
Management Guidance ◽  
Psychology Literature ◽  
Relationship Of

This study examines how the form of management's earnings guidance (point, narrow range, wide range) affects analysts' earnings forecasts. Results from two experiments demonstrate that: (1) guidance form has no effect on analysts' forecasts made immediately after the guidance; and (2) after the actual earnings announcement, guidance form and the relationship of the earnings guidance to actual earnings (guidance error) interact in their effect on analysts' forecasts. After the actual earnings announcement, guidance error leads to higher (lower) analysts' forecasts for firms with downwardly (upwardly) biased guidance; this effect of guidance error is magnified by a narrow range and reduced by a wide range, compared to a point estimate. These results suggest that treating the mean of the range endpoints as equivalent to a point estimate and failing to consider effects after the release of actual earnings may paint an incomplete picture of how management guidance affects analysts and investors. It also offers useful information to managers who issue earnings guidance, and presents a challenge to the psychology literature regarding the effects of information precision on judgment and decision making.

The Rewards for Meeting or Beating Managers' Own Earnings Guidance

2020 ◽  
Author(s):  
Kai Wai Hui ◽  
Alfred Z. Liu ◽  
Yao Zhang
Keyword(s):  
Stock Return ◽  
Earnings Forecasts ◽  
Earnings Guidance ◽  
Cross Sectional ◽  
Earnings Expectations ◽  
Future Performance ◽  
Management Guidance ◽  
Prior Literature ◽  
Management Earnings Guidance ◽  
Analyst Earnings

This study documents a stock return premium for meeting or beating management's own earnings guidance (MBMG) that is separate and distinct from the premium for meeting or beating analysts' earnings forecasts (MBAF) documented in prior literature. Cross-sectional analyses reveal that the MBMG premium relative to the MBAF premium increases when management guidance is more informative. We also find that MBMG is incrementally informative about a firm's future performance after considering MBAF. Our findings suggest that investors consider management earnings guidance to be a performance threshold in addition to analyst earnings forecasts when forming earnings expectations.

(Dis)aggregated earnings forecasts and acquisition financing

2019 ◽  
Vol 28 (2) ◽  
pp. 255-271
Author(s):  
Paul Ordyna
Keyword(s):  
Voluntary Disclosure ◽  
Logistic Model ◽  
Earnings Forecasts ◽  
Merger And Acquisition ◽  
Management Forecasts ◽  
Earnings Guidance ◽  
Content Type ◽  
True Value ◽  
Acquiring Firms ◽  
Management Guidance

Purpose The purpose of this paper is to examine how a firm’s mergers and acquisitions (M&A) goals influence its voluntary disclosure policy. Specifically, this paper examines how a firm’s M&A financing intentions influence the degree of aggregation in management guidance prior to and after the M&A transaction. Design/methodology/approach Using a logistic model, this study tests the relation between M&A financing and the decision to issue disaggregate earnings guidance for 3,929 acquiring firms from 2007 to 2011. Findings The logistic regression results show that firms are more likely to provide disaggregate earnings guidance when using mostly stock to finance M&A and that the incentives to disaggregate guidance vary throughout the M&A transactional window. Alternatively, because the value of cash is independent of the true value of the acquirer, the results show that firms offering mostly cash to finance M&A are less likely to issue disaggregate earnings forecasts. Additional analysis reveals that the decision to issue disaggregate earnings guidance also influences post-merger outcomes such as CEO turnover. Research limitations/implications The choice to disaggregate earnings guidance and the choice to use stock as a means to finance an acquisition is made by management, thus are endogenous which could introduce bias. Originality/value This study provides insights into management’s incentives and attitudes toward the use of management forecasts to effect a potential merger and acquisition. Given the flexibility management has in issuing voluntary forecasts, management can tailor a financial message toward investors and potential targets in attempt to facilitate a merger and acquisition and to further the firm’s goals.

Antineoplastic Activity, Structural Modification, Synthesis and Structure-activity Relationship of Dammarane-type Ginsenosides: An Overview

2019 ◽  
Vol 23 (5) ◽  
pp. 503-516 ◽  
Author(s):  
Qiang Zhang ◽  
Xude Wang ◽  
Liyan Lv ◽  
Guangyue Su ◽  
Yuqing Zhao
Keyword(s):  
Structural Modification ◽  
Gastrointestinal Disease ◽  
Structure Activity Relationship ◽  
Cerebrovascular Diseases ◽  
Activity Relationship ◽  
Cycle Arrest ◽  
Structure Activity ◽  
Wide Range ◽  
Structural Association ◽  
Relationship Of

Dammarane-type ginsenosides are a class of tetracyclic triterpenoids with the same dammarane skeleton. These compounds have a wide range of pharmaceutical applications for neoplasms, diabetes mellitus and other metabolic syndromes, hyperlipidemia, cardiovascular and cerebrovascular diseases, aging, neurodegenerative disease, bone disease, liver disease, kidney disease, gastrointestinal disease and other conditions. In order to develop new antineoplastic drugs, it is necessary to improve the bioactivity, solubility and bioavailability, and illuminate the mechanism of action of these compounds. A large number of ginsenosides and their derivatives have been separated from certain herbs or synthesized, and tested in various experiments, such as anti-proliferation, induction of apoptosis, cell cycle arrest and cancer-involved signaling pathways. In this review, we have summarized the progress in structural modification, shed light on the structure-activity relationship (SAR), and offered insights into biosynthesis-structural association. This review is expected to provide a preliminary guide for the modification and synthesis of ginsenosides.

Structure–property–function relationship of fluorescent conjugated microporous polymers

2021 ◽  
Author(s):  
M. G. Monika Bai ◽  
H. Vignesh Babu ◽  
V. Lakshmi ◽  
M. Rajeswara Rao
Keyword(s):  
Long Range ◽  
Structure Property ◽  
Porous Organic Polymers ◽  
Aggregation Induced Emission ◽  
Microporous Polymers ◽  
Exciton Migration ◽  
Wide Range ◽  
Function Relationship ◽  
Relationship Of ◽  
Conjugated Microporous Polymers

Fluorescent porous organic polymers are a unique class of materials owing to their strong aggregation induced emission, long range exciton migration and permanent porosity, thus envisioned to possess a wide range of applications (sensing, OLEDs).

scholarly journals Subject-specific multiscale modeling of aortic valve biomechanics

2021 ◽  
Author(s):  
G. Rossini ◽  
A. Caimi ◽  
A. Redaelli ◽  
E. Votta
Keyword(s):  
Aortic Valve ◽  
Boundary Conditions ◽  
Narrow Range ◽  
Radial Strain ◽  
Length Scale ◽  
Length Scales ◽  
Anatomical Features ◽  
Wide Range ◽  
Subject Specific ◽  
Cell Strains

AbstractA Finite Element workflow for the multiscale analysis of the aortic valve biomechanics was developed and applied to three physiological anatomies with the aim of describing the aortic valve interstitial cells biomechanical milieu in physiological conditions, capturing the effect of subject-specific and leaflet-specific anatomical features from the organ down to the cell scale. A mixed approach was used to transfer organ-scale information down to the cell-scale. Displacement data from the organ model were used to impose kinematic boundary conditions to the tissue model, while stress data from the latter were used to impose loading boundary conditions to the cell level. Peak of radial leaflet strains was correlated with leaflet extent variability at the organ scale, while circumferential leaflet strains varied over a narrow range of values regardless of leaflet extent. The dependency of leaflet biomechanics on the leaflet-specific anatomy observed at the organ length-scale is reflected, and to some extent emphasized, into the results obtained at the lower length-scales. At the tissue length-scale, the peak diastolic circumferential and radial stresses computed in the fibrosa correlated with the leaflet surface area. At the cell length-scale, the difference between the strains in two main directions, and between the respective relationships with the specific leaflet anatomy, was even more evident; cell strains in the radial direction varied over a relatively wide range ($$0.36-0.87$$ 0.36 - 0.87 ) with a strong correlation with the organ length-scale radial strain ($$R^{2}= 0.95$$ R 2 = 0.95 ); conversely, circumferential cell strains spanned a very narrow range ($$0.75-0.88$$ 0.75 - 0.88 ) showing no correlation with the circumferential strain at the organ level ($$R^{2}= 0.02$$ R 2 = 0.02 ). Within the proposed simulation framework, being able to account for the actual anatomical features of the aortic valve leaflets allowed to gain insight into their effect on the structural mechanics of the leaflets at all length-scales, down to the cell scale.

RELATIONSHIP IN IOT AND BIG DATA ANALYTICS: THE OPPORTUNITIES AND OPEN CHALLENGES

2021 ◽  
Vol 83 (4) ◽  
pp. 100-111
Author(s):  
Ahmad Anwar Zainuddin ◽  
Keyword(s):  
Big Data ◽  
Internet Of Things ◽  
Data Analytics ◽  
Big Data Analytics ◽  
Physical World ◽  
Future Directions ◽  
Wide Range ◽  
Time Utilization ◽  
Relationship Of ◽  
The Internet Of Things

Internet of Things (IoT) is an up-and-coming technology that has a wide variety of applications. It empowers physical objects to be organized in a specialized framework to grow its convenience in terms of ease and time utilization. It is to convert the thought of bridging the crevice between the physical world and the machine world. It is also being use in the wide range of the technology in this current situation. One of its applications is to monitor and store data over time from numerous devices allows for easy analysis of the dataset. This analysis can then be the basis of decisions made on the same. In this study, the concept, architecture, and relationship of IoT and Big Data are described. Next, several use cases in IoT and big data in the research methodology are studied. The opportunities and open challenges which including the future directions are described. Furthermore, by proposing a new architecture for big data analytics in the Internet of Things, this paper adds value. Overall, the various types of big IoT data analytics, their methods, and associated big data mining technologies are discussed.

scholarly journals The composition and formation of effective teams: computer science meets organizational psychology

2018 ◽  
Vol 33 ◽  
Author(s):  
Ewa Andrejczuk ◽  
Rita Berger ◽  
Juan A. Rodriguez-Aguilar ◽  
Carles Sierra ◽  
Víctor Marín-Puchades
Keyword(s):  
Computer Science ◽  
Team Performance ◽  
Organizational Psychology ◽  
Team Formation ◽  
Science Literature ◽  
Effective Teams ◽  
Human Agent ◽  
Wide Range ◽  
Psychology Literature ◽  
Cross Fertilization

AbstractNowadays the composition and formation of effective teams is highly important for both companies to assure their competitiveness and for a wide range of emerging applications exploiting multiagent collaboration (e.g. crowdsourcing, human-agent collaborations). The aim of this article is to provide an integrative perspective on team composition, team formation, and their relationship with team performance. Thus, we review the contributions in both the computer science literature and the organizational psychology literature dealing with these topics. Our purpose is twofold. First, we aim at identifying the strengths and weaknesses of the contributions made by these two diverse bodies of research. Second, we aim at identifying cross-fertilization opportunities that help both disciplines benefit from one another. Given the volume of existing literature, our review is not intended to be exhaustive. Instead, we have preferred to focus on the most significant contributions in both fields together with recent contributions that break new ground to spur innovative research.

Behavior as a window on physiology: a simple apparatus for recording caterpillar feeding.

1992 ◽  
Vol 262 (6) ◽  
pp. S9 ◽  
Author(s):  
E Bowdan
Keyword(s):  
Feeding Behavior ◽  
Control Mechanisms ◽  
Inexpensive Method ◽  
Simple Apparatus ◽  
Physiological Processes ◽  
Wide Range ◽  
Relationship Of ◽  
The Relationship

Regulation of feeding is a fundamental element of homeostasis. This is reflected in the similarity of control mechanisms in a wide range of animals, including insects and humans. A close examination of feeding behavior can illuminate the physiological processes driving regulation. A simple, inexpensive method for recording fine details of feeding by caterpillars is described. Possible experiments, interpretation of the data, and the relationship of observations to the underlying physiology, are outlined.

Parasitic infection and chronic energy deficiency in adults

Parasitology ◽  
1993 ◽  
Vol 107 (S1) ◽  
pp. S159-S167 ◽  
Author(s):  
P. S. Shetty ◽  
N. Shetty
Keyword(s):  
Nutritional Status ◽  
Health Workers ◽  
Parasitic Infection ◽  
Critical Determinant ◽  
Energy Deficiency ◽  
Chronic Energy Deficiency ◽  
Wide Range ◽  
The Individual ◽  
The Tropics ◽  
Relationship Of

Interactions between infection and nutrition have been well recognized for several years now since they contribute directly to the health of individuals and communities. Malnourished individuals are specially prone to developing infections while infections themselves can lead to profound changes in the nutritional status of the individual. Health workers in developing countries in the tropics have long recognized the mutually aggravating interactions of malnutrition and infection. The importance of this synergistic relationship between infection and nu-tritional status has been studied extensively in the case of young children. The nutritional status of a young child is a critical determinant of both c morbidity and mortality resulting from a wide range of infections: bacterial, viral, or parasitic. Chandra (1983), in his review on the relationship of nutrition, immunity and infection has categorized the wide range of infectious agents (bacterial, viral, fungal and parasitic) into those that are definitely, variably or minimally influenced by the nutritional status of the child.

Sign in / Sign up

Export Citation Format

Share Document