scholarly journals Forecastability of Earnings Surprises

Author(s):  
James G. Bulsiewicz

I investigate whether it is possible to profitably trade on predicted earnings surprises, forecasted using the Foster (1977) model. Unlike the extant literature, which documents a strong positive relation between actual earnings surprises and returns, I find that trading on predicted earnings surprises, generated by the Foster (1977) model, has earned a small negative, but statistically indistinguishable from zero, return. This result highlights the difficulty in forecasting earnings surprises.

2018 ◽  
Vol 9 (8) ◽  
pp. 739-748
Author(s):  
Quadrini Fabiana Andrea ◽  
◽  
Abraham Cynthia Anahi

The purpose of this paper is to develop and deepen one of the research lines that since 2010 the research team has been working on. It is related to one of the objectives set forth in the schedule of the research project “Management of the intellectual capital and innovation for tourism destination: a way to boost sector competitiveness”, which is being developed. The aim is to design and present a method that let make a diagnosis of intangible resources of intellectual capital for tourism destination and show its positive relation with innovative activity.


Author(s):  
Kealeboga J Maphunye

This article examines South Africa's 20-year democracy by contextualising the roles of the 'small' political parties that contested South Africa's 2014 elections. Through the  prism  of South  Africa's  Constitution,  electoral legislation  and the African Charter on Democracy, Elections and Governance, it examines these parties' roles in South Africa's democratisation; their influence,  if any, in parliament, and whether they play any role in South Africa's continental or international engagements. Based on a review of the extant literature, official documents,  legislation, media, secondary research, reports and the results of South Africa's elections, the article relies on game theory, rational choice theory and theories of democracy and democratic consolidation to examine 'small' political parties' roles in the country's political and legal systems. It concludes that the roles of 'small' parties in governance and democracy deserve greater recognition than is currently the case, but acknowledges the extreme difficulty experienced by the 'small'  parties in playing a significant role in democratic consolidation, given their formidable opponent in a one-party dominant system.


1967 ◽  
Vol 7 (4) ◽  
pp. 547-547
Author(s):  
Gunnar Floystad

Eisner's book contains two lectures which were read at the Center of Planning and Economic Research in Athens. In his first lecture the author raises the question: does a higher level of employment contribute to a more rapid, sustained rate of economic growth? A number of economists, including P.A. Samuelson, A.W. Philips and Harry Johnson, have argued that the positive relation between employment and growth is a transitory phenomenon which occurs only when the employment level changes. By using a simple model of the Harrod-Domar type he shows that the higher the level of employment or, more exactly, the higher the proportion of the labour force employed the greater will be the percentage rate of growth of output.


The results revealed that on an overall average size of landholding was estimated to be 0.97 ha. The total cultivated area at all categories of sample farms were found to be irrigated. Overall average, cost of cultivation was estimated `27819.43 per ha. The cost of cultivation showed positive relation with size of holding. The cost of cultivation was highest on medium farms (`32549.25) followed by small (`31528.40 and marginal (`29171.74), respectively. Overall average, cost of production was estimated `2446.44 per hectare. On an average input-output ratio on the basis Costs A1/A2, B1, B2, C1, and C2 were recorded 1:2.86, 1:2.77, 1:1.91, 1:1.89 and 1:1.46, respectively. On the basis of Cost C2 input-output ratio was highest on marginal farms (1:1.47) followed by small (1:1.44) and medium (1:1.43), respectively. Overall average, net income and gross income were found `9859.33 and 40028.69 per ha, respectively.


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