Loading…
Analysts' Forecasts of Taiwanese Firms' Earnings: Some Empirical Evidence
This study examines the accuracy and bias associated with the analysts' earnings forecasts of Taiwanese firms. Using the forecast data of individual analysts over 1991–1997 from the I/B/E/S database, we find that analysts' forecasts of earnings are generally more accurate than the predicti...
Saved in:
| Published in: | Review of Pacific basin financial markets and policies 2004-12, Vol.7 (4), p.571-597 |
|---|---|
| Main Authors: | , |
| Format: | Article |
| Language: | English |
| Subjects: | |
| Citations: | Items that this one cites Items that cite this one |
| Online Access: | Get full text |
| Tags: |
Add Tag
No Tags, Be the first to tag this record!
|
| cited_by | cdi_FETCH-LOGICAL-c3698-110196dc1a36524083a480b7774cad254345467f2476ec907251addaabdd9f3e3 |
|---|---|
| cites | cdi_FETCH-LOGICAL-c3698-110196dc1a36524083a480b7774cad254345467f2476ec907251addaabdd9f3e3 |
| container_end_page | 597 |
| container_issue | 4 |
| container_start_page | 571 |
| container_title | Review of Pacific basin financial markets and policies |
| container_volume | 7 |
| creator | Ho, Li-Chin Jennifer Tsay, Jeffrey |
| description | This study examines the accuracy and bias associated with the
analysts' earnings forecasts of Taiwanese firms. Using the forecast
data of individual analysts over 1991–1997 from the I/B/E/S database,
we find that analysts' forecasts of earnings are generally more
accurate than the predictions of a naïve forecasting model. However,
this superiority seems to be largely confined to shorter forecast
horizons. We also find that the analysts' earnings forecasts
of Taiwanese firms are optimistically biased and that the bias
depends on the nature of the earnings news. In addition, analysts'
forecasts appear to be more accurate for larger firms and the
bias also decreases with firm size. We find some variation in
forecast accuracy and bias across industries but the overall
results are not driven by any specific time period. |
| doi_str_mv | 10.1142/S0219091504000238 |
| format | article |
| fullrecord | <record><control><sourceid>proquest_world</sourceid><recordid>TN_cdi_worldscientific_primary_S0219091504000238</recordid><sourceformat>XML</sourceformat><sourcesystem>PC</sourcesystem><sourcerecordid>741653601</sourcerecordid><originalsourceid>FETCH-LOGICAL-c3698-110196dc1a36524083a480b7774cad254345467f2476ec907251addaabdd9f3e3</originalsourceid><addsrcrecordid>eNplkM1KAzEURoMoWKsP4G5woavRm_-Mu1JaLRRctK6HNMlIysykJq2lb29KxYWucuE755L7IXSL4RFjRp4WQHAFFebAAIBQdYYGWFa0FBL4ORoc4_KYX6KrlNYAWCmJB2g26nV7SNv0UExDdEbnsQhNsdR-r3uXXDH1scvpRMfe9x_puViEzhWTbuOjN7otJl_eut64a3TR6Da5m593iN6nk-X4tZy_vczGo3lpqKhUiTHgSliDNRWcMFBUMwUrKSUz2hLOKONMyIYwKZypQBKOtbVar6ytGuroEN2f9m5i-Ny5tK07n4xr2_zdsEs1VbkAzkgG7_6A67CL-dxUE1BCMAo8Q_gEmRhSiq6pN9F3Oh5qDPWx2fpfs9mBk7MPsbXJeNdvfePNr_pf-QbjPngp</addsrcrecordid><sourcetype>Aggregation Database</sourcetype><iscdi>true</iscdi><recordtype>article</recordtype><pqid>208664305</pqid></control><display><type>article</type><title>Analysts' Forecasts of Taiwanese Firms' Earnings: Some Empirical Evidence</title><source>EconLit s plnými texty</source><source>International Bibliography of the Social Sciences (IBSS)</source><source>BSC - Ebsco (Business Source Ultimate)</source><creator>Ho, Li-Chin Jennifer ; Tsay, Jeffrey</creator><creatorcontrib>Ho, Li-Chin Jennifer ; Tsay, Jeffrey</creatorcontrib><description>This study examines the accuracy and bias associated with the
analysts' earnings forecasts of Taiwanese firms. Using the forecast
data of individual analysts over 1991–1997 from the I/B/E/S database,
we find that analysts' forecasts of earnings are generally more
accurate than the predictions of a naïve forecasting model. However,
this superiority seems to be largely confined to shorter forecast
horizons. We also find that the analysts' earnings forecasts
of Taiwanese firms are optimistically biased and that the bias
depends on the nature of the earnings news. In addition, analysts'
forecasts appear to be more accurate for larger firms and the
bias also decreases with firm size. We find some variation in
forecast accuracy and bias across industries but the overall
results are not driven by any specific time period.</description><identifier>ISSN: 0219-0915</identifier><identifier>EISSN: 1793-6705</identifier><identifier>DOI: 10.1142/S0219091504000238</identifier><language>eng</language><publisher>Singapore: World Scientific Publishing Co. and Center for Pacific Basin Business, Economics and Finance Research</publisher><subject>Accuracy ; Bias ; Capital market ; Earnings ; Earnings forecasting ; Empiricism ; Enterprises ; Finance ; Forecasts ; Studies ; Taiwan</subject><ispartof>Review of Pacific basin financial markets and policies, 2004-12, Vol.7 (4), p.571-597</ispartof><rights>2004, World Scientific Publishing Co. and Center for Pacific Basin Business, Economics and Finance Research</rights><rights>Copyright World Scientific Publishing Co. Pte., Ltd. Dec 2004</rights><lds50>peer_reviewed</lds50><woscitedreferencessubscribed>false</woscitedreferencessubscribed><citedby>FETCH-LOGICAL-c3698-110196dc1a36524083a480b7774cad254345467f2476ec907251addaabdd9f3e3</citedby><cites>FETCH-LOGICAL-c3698-110196dc1a36524083a480b7774cad254345467f2476ec907251addaabdd9f3e3</cites></display><links><openurl>$$Topenurl_article</openurl><openurlfulltext>$$Topenurlfull_article</openurlfulltext><thumbnail>$$Tsyndetics_thumb_exl</thumbnail><link.rule.ids>314,780,784,27924,27925,33223,33224</link.rule.ids></links><search><creatorcontrib>Ho, Li-Chin Jennifer</creatorcontrib><creatorcontrib>Tsay, Jeffrey</creatorcontrib><title>Analysts' Forecasts of Taiwanese Firms' Earnings: Some Empirical Evidence</title><title>Review of Pacific basin financial markets and policies</title><description>This study examines the accuracy and bias associated with the
analysts' earnings forecasts of Taiwanese firms. Using the forecast
data of individual analysts over 1991–1997 from the I/B/E/S database,
we find that analysts' forecasts of earnings are generally more
accurate than the predictions of a naïve forecasting model. However,
this superiority seems to be largely confined to shorter forecast
horizons. We also find that the analysts' earnings forecasts
of Taiwanese firms are optimistically biased and that the bias
depends on the nature of the earnings news. In addition, analysts'
forecasts appear to be more accurate for larger firms and the
bias also decreases with firm size. We find some variation in
forecast accuracy and bias across industries but the overall
results are not driven by any specific time period.</description><subject>Accuracy</subject><subject>Bias</subject><subject>Capital market</subject><subject>Earnings</subject><subject>Earnings forecasting</subject><subject>Empiricism</subject><subject>Enterprises</subject><subject>Finance</subject><subject>Forecasts</subject><subject>Studies</subject><subject>Taiwan</subject><issn>0219-0915</issn><issn>1793-6705</issn><fulltext>true</fulltext><rsrctype>article</rsrctype><creationdate>2004</creationdate><recordtype>article</recordtype><sourceid>8BJ</sourceid><recordid>eNplkM1KAzEURoMoWKsP4G5woavRm_-Mu1JaLRRctK6HNMlIysykJq2lb29KxYWucuE755L7IXSL4RFjRp4WQHAFFebAAIBQdYYGWFa0FBL4ORoc4_KYX6KrlNYAWCmJB2g26nV7SNv0UExDdEbnsQhNsdR-r3uXXDH1scvpRMfe9x_puViEzhWTbuOjN7otJl_eut64a3TR6Da5m593iN6nk-X4tZy_vczGo3lpqKhUiTHgSliDNRWcMFBUMwUrKSUz2hLOKONMyIYwKZypQBKOtbVar6ytGuroEN2f9m5i-Ny5tK07n4xr2_zdsEs1VbkAzkgG7_6A67CL-dxUE1BCMAo8Q_gEmRhSiq6pN9F3Oh5qDPWx2fpfs9mBk7MPsbXJeNdvfePNr_pf-QbjPngp</recordid><startdate>200412</startdate><enddate>200412</enddate><creator>Ho, Li-Chin Jennifer</creator><creator>Tsay, Jeffrey</creator><general>World Scientific Publishing Co. and Center for Pacific Basin Business, Economics and Finance Research</general><general>World Scientific Publishing Co. Pte., Ltd</general><scope>AAYXX</scope><scope>CITATION</scope><scope>8BJ</scope><scope>FQK</scope><scope>JBE</scope></search><sort><creationdate>200412</creationdate><title>Analysts' Forecasts of Taiwanese Firms' Earnings: Some Empirical Evidence</title><author>Ho, Li-Chin Jennifer ; Tsay, Jeffrey</author></sort><facets><frbrtype>5</frbrtype><frbrgroupid>cdi_FETCH-LOGICAL-c3698-110196dc1a36524083a480b7774cad254345467f2476ec907251addaabdd9f3e3</frbrgroupid><rsrctype>articles</rsrctype><prefilter>articles</prefilter><language>eng</language><creationdate>2004</creationdate><topic>Accuracy</topic><topic>Bias</topic><topic>Capital market</topic><topic>Earnings</topic><topic>Earnings forecasting</topic><topic>Empiricism</topic><topic>Enterprises</topic><topic>Finance</topic><topic>Forecasts</topic><topic>Studies</topic><topic>Taiwan</topic><toplevel>peer_reviewed</toplevel><toplevel>online_resources</toplevel><creatorcontrib>Ho, Li-Chin Jennifer</creatorcontrib><creatorcontrib>Tsay, Jeffrey</creatorcontrib><collection>CrossRef</collection><collection>International Bibliography of the Social Sciences (IBSS)</collection><collection>International Bibliography of the Social Sciences</collection><collection>International Bibliography of the Social Sciences</collection><jtitle>Review of Pacific basin financial markets and policies</jtitle></facets><delivery><delcategory>Remote Search Resource</delcategory><fulltext>fulltext</fulltext></delivery><addata><au>Ho, Li-Chin Jennifer</au><au>Tsay, Jeffrey</au><format>journal</format><genre>article</genre><ristype>JOUR</ristype><atitle>Analysts' Forecasts of Taiwanese Firms' Earnings: Some Empirical Evidence</atitle><jtitle>Review of Pacific basin financial markets and policies</jtitle><date>2004-12</date><risdate>2004</risdate><volume>7</volume><issue>4</issue><spage>571</spage><epage>597</epage><pages>571-597</pages><issn>0219-0915</issn><eissn>1793-6705</eissn><abstract>This study examines the accuracy and bias associated with the
analysts' earnings forecasts of Taiwanese firms. Using the forecast
data of individual analysts over 1991–1997 from the I/B/E/S database,
we find that analysts' forecasts of earnings are generally more
accurate than the predictions of a naïve forecasting model. However,
this superiority seems to be largely confined to shorter forecast
horizons. We also find that the analysts' earnings forecasts
of Taiwanese firms are optimistically biased and that the bias
depends on the nature of the earnings news. In addition, analysts'
forecasts appear to be more accurate for larger firms and the
bias also decreases with firm size. We find some variation in
forecast accuracy and bias across industries but the overall
results are not driven by any specific time period.</abstract><cop>Singapore</cop><pub>World Scientific Publishing Co. and Center for Pacific Basin Business, Economics and Finance Research</pub><doi>10.1142/S0219091504000238</doi><tpages>27</tpages></addata></record> |
| fulltext | fulltext |
| identifier | ISSN: 0219-0915 |
| ispartof | Review of Pacific basin financial markets and policies, 2004-12, Vol.7 (4), p.571-597 |
| issn | 0219-0915 1793-6705 |
| language | eng |
| recordid | cdi_worldscientific_primary_S0219091504000238 |
| source | EconLit s plnými texty; International Bibliography of the Social Sciences (IBSS); BSC - Ebsco (Business Source Ultimate) |
| subjects | Accuracy Bias Capital market Earnings Earnings forecasting Empiricism Enterprises Finance Forecasts Studies Taiwan |
| title | Analysts' Forecasts of Taiwanese Firms' Earnings: Some Empirical Evidence |
| url | http://sfxeu10.hosted.exlibrisgroup.com/loughborough?ctx_ver=Z39.88-2004&ctx_enc=info:ofi/enc:UTF-8&ctx_tim=2025-01-06T07%3A28%3A36IST&url_ver=Z39.88-2004&url_ctx_fmt=infofi/fmt:kev:mtx:ctx&rfr_id=info:sid/primo.exlibrisgroup.com:primo3-Article-proquest_world&rft_val_fmt=info:ofi/fmt:kev:mtx:journal&rft.genre=article&rft.atitle=Analysts'%20Forecasts%20of%20Taiwanese%20Firms'%20Earnings:%20Some%20Empirical%20Evidence&rft.jtitle=Review%20of%20Pacific%20basin%20financial%20markets%20and%20policies&rft.au=Ho,%20Li-Chin%20Jennifer&rft.date=2004-12&rft.volume=7&rft.issue=4&rft.spage=571&rft.epage=597&rft.pages=571-597&rft.issn=0219-0915&rft.eissn=1793-6705&rft_id=info:doi/10.1142/S0219091504000238&rft_dat=%3Cproquest_world%3E741653601%3C/proquest_world%3E%3Cgrp_id%3Ecdi_FETCH-LOGICAL-c3698-110196dc1a36524083a480b7774cad254345467f2476ec907251addaabdd9f3e3%3C/grp_id%3E%3Coa%3E%3C/oa%3E%3Curl%3E%3C/url%3E&rft_id=info:oai/&rft_pqid=208664305&rft_id=info:pmid/&rfr_iscdi=true |