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National Chung Hsing University Institutional Repository - NCHUIR > 管理學院 > 財務金融學系所 > 依資料類型分類 > 期刊論文 >  An analysis of Japanese earnings forecast revisions with application to seasoned equity offerings

Please use this identifier to cite or link to this item: http://nchuir.lib.nchu.edu.tw/handle/309270000/133271

標題: An analysis of Japanese earnings forecast revisions with application to seasoned equity offerings
作者: Caton, G.L.;Chan, J.S.P.;Goh, J.;Yang, S.Y.
楊聲勇
日期: 2011
Issue Date: 2012-12-14 09:48:26 (UTC+8)
關連: International Review of Economics & Finance, Volume 20, Issue 3, Page(s) 376-387.
摘要: Using the bootstrap method, we explore the characteristics of revisions in Japanese earnings forecast data. We find that forecast revisions exhibit a downward trend over time as the actual earnings announcement date approaches, and are serially correlated with three significant lags. Using these characteristics we develop a model to estimate abnormal forecast revisions, and illustrate the model's use with a sample of Japanese companies announcing seasoned equity offerings (SEOs). In contrast to results obtained by studies using American data, our findings indicate significant positive upward revisions when Japanese firms announce an SEO. (C) 2010 Elsevier Inc. All rights reserved.
Relation: International Review of Economics & Finance
Appears in Collections:[依教師分類] 楊聲勇
[依資料類型分類] 期刊論文

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