Book to market components, future security returns, and errors in expected future earnings

Article Abstract:

Future earnings cannot be accurately forecast with book-to-market predictions due to a lag or recognition component and a bias component. The authors break down a previous formula into components to discover the anomalies.

Models, Book value (Accounting)

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A temporal analysis of earnings surprises: profits versus losses

Article Abstract:

The author analyzes a series of profit and loss surprises and finds that managers find some good news to report every year. Managers of growth firms report good news more often than managers of value firms.

Research, Profit, Profits

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The inefficiency of the mean analyst forecast as a summary forecast of earnings

Article Abstract:

Accountants' estimates of future earnings of companies are found to be inefficient, since accountants add their common knowledge to company information. The mean forecasts were lower than actual earnings.

Analysis, Forecasting

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