کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
1004230 937755 2007 11 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Evaluating the properties of analysts’ forecasts: A bootstrap approach
موضوعات مرتبط
علوم انسانی و اجتماعی مدیریت، کسب و کار و حسابداری حسابداری
پیش نمایش صفحه اول مقاله
Evaluating the properties of analysts’ forecasts: A bootstrap approach
چکیده انگلیسی

Previous research has reported that analysts’ forecasts of company profits are both optimistically biased and inefficient. However, many prior studies have applied ordinary least-squares regression to data where heteroskedasticity and non-normality are common problems, potentially resulting in misleading inferences. Furthermore, most prior studies deflate earnings and forecasts in an attempt to correct for non-constant error variances, often changing the specification of the underlying regression equation. We describe and employ the wild bootstrap—a technique that is robust both to heteroskedasticity and non-normality—to assess the reliability of prior studies of analysts’ forecasts. Based on a large sample of 23,283 firm years covering the period 1981–2002, our main results confirm the findings of prior research. Our results also suggest that deflation may not be a successful method of correcting for heteroskedasticity, providing a strong rationale for using the wild bootstrap in future work in this, and other areas of accounting and finance research.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: The British Accounting Review - Volume 39, Issue 1, March 2007, Pages 3–13
نویسندگان
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