Article ID Journal Published Year Pages File Type
5083958 International Review of Economics & Finance 2011 12 Pages PDF
Abstract
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.
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Social Sciences and Humanities Economics, Econometrics and Finance Economics and Econometrics
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