назад Оглавление вперед


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48

William Н. Beaver, Financial Reporting: An Accounting Revolution (Englewood Cliffs, NJ: Prentice Hall, 1981), Chapters 4 and 5.

George Foster, Financial Statement Analysis (Englewood Cliffs, NJ: Prentice Hall, 1986), pp.

Paul Zarowin, «What Determines Earnings-Price Ratios: Revisited*, Journal of Accounting, Auditing, and Finance, 5, no. 3 (Summer 1990), pp. 439-454.

Peter D. Easton and Trevor S. Harris, «Earnings as an Explanatory Variable for Returns*, Journal of Accounting Research, 29, no. 1 (Spring 1991), pp. 19-36.

10.Модель временных рядов годовой и квартальной прибыли в расчете на акцию рассматривается в работах:

George Foster, «Quarteriy Accounting Data: Time-Series Properties and Predictive-Ability Results*, Accounting Review, 52, no. 1 (January 1977), pp. 1-21.

George Foster, Financial Statement Analysis (Emhwood Cliffs, NJ: Prentice Hall, 1986), Chapter 7.

Ross L. Watts and Jerold L. Zimmerman, Positive Accounting Theory (Englewood Cliffs, NJ: Prentice Hall, 1986), Chapter 6.

11.Зависимость между рыночным и бухгалтерским «бета*-коэффициентами была рассмотрена в статьях:

Ray Ball and Philip Brown, «Portfolio Theory and Accounting*, Journal of Accounting Research, 7, no. 2 (Autumn 1969), pp. 300-323.

William Beaver and James Manegold, «The Association Between Market-Determined and Accounting-Determined Measures of Systematic Risk: Some Further Evidence*, Journal of Financial and Quantitative Analysis, 10, no. 2 (June 1975), pp. 231-284.

12.Зависимость между объявлением прибыли и динамикой цен акций была обнаружена во многих исследованиях. См. следующие работы, а также сноски к ним:

Ray Ball and Philip Brown, «Ап Empirical Evaluation of Accounting Income Numbers*, Journal of Accounting Research, 6, no. 2 (Autumn 1968), pp. 159-178. William H. Beaver, «The Information Content of Annual Earnings Announcements*, Empirical Research in Accounting: Selected Studies, Supplement to Journal of Accounting Research, 6 (1968), pp. 67-92.

Leonard Zacks, «EPS Forecasts-Accuracy Is Not Enough*, Financial Analysts Journal, 35, no. 2 (March/April 1979), pp. 53-55.

Dale Morse, «Price and Trading Volume Reaction Surrounding Earnings Announcements: A Closer Examination*, Jounal of Accounting Research, 19, no. 2 (Autumn 1981), pp. 374-383. James M. Patell and Mark A. Wolfson, «The Ex Ante and Ex Post Effects of Quarterly Earnings Announcements Reflected in Stock and Option Prices*, Journal of Accounting Research, 19, no. 2 (Autumn 1981), pp. 434-458.

Richard J. Rendleman, Jr, Charles P. Jones, and Henry A. Latane, «Empirical Anomalies Based on Unexpected Earmings and the Importance of Risk Adjustments*, Journal of Financial Economics, 10, no. 3 (November 1981), pp. 269-287.

James M. Patell and Mark A. Wolfson, «The Intraday Speed of Adjustment of Stock Prices to Earnings and Dividend Announcements*, Journal of Financial Economics, 13, no. 2 (June 1984), pp. 223-252.

George Foster, Chris Olsen, and Terry Shevlin, «Earnings Releases, Anomalies, and the Behavior of Security Returns*, Accounting Review, 59, no. 4 (October 1984), pp. 74-603. Catherine S. Woodruff and A.J. Senchack, Jr, «Intradaily Price-Volume Adjustments of NYSE Stocks to Unexpected Earnings*, Journal of Finance, 43, no. 2 (June 1988), pp. 467-491. Journal of Accounting and Economics, 15, no. 2/3 (June/September 1992), весь номер.



13.В следующих исследованиях были рассмотрены возможные объяснения такого явления в поведении курсов акций, как «затищье после объявления прибыли»: Richard J. Rendleman, Jr., Charles P. Jones, and Henry A. Latane, «Further Insight into the Standardized Unexpected Earnings Anomaly: Size and Serial Correlation Effects», Financial Review, 22, no. 1 (February 1987), pp. 131 - 144.

Victor L. Bernard and Jacob K. Thomas, «Post-Earnings-Announcement Drift: Delayed Price Response or Risk Premium?*, Journal of Accounting Research, 27 (Supplement 1989), pp. 1-36. Robert N. Freeman and Senyo Tse, «The Multiperiod Information Content of Accounting Earnings: Confirmations and Contradictions of Previous Earnings Reports», Journal of Accounting Research, 21 (Supplement 1989), pp. 49-79.

Victor L. Bernard and Jacob K. Thomas, «Evidence That Stock Prices Do Not Fully Reflect the Implications of Current Earnings for Future Earnings*, Journal of Accounting and Economics, 13, no. 4 (December 1990), pp. 305-340.

Richard R. Mendenhall, «Evidence on the Possible Underweighting of Earnings-Related Information*, Journal of Accounting Research, 29, no. 1 (Spring 1991), pp. 170-179. Ray Ball, «The Earnings-Price Anomaly*, Journal of Accounting and Economics, 15, no. 2/3 (June/September 1992), pp. 319-345.

Jeffery S. Abarbanell and Victor L. Bernard, «Tests of Analysts Overreaction/Underreaction to Earnings Information as and Explanation for Anomalous Stock Price Behavior*, Journal of Finance, 41, no. 3 (July 1992), pp. 1181-1207.

14.Немало исследований посвящено вопросам прогнозирования прибыли финансовыми аналитиками и менеджерами компаний. См. некоторые из них:

Lawrence D. Brown and Michael S. Rozeff, «The Superiority of Analyst Forecasts as Measures of Expectations: Evidence from Earnings», Journal of Finance, 33, no. 1 (March 1978), pp. 1-16.

Lawrence D. Brown and Michael S. Rozeff, «Analysts Can Forecast Accurately!*, Journal of Portfolio Management, 6, no. 3 (Spring 1980), pp. 31-34.

John G. Cragg and Burton G. Malkiel, Expectations and the Structure of Share Prices (Chicago: University of Chicago Press, 1982), particulariy pp. 85-86 and 165. Dan Givoly and Josef Lakonishok, «Properties of Analysts Forecasts of Earnings: A Review and Analysis of the Research», Journal of Accounting Literature, 3 (Spring 1984), pp. 117-152.

Dan Givoly and Josef Lakonishok, «The Quality of Analysts Forecasts of Earnings*, Financial Analysts Journal, 40, no. 5 (September/October 1984), pp. 40-47.

Philip Brown, George foster, and Eric Noreen, Security Analyst Multi-Year Earnings Forecasts and the Capital Markets (Sarasota, FL: American Accounting Association, 1985). John M. Hassell and Robert H. Jennings, «Relative Forecast Accuracy and the Timing of Earnings forecast Announcements*, Accounting Review, 61, no. 1 (January 1986), pp. 58-75. Gary A. Benesh and Pamela P. Peterson, -sOn the Relation Between Earnings Changes, Analysts Forecasts and Stock Price Fluctuations*, Financial Analysts Journal, 42, no. 6 (November/December 1986), pp. 29-39, 55.

Lawrence D. Brown, Robert L. Hagerman, Paul A. Griffin, and Mark Zmijewski, «Security Analyst Superiority Relative to Univariate Time-Series Models in Forecasting Quarteriy Earnings*, Journal of Accounting and Economics, 9, no. 1 (April 1987), pp. 61-87. Robert Conroy and Robert Harris, «Consensiis Forecasts of Софога1е Earnings: Analysts Forecasts and Time-Series Methods*, Management Science, 33, no. 6 (June 1987), pp. 725-738.

Lawrence D. Brown, Robert L. Hagerman, Paul A. Griffin, and Mark Zmijewski, «An Evaluation of Alternative Proxies for the Markets Assessment of Unexpected Earnings*, Journal of Accounting and Economics, 9, no. 2 (July 1987), pp. 159-193.



Patricia С. OBrien, Analysts Forecasts as Earnings Expectations*), Journal of Accounting and Economics, 10, no. 1 (January 1988), pp. 53-83.

Werner F. De Bondt and Richard H. Thaler, «Do Security Analysts Overreact?*, American Economic Review, 80, no. 2 (May 1990), pp. 52-57.

Lawrence D. Brown and Kwon-Jung Kim, «Timely Aggregate Analyst Forecasts as Better Proxies for Market Earmings Expectations*, Journal of Accounting Research, 29, no. 2 (Autumn 1991), pp. 382-385.

Ashiq Ali, April Юе1п, and James Rosenfeld, «Analysts Use of Information About Permanent and Transitory Earnings Components in Forecasting Annual EPS*, Accounting Review, 67, no. 1 (January 1992), pp. 183-198.

Scott E. Stickel, «Reputation and Performance Among Security Analysts*, Journal of Finance, 47, no. 5 (December 1992), pp. 1811-1836.

15.Описание прогнозов аналитиков, публикуемых Value Line, I/B/E/S и др. организациями, см. в статьях:

Donna R. Philbrick and William E. Ricks, «Using Value Line and IBES Analyst Forecasts in Accounting Research*, Journal of Accounting Research, 29, no. 2 (Autumn 1991), pp. 397-417.

John Markese, «The Role of Earnings Forecasts in Stock Price Behavior*, AAII Journal, 14, no. 4 (April 1992), pp. 30-32.

16.Как показывает пояснение к приложению, издание Value Line Investment Survey пользуется популярностью у читателей. Те, кто хотел бы больше узнать о компании Value Line и ее деятельности, могут купить следующее учебное пособие в виде компьютерной профаммы (непосредственно в компании Value Line или в качестве приложения к учебнику через Prentice Hall), а также руководство для пользователя: Value Line, Inc., VALUE/SCREEN Plus (Englewood Cliffs, NJ: Prentice Hall, 1990). Gerald R Madden, Investment Analysis with VALUE/SCREEN Plus (Englewood Cliffs, NJ: Prentice Hall, 1991).

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