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O impacto da informação contábil de empresas fechadas na percepção de risco dos analistas de crédito; The impact of accounting information of non listed companies in the risk's perception of credit analysts.

Fernandes, Eloane Naiara Lopes
Fonte: Biblioteca Digitais de Teses e Dissertações da USP Publicador: Biblioteca Digitais de Teses e Dissertações da USP
Tipo: Dissertação de Mestrado Formato: application/pdf
Publicado em 03/11/2010 PT
Relevância na Pesquisa
36.95%
A presente pesquisa buscou verificar se a atribuição de rating por parte dos analistas de crédito é influenciada pelo grau de evidenciação contábil das empresas fechadas brasileiras e se os problemas referentes ao disclosure e qualidade das informações contábeis das empresas fechadas no Brasil afetam a captação de recursos no mercado bancário no Brasil (principal fonte) através do aumento da percepção de risco dessas empresas. Também foi verificado se o nível de conhecimento dos analistas de crédito em contabilidade impacta o processo de avaliação de risco das empresas fechadas, bem como a percepção dos analistas de crédito em relação ao papel do contador nesse processo. A pesquisa foi direcionada a um grupo de analistas que avaliam crédito de empresas fechadas, ou seja, sem obrigatoriedade de divulgação das demonstrações contábeis com faturamento entre R$ 300 milhões e R$ 1 bilhão (usualmente categorizada pelos bancos como carteira Corporate). Através da aplicação de um questionário a uma amostra intencional de analistas contendo assertivas baseadas na Escala Likert, foi possível coletar dados relativos à percepção e atitude de 64 analistas de crédito com variados níveis de experiência em avaliação de crédito. Esses dados foram analisados utilizando-se a estatística descritiva e cluster. Dentre os resultados da estatística descritiva...

Avaliação da utilização e precificação de modelos contábeis e de analistas no mercado brasileiro; Evaluation of the use and pricing of accounting models and financial analysis models in the Brazilian market

Beiruth, Aziz Xavier
Fonte: Biblioteca Digitais de Teses e Dissertações da USP Publicador: Biblioteca Digitais de Teses e Dissertações da USP
Tipo: Dissertação de Mestrado Formato: application/pdf
Publicado em 06/09/2012 PT
Relevância na Pesquisa
36.75%
A presente pesquisa foi desenvolvida com o objetivo de avaliar o grau de acurácia dos modelos de avaliação baseado em informações contábeis e do preço-alvo indicado pelos analistas de mercado, quando comparados ao valor real da ação. Somado a este objetivo, o estudo busca verificar, via aplicação de questionário, a importância dos modelos de apreçamento contábeis e da contabilidade sob a ótica dos acadêmicos e dos analistas de mercado que atuam no Brasil. Para chegar às conclusões do trabalho, foram utilizadas abordagens qualitativas, através do envio de questionários a acadêmicos e analistas de mercado, e uma análise quantitativa que, por meio de testes estatísticos, buscou verificar qual dos resultados, dentre o indicado pelo Modelo de apreçamento contábil Ohlson-Juettner (OJ) e o fornecido pelos analistas de mercado, ficou mais próximo ao valor real da ação. Para a análise qualitativa, a amostra do estudo compreendeu alunos dos cursos de graduação e pós-graduação das áreas correlatas às finanças, e analistas de mercado que cobrem as empresas brasileiras listadas na Bolsa de Valores, Mercadorias e Futuros de São Paulo (BM&FBOVESPA). Na parte quantitativa, a amostra continha as empresas listadas no Índice Brasil (IBrX)...

Recomendações de investimento no mercado de acções europeu

Lima, Gonçalo Paiva da Cunha
Fonte: Instituto Universitário de Lisboa Publicador: Instituto Universitário de Lisboa
Tipo: Dissertação de Mestrado
Publicado em //2011 POR
Relevância na Pesquisa
46.52%
Mestrado em Finanças; Os analistas financeiros constituem, nos dias que correm, agentes bastante significativos do mercado de acções, atingindo elevados níveis de notoriedade que lhes são conferidos pelos meios de comunicação social, incluindo os media não especializados. O trabalho feito por estes analistas resume em variáveis de simples interpretação um estudo profundo feito a uma determinada empresa. Pretendemos com este estudo perceber de que forma as estimativas e análises dos intermediários financeiros estão relacionadas com a performance dos títulos alvo dessas recomendações, tanto no curto como no médio prazo. Como base do nosso trabalho, seleccionámos 8 casas de investimento que emitem research de acções à escala global e 20 empresas europeias de referência, tendo direccionado o estudo para as duas vertentes que referimos: Recomendações de investimento e o preços-alvo estimados para um determinado horizonte temporal. Ainda que a informação utilizada pelos analistas financeiros para a elaboração das suas opiniões seja pública, a verdade é que se trata de um complexo e vasto processo de transformação de informação técnica numa simples recomendação de investimento com um preço-alvo associado...

Do analysts anticipate and react to bankruptcy? Evidence

Coelho, Luís; Peixinho, Rúben
Fonte: Universidade do Algarve. Faculdade de Economia Publicador: Universidade do Algarve. Faculdade de Economia
Tipo: Parte de Livro
Publicado em 26/08/2005 ENG
Relevância na Pesquisa
56.79%
Finance literature suggests that financial analysts are sophisticated agents that act as facilitators of market efficiency by releasing relevant information to the market. This paper uses a sample of four major US bankruptcies to explore if analysts are able to disclose information to the market that provides investors with material information for their investment decisions. In particular, we use a qualitative approach to analyse analysts’ reports in order to verify if these agents are able to predict financial and strategic bankruptcies before the event is publicly known. We also investigate how financial analysts react to bankruptcy shortly after it has become effective. Results show that investors cannot rely on analysts’ reports to anticipate corporate failure in both the case of financial and strategic bankruptcies. Our results also suggest that analysts react asymmetrically to strategic and financial bankruptcies shortly after this event is publicly known.

International Financial Reporting Standards : A Practical Guide, 5th Edition

Van Greuning, Hennie
Fonte: World Bank Publicador: World Bank
Relevância na Pesquisa
46.73%
The publication of this fifth edition coincides with the convergence in accounting standards that has been a feature of the international landscape since the global financial crisis of 1998. The events of that year prompted several international organizations, including the World Bank and the International Monetary Fund, to launch a cooperative initiative to strengthen the global financial architecture and to seek a longer-term solution to the lack of transparency in financial information. A conscious decision has been made to focus on the needs of executives and financial analysts in the private and public sectors who might not have a strong accounting background. This publication summarizes each standard so managers and analysts can quickly obtain a broad overview of the key issues. Detailed discussion of certain topics has been excluded to maintain the overall objective of providing a useful tool to managers and financial analysts. In addition to the short summaries, most chapters contain basic examples that emphasize the practical application of some key concepts in a particular standard. This text provides the tools to enable an executive without a technical accounting background to: (1) participate in an informed manner in discussions relating to the appropriateness or application of a particular standard in a given situation...

Financial Development : Structure and Dynamics

de la Torre, Augusto; Feyen, Erik; Ize, Alain
Fonte: Banco Mundial Publicador: Banco Mundial
Relevância na Pesquisa
36.39%
This paper analyzes the bright and dark sides of the financial development process through the lenses of the four fundamental frictions to which agents are exposed -- information asymmetry, enforcement, collective action, and collective cognition. Financial development is shaped by the efforts of market participants to grind down or circumvent these frictions, a process further spurred by financial innovation and scale and network effects. The analysis leads to broad predictions regarding the sequencing and convexity of the dynamic paths for a battery of financial development indicators. The method used also yields a robust way to benchmark the financial development paths followed by individual countries or regions. The paper explores the reasons for path deviations and gaps relative to the benchmark. Demand-related effects (past output growth), financial crashes, and supply-related effects (the quality of the enabling environment) all play an important role. Informational frictions are easier to overcome than contractual frictions...

Indonesia : Accounting and Auditing

World Bank
Fonte: Washington, DC Publicador: Washington, DC
EN_US
Relevância na Pesquisa
36.38%
This report is part of a joint initiative of the World Bank and IMF to prepare Reports on the Observance of Standards and Codes (ROSC). The ROSC Accounting and Auditing review for Indonesia mainly focuses on the strengths and weaknesses of the accounting and auditing environment that influences the quality of corporate financial reporting. It involves both a review of mandatory requirements and actual practices. The reference points of international standards used in this report are International Financial Reporting Standards (IFRS) International Standards on Auditing (ISA) and international experience and good practice in the field of accounting and auditing regulation. The methodology used to conduct the analytical work for preparing this report includes application of the ROSC Accounting and Auditing diagnostic review. Developed by the World Bank, the diagnostic template was complemented by a comprehensive due diligence exercise. The World Bank ROSC team met with key stakeholders involved in accounting and auditing and corporate reporting in Indonesia. Also...

African Financial Sectors and the European Debt Crisis : Will Trouble Blow across the Sahara?

World Bank
Fonte: Washington, DC Publicador: Washington, DC
EN_US
Relevância na Pesquisa
36.38%
The exposure of African financial sectors to global risks, including the likely fall-out of the on-going European debt crisis, continues to be limited. African financial sectors have received much recognition for their steady growth performance and resilience during and after the 2008 global financial crisis. Many of the transmission channels for global risks and financial contagion to financial sectors in Africa are narrow or of limited potential influence. This note analysis the recent performance of African financial sectors, the degree of their exposure to European banking sector risks, the observable impact of a decline in global investor confidence, as well as the link between fiscal and monetary policy and financial sector development. The analysis in this paper focuses primarily on the potential impact of the European debt crisis on the performance of African financial sectors and the credit intermediation channel. The analysis both assesses how a transmission channel affects the stability and solvency of African financial institutions and how it affects the ability of African firms and governments to access funding.

Post-Crisis Growth in Developing Countries : A Special Report of the Commission on Growth and Development on the Implications of the 2008 Financial Crisis

Commission on Growth and Development
Fonte: Washington, DC: World Bank Publicador: Washington, DC: World Bank
EN_US
Relevância na Pesquisa
36.38%
#advanced countries, advanced economies, aggregate demand, arbitrage, Asian Bond Market, Asset Backed Securities, Asset prices, Backed Security, balance sheet, balance sheets, bank balance sheets, bank credit, bank intermediation, banking crises, banking system, banking systems, bond, bond markets, bond yields, borrower, borrowing costs, Budget deficits, budget surplus, budget surpluses, capital accounts, capital controls, capital flows, Capital Formation, capital gains, capital inflows, capital requirements, cash transfers, Central Bank, central banks, channels of credit, co-ordination failure, collateral, collateral for loans, commercial paper, Commodity, commodity price, Commodity prices, conflicts of interest, consumer durables, consumer spending, contingent liabilities, country to country, credibility, credit constraints, credit increases, Credit Line, credit provision, credit quality, credit spreads, credit system, creditors, creditworthiness, Currency, currency mismatches, Debt, debt markets, Debt Obligation, debts, defaults, Deposit, derivative, derivative instruments, derivatives, Developing Countries, developing country, developing economies, Development Bank, disclosure requirements, domestic banks, domestic capital, domestic capital markets, domestic market, Economic Development, efficient markets, emerging economies, emerging markets, equipment, Exchange Commission, exchange rate, exporters, exposure, external financing, Federal Deposit Insurance, Federal Reserve, Finance Corporation, finances, financial assets, financial crises, Financial Crisis, Financial Development, financial fragility, financial instability, Financial Institution, financial institutions, financial instruments, financial liberalization, financial markets, financial risk, Financial Sector, Financial Sector Development, financial sectors, financial stability, financial structure, financial system, Financial Systems, fiscal deficit, Fiscal Deficits, fiscal policies, fiscal policy, fixed exchange rates, floating exchange rate, flow of credit, foreign capital, Global Capital, Global Capital Markets, Global Economy, global finance, global financial system, global market, Globalization, government guarantees, government investment, government ownership, Gross Domestic Product, holding, holdings, home market, household saving, income levels, incomes, indebted households, inflation, inflation risk, inflationary pressure, instrument, insurance companies, Insurance Corporation, insurance premium, International Bank, International Business, International Cooperation, International Development, International Economics, International Finance, international financial institutions, international harmonization, international trade, inventory, investment banks, investment funds, Investment Vehicles, labor markets, liquidity, Loan, local market, long-term interest, long-term interest rates, macroeconomic policy, macroeconomic stability, margin requirements, market economies, market economy, maturity, Monetary Authority, Monetary Fund, monetary policy, Mortgage, mortgage-backed securities, opportunity costs, pensions, Political Economy, price risk, price stability, Private banks, private capital, private capital flows, private credit, public debt, Public Finance, public finances, public investment, regulatory constraints, regulatory standards, regulatory structures, regulatory system, Reserve, reserves, return, returns, safety net, safety nets, Savings, savings accounts, savings rate, self-regulation, shareholders, short-term capital, short-term interest rates, solvency, Stock markets, stocks, swap, Swaps, T-Bill, T-Bills, tax, trade finance, trading, trading system, Treasury, Treasury Bills, volatile capital, volatility, withdrawal, world economy
In May 2008, the Commission released the growth report: strategies for sustained growth and inclusive development. At that time, the financial systems of the United States and Europe were under stress. Commodity prices were also spiking, posing particular difficulties for developing countries because of the impact on the poor and on potential future inflation. But no one foresaw the full magnitude of the crisis that erupted in the fall of 2008, more than a year ago. The crisis was a destructive malfunction of the financial sectors of the advanced economies, which spread rapidly to the real economy and to the rest of the globe. Even countries far from the source of the crisis had to cope with capital volatility, tight credit, and rapidly falling trade. At the request of several members of the Commission, Commission held a workshop on the crisis and its implications for developing countries. Commission followed standard procedure of asking for help and insight from a distinguished group of scholars, analysts, and practitioners. This report is an outgrowth of that process. It is an attempt to look at the crisis and its aftermath from the point of view of developing countries. Commission wanted to assess the impact of these events, and determine if the growth strategies recommended needed major revision...

The effect of voluntary disclosure of non-financial performance: indicators on company valuation judgements: an experimental analysis

Coram, Paul James
Fonte: Universidade Nacional da Austrália Publicador: Universidade Nacional da Austrália
Tipo: Thesis (PhD); Doctor of Philosophy (PhD)
EN_AU
Relevância na Pesquisa
46.59%
Transparency and disclosure are crucial to out corporate reporting system and in recent years there have been calls for more of both. This dissertation has two primary aims in addressing this issue. The first aim is to ascertain whether non-financial performance indicators impact users’ judgements and decision-making when assessing company performance. The second and associated aim is to assess the impact of assurance services in these non-financial performance indicators. This dissertation addresses these aims through the performance of two studies. Study One used the verbal protocol methodology to examine the information processing strategies and types of information utilised by financial analysts in valuing a company. Study Two drew on the results and case study materials from Study One and was a behavioural experiment performed on several participant groups, which examined the impact of the provision of non-financial performance indicator and assurance on users’ share price estimates and earnings forecasts. Study One found, as expected, that financial statements were the main source of information utilised in performing a company valuation. However, significant utilisation of non-financial performance indicators and assurance report was also observed from the verbal protocols. The experimental case material in Study One included a between-subjects manipulation relating to whether the financial information was positive or negative trending. It was found that participants in the negative trending group focussed significantly more on the financial statements...

Red flags in prospective contractors' financial statements.

Lee, Man-Ying
Fonte: Monterey, California. Naval Postgraduate School Publicador: Monterey, California. Naval Postgraduate School
Tipo: Tese de Doutorado Formato: 75 p.;28 cm.
EN_US
Relevância na Pesquisa
36.64%
Approved for public release; distribution is unlimited.; This thesis attempts to identify warning signals in the contractors financial statement, or 'red flags', which may be used to identify those prospective contractors who are likely to become delinquent in the performance of their contracts. A 'red flags' list compiled from the current literature was sent to financial analysts in the thirty-eight Financial Service Branches, Defense Contract Management Command Area Offices(FSDCMAOs) to determine the 'red flags' most widely used. Additional issues are examined. The first is whether geographical location and length of field experience of the reviewing analyst might influence the choice of 'red flags'. Secondly, are different approaches used in conducting financial statement analysis of a manufacturer versus a vendor? The study identifies ten 'red flags' used by more than half of the responding analysts and there appears to be no difference in 'red flags' used based on geographical location of the analysts or as a consequence of their length of field experience ... Financial analysis, Financial statement.; Lieutenant Commander, Republic of China Navy

Informational Content of Financial Experts' Recommendations and their Impact on Capital Markets; Informationsgehalt der Empfehlungen von Finanzmarktexperten und ihr Einfluss auf Kapitalmärkte

Kerl, Alexander Gabriel
Fonte: Universität Tübingen Publicador: Universität Tübingen
Tipo: Dissertation; info:eu-repo/semantics/doctoralThesis
EN
Relevância na Pesquisa
36.53%
This dissertation titled “Informational Content of Financial Experts’ Recommendations and their Impact on Capital Markets” analyzes the informational content of stock recommendations issued by financial experts. The first part of this work (namely Chapter 2 to Chapter 4) concentrates on recommendations issued by journalists who work for Personal Finance Magazines. The second part (namely Chapter 5 and Chapter 6) focuses on research issued by financial analysts that work for investment banks and brokerage houses. Due to increased importance of investments in stocks within the last decade, all kinds of stock recommendations were in great demand from private and institutional investors. Around 2000, it seemed as if financial experts always forecasted the future development of stocks correctly. However, financial experts’ role came under scrunity when markets crashed in 2000 but recommendations still remained positive. In Chapter 1, we analyze the informational content of buy recommendations issued by Personal Finance Magazines in the years from 1995 to 2003. Based on an event study, we observe significant abnormal returns before and around the publication of the stock recommendations. This is especially true for small stocks and value stocks. Additionally...

Financial analysts' forecast accuracy before and after AIFRS

Cheong, C.; Masum, M.; Zurbrugg, R.Y.
Fonte: AFAANZ; online Publicador: AFAANZ; online
Tipo: Conference paper
Publicado em //2009 EN
Relevância na Pesquisa
36.64%
We examine whether financial analysts‟ forecast accuracy differs between the pre- and post- adoption of Australian Equivalents to International Financial Reporting Standards (AIFRS). We find that forecast accuracy has improved after Australia adopted AIFRS implying that it has aided analysts in their market valuation of firms. As a secondary objective, this paper also investigates the role of financial analysts in reducing information asymmetry in the Australian capital market. We find evidence that the information effect of more analysts following a stock helps to improve forecast accuracy by bringing more firm-specific information to the market.; Chee Seng Cheong, Mahmud Masum and Ralf Zurbruegg

Financial analysts' forecast accuracy : Before and after the introduction of AIFRS

Cheong, C.; Masum, M.
Fonte: University of Wollongong School of Accounting and Finance Publicador: University of Wollongong School of Accounting and Finance
Tipo: Artigo de Revista Científica
Publicado em //2010 EN
Relevância na Pesquisa
36.45%
We examine whether financial analysts’ forecast accuracy differs between the pre- and post- adoption of Australian Equivalents to the International Financial Reporting Standards (AIFRS). We find that forecast accuracy has improved after Australia adopted AIFRS. As a secondary objective, this paper also investigates the role of financial analysts in reducing information asymmetry in today’s Australian capital market. We find weak evidence that more analysts following a stock do not help to improve forecast accuracy by bringing more firm-specific information to the market.; Chee Seng Cheong and Mahmud Al Masum

The Stock Selection and Performance of Buy-Side Analysts

Groysberg, Boris; Healy, Paul M.; Serafeim, Georgios; Shanthikumar, Devin
Fonte: Harvard University Publicador: Harvard University
Tipo: Artigo de Revista Científica
EN_US
Relevância na Pesquisa
36.74%
Prior research on equity analysts focuses almost exclusively on those employed by sell-side investment banks and brokerage houses. Yet investment firms undertake their own buy-side research, and their analysts face different stock selection and recommendation incentives than their sell-side peers. We examine the selection and performance of stocks recommended by analysts at a large investment firm relative to those of sell-side analysts from mid-1997 to 2004. We find that the buy-side firm's analysts issue less optimistic recommendations for stocks with larger market capitalizations and lower return volatility than their sell-side peers, consistent with their facing fewer conflicts of interest and having a preference for liquid stocks. Tests with no controls for these effects indicate that annualized buy-side Strong Buy/Buy recommendations underperform those for sell-side peers by 5.9% using market-adjusted returns and by 3.8% using four-factor model abnormal returns. However, these findings are driven by differences in the stocks recommended and their market capitalization. After controlling for these selection effects, we find no difference in the performance of the buy- and sell-side analysts' Strong Buy/Buy recommendations.

On the relation between forecast precision and trading profitability of financial analysts

Marinelli, Carlo; Weissensteiner, Alex
Fonte: Universidade Cornell Publicador: Universidade Cornell
Tipo: Artigo de Revista Científica
Publicado em 28/01/2013
Relevância na Pesquisa
46.33%
We analyze the relation between earning forecast accuracy and expected profitability of financial analysts. Modeling forecast errors with a multivariate Gaussian distribution, a complete characterization of the payoff of each analyst is provided. In particular, closed-form expressions for the probability density function, for the expectation, and, more generally, for moments of all orders are obtained. Our analysis shows that the relationship between forecast precision and trading profitability need not to be monotonic, and that, for any analyst, the impact on his expected payoff of the correlation between his forecasts and those of the other market participants depends on the accuracy of his signals. Furthermore, our model accommodates a unique full-communication equilibrium in the sense of Radner (1979): if all information is reflected in the market price, then the expected payoff of all market participants is equal to zero.; Comment: 26 pages, 3 figures

Análise do comportamento decisório de analistas contábil-financeiros: um estudo com base na teoria da racionalidade limitada; Decision-making behavior analysis of accounting and financial analysts: a study based on the bounded rationality theory

Macedo, Marcelo Alvaro da Silva; FACC/UFRJ; Fontes, Patricia Vivas da Silva; UFRuralRJ
Fonte: UFSC Publicador: UFSC
Tipo: info:eu-repo/semantics/article; info:eu-repo/semantics/publishedVersion; Formato: application/pdf
Publicado em 26/01/2010 POR
Relevância na Pesquisa
46.6%
http://dx.doi.org/10.5007/2175-8069.2009v6n11p159 Este estudo procura analisar o impacto da racionalidade limitada no processo decisório. A idéia central é a busca pela compreensão dos vieses cognitivos que influenciam o julgamento, de forma a mudar os procedimentos de decisão com vistas a reduzi-los. Neste sentido, busca-se discutir a problemática do processo decisório e de seus aspectos cognitivos num ambiente de análise contábil-financeira. O objetivo deste artigo é, então, através de uma análise do comportamento decisório de analistas contábil-financeiros, promover a discussão e o reconhecimento de que sistematicamente desvia-se as decisões de um comportamento puramente racional, em virtude do uso de heurísticas de julgamento e da teoria dos prospectos, que em muitos casos levam a vieses de decisão. Para tanto, foi aplicado um questionário a 91 analistas, que eram convidados a tomar uma decisão ou emitir uma opinião acerca dos aspectos abordados em cada uma das questões. Os resultados mostram que, de maneira geral, no caso dos analistas da amostra, o uso das heurísticas de julgamento, bem como da teoria dos prospectos, levam a vieses, que desviam a escolha de uma alternativa meramente racional.; This study seeks for analyze the impact of bounded rationality in decision-making process. The main idea is to search for the understanding of cognitive biases that influence on the judgment...

Competition and opportunistic advice of financial analysts: theory and evidence

Sette, Enrico
Fonte: Financial Markets Group, London School of Economics and Political Science Publicador: Financial Markets Group, London School of Economics and Political Science
Tipo: Monograph; NonPeerReviewed Formato: application/pdf
Publicado em /06/2007 EN; EN
Relevância na Pesquisa
56.74%
This work investigates both theoretically and empirically how the behaviour of financial analysts is affected by competition, measured as the strength of coverage of a stock from other analysts. The interaction among analysts and investors is modelled as a dynamic cheap talk game. The theoretical model shows that analysts having a conflict of interest with investors, report information truthfully with higher probability if other, “neutral”, analysts report information on the same stock. This empirical prediction is tested on data about recommendations on IPOs. The main result is that analysts working for the lead underwriter of the IPO (“insiders”) are more optimistic when there are no other analysts (not working for the lead underwriter, “outsiders”) covering the stock. The data also show that insiders do not seem to use the information contained in outsiders recommendations. Finally, outsiders are not influenced by recommendations previously issued by insiders. These results also allow to discriminate between competing hypothesis brought forward to explain insider’s overoptimism. The empirical evidence suggests that insider analysts overoptimism is induced by incentives rather than by a “psychological bias”.

Agents of transparency: How sell-side financial analysts make corporate governance visible.

Tan, Zhiyuan
Fonte: London School of Economics and Political Science Thesis Publicador: London School of Economics and Political Science Thesis
Tipo: Thesis; NonPeerReviewed Formato: application/pdf
Publicado em //2010 EN
Relevância na Pesquisa
46.79%
This thesis examines the phenomenon of sell-side financial analysts (analysts hereafter) "doing" corporate governance. The term "doing" is used in the current study to designate the various ways in which some analysts in the US and the UK, across the past decade or so, have made corporate governance visible. The thesis examines how this has occurred, and the mechanisms and devices that have made it possible. Analysts, it is suggested, can be viewed as "agents of transparency", in so far as they have taken the evaluation of companies beyond the financials, to include corporate governance issues. The thesis focuses primarily on the corporate governance reports produced by analysts, the official documents issued by various organisations and institutions, selected financial and business newspapers and magazines, together with other documents such as textbooks of corporate governance, as well as academic and practioner publications on corporate governance. Through an examination of these materials, the thesis investigates the pre-conditions that made possible the appearance and development of the corporate governance work pursued by analysts in the early twenty-first century. It examines the evaluations performed by analysts of the corporate governance procedures adopted by companies. In particular...

Financial ratios used by equity analysts in Mexico and stock returns

Trejo Pech,Carlos Omar; Noguera,Magdy; White,Susan
Fonte: Facultad de Contaduría y Administración, UNAM Publicador: Facultad de Contaduría y Administración, UNAM
Tipo: Artigo de Revista Científica Formato: text/html
Publicado em 01/09/2015 EN
Relevância na Pesquisa
36.74%
A sample of recommendation reports by equity analysts covering Mexican publicly traded firms in Mexico is studied. We propose a set of "most preferred" financial ratios from this sample. It is found that the most preferred ratios by equity analysts, a group of sophisticated users, are not those ratios typically covered in financial textbooks. Moreover, by using panel regression analysis, we test the relationship between financial ratios and leading stock returns during the 1995-2011 period. Overall, consistent with the efficient market hypothesis, the results show that estimates of financial ratios most preferred by equity analysts have predictive power on 1-year future stock returns. We find no evidence of predictive power on 2-year stock returns.