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Diplomarbeit, die am 26.08.2002 erfolgreich an einer Wirtschaftsuniversität in Österreich eingereicht wurde. Abstract: This paper investigates the quality of financial analysts' earnings forecasts for companies which conducted initial public offerings (IPOs) during the years 1997 to 1999. The Neue Markt in Frankfurt offers a good setting to also study the development of a young market from the beginning of its operation onwards. I find support for the notion that initial returns and analysts' forecast accuracy are negatively related. I find that analysts' forecasts were by no means accurate. Mean forecast deviation, measured as percent deviation from actual earnings per share for the fiscal year, is 186.61 percent for the average broker. The sample is inhibited by serious availability problems, but all the same allows significant findings. Table of Contents: 1.|Introduction|5 2.|Literature|10 2.1|Banking systems - the German framework|10 2.2|Conflict of interest as regulated in the German legal system|12 2.3|The quality of analysts' forecasts and conflicts of interest|16 2.4|The long-run underperformance phenomenon|23 2.5|Predicting the aftermarket performance of IPOs|27 2.6|Summary|39 3.|Data|41 4.|Method|49 5.|Empirical Results|53 5.1|IPOs differentiated by year of issue|53 5.2|Disparities of actual values|58 5.3|Earning per share found in annual reports as basis|62 5.4|IPOs differentiated by industry classification|67 5.5|Percentage deviations differentiated by Brokers|73 6.|Additional Results|80 6.1|Large German banks - seasoned vs. IPO companies|80 6.2|The time factor|86 6.3|The relevance of accounting policy|88 7.|Summary and Conclusion|92 8.|References|95...
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Taschenbuch. Condizione: Neu. This item is printed on demand - it takes 3-4 days longer - Neuware -Diploma Thesis from the year 2002 in the subject Business economics - Investment and Finance, grade: 1,0, Vienna University of Economics and Business (unbekannt), language: English, abstract: Inhaltsangabe:Abstract:This paper investigates the quality of financial analysts' earnings forecasts for companies which conducted initial public offerings (IPOs) during the years 1997 to 1999. The Neue Markt in Frankfurt offers a good setting to also study the development of a young market from the beginning of its operation onwards. I find support for the notion that initial returns and analysts' forecast accuracy are negatively related. I find that analysts' forecasts were by no means accurate. Mean forecast deviation, measured as percent deviation from actual earnings per share for the fiscal year, is 186.61 percent for the average broker. The sample is inhibited by serious availability problems, but all the same allows significant findings.Inhaltsverzeichnis:Table of Contents:1.Introduction52.Literature102.1Banking systems the German framework102.2Conflict of interest as regulated in the German legal system122.3The quality of analysts' forecasts and conflicts of interest162.4The long-run underperformance phenomenon232.5Predicting the aftermarket performance of IPOs272.6Summary393.Data414.Method495.Empirical Results535.1IPOs differentiated by year of issue535.2Disparities of actual values585.3Earning per share found in annual reports as basis625.4IPOs differentiated by industry classification675.5Percentage deviations differentiated by Brokers736.Additional Results806.1Large German banks seasoned vs. IPO companies806.2The time factor866.3The relevance of accounting policy887.Summary and Conclusion928.References95 104 pp. Englisch. Codice articolo 9783838661674
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Taschenbuch. Condizione: Neu. This item is printed on demand - Print on Demand Titel. Neuware -Inhaltsangabe:Abstract:This paper investigates the quality of financial analysts' earnings forecasts for companies which conducted initial public offerings (IPOs) during the years 1997 to 1999. The Neue Markt in Frankfurt offers a good setting to also study the development of a young market from the beginning of its operation onwards. I find support for the notion that initial returns and analysts' forecast accuracy are negatively related. I find that analysts' forecasts were by no means accurate. Mean forecast deviation, measured as percent deviation from actual earnings per share for the fiscal year, is 186.61 percent for the average broker. The sample is inhibited by serious availability problems, but all the same allows significant findings.Inhaltsverzeichnis:Table of Contents:1.Introduction52.Literature102.1Banking systems the German framework102.2Conflict of interest as regulated in the German legal system122.3The quality of analysts' forecasts and conflicts of interest162.4The long-run underperformance phenomenon232.5Predicting the aftermarket performance of IPOs272.6Summary393.Data414.Method495.Empirical Results535.1IPOs differentiated by year of issue535.2Disparities of actual values585.3Earning per share found in annual reports as basis625.4IPOs differentiated by industry classification675.5Percentage deviations differentiated by Brokers736.Additional Results806.1Large German banks seasoned vs. IPO companies806.2The time factor866.3The relevance of accounting policy887.Summary and Conclusion928.References95Diplomica Verlag, Hermannstal 119k, 22119 Hamburg 104 pp. Englisch. Codice articolo 9783838661674
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Taschenbuch. Condizione: Neu. The Accuracy of Analyst Forecasts | IPOs at the Neue Markt in Frankfurt | Patrick J. Butler | Taschenbuch | 104 S. | Englisch | 2002 | [.] | EAN 9783838661674 | Verantwortliche Person für die EU: Bedey und Thoms Media GmbH, Hermannstal 119k, 22119 Hamburg, kontakt[at]bedey-media[dot]de | Anbieter: preigu Print on Demand. Codice articolo 105469872
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