Analysts' Forecasts Following Forced CEO Changes.
This paper examines analysts' earnings forecasts during the period of uncertainty following a change of chief executive officer ( CEO). It distinguishes between forced and non-forced CEO changes, and examines whether analysts utilize their information advantage to reduce the heightened uncertainty o...
| Publicado en: | Abacus Vol. 50; no. 2; pp. 146 - 174 |
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| Autores principales: | , , , |
| Formato: | Artículo |
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Wiley-Blackwell
Jun2014
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| Materias: | |
| Acceso en línea: | Ver este registro en EBSCOhost |
| fields | @attributes: recordID: 1 pdfLink: plink: https://search.ebscohost.com/login.aspx?direct=true&db=hlh&AN=96324157&site=ehost-live header: @attributes: shortDbName: hlh uiTerm: 96324157 longDbName: Humanities International Complete uiTag: AN controlInfo: bkinfo: jinfo: jid: 00013072 AUB jtl: Abacus issn: 00013072 maglogo: Y pubinfo: dt: Jun2014 vid: 50 iid: 2 pid: 480 pub: Wiley-Blackwell artinfo: ui: 96324157 10.1111/abac.12026 ppf: 146 ppct: 28 formats: fmt: – @attributes: type: T – @attributes: type: P size: 236KB tig: atl: Analysts' Forecasts Following Forced CEO Changes. aug: au: Choi, Ka Wai Chen, Xiaomeng Wright, Sue Wu, Hai affil: Faculty of Business and Economics, Macquarie University School of Accounting and Business Systems, Australian National University su: Earnings forecasting Uncertainty Chief executive officers Executive succession Business enterprises Australia sug: subj: Australia Earnings forecasting Uncertainty Chief executive officers Executive succession Business enterprises keyword: Analysts' forecasts Forced CEO change Forecast accuracy Forecast bias Forecast dispersion ab: This paper examines analysts' earnings forecasts during the period of uncertainty following a change of chief executive officer ( CEO). It distinguishes between forced and non-forced CEO changes, and examines whether analysts utilize their information advantage to reduce the heightened uncertainty of a forced change of CEO. Examining a sample of Australian companies followed by analysts between 1999 and 2009, we find that forecasting accuracy is lower and earnings forecasts are more optimistic for firms experiencing forced CEO turnover compared to firms not undergoing such a change. However, dispersion is not statistically different. The results suggest that forced CEO turnover events provide a challenge to the forecasting environment for analysts. During CEO changes, investors should be aware that forecasts are less accurate and have an optimistic bias. pubtype: Academic Journal doctype: Article src: R language: English refInfo: copyright: @attributes: flag: Y custom: Copyright of Abacus is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites without the copyright holder's express written permission. Additionally, content may not be used with any artificial intelligence tools or machine learning technologies. However, users may print, download, or email articles for individual use. item: Abacus holder: Wiley-Blackwell dt: @attributes: year: 2014 holdings: @attributes: islocal: N |
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