德勤－复旦会计论坛系列228期讲座信息
时 间：2024年 6月6日（周四）下午1:30
地 点：史带楼302
题 目：Analysts’ EPS-decreasing exclusions and target price forecasts
报告人: Yong Yu (University of Texas at Austin)
主持人：周易 副教授
摘 要:
We examine the relation between individual analysts’ EPS-decreasing exclusions (i.e., exclusions which result in lower street EPS forecasts than GAAP EPS forecasts) and the optimism of their target price forecasts. We document that analysts’ EPS-decreasing exclusions from their annual forecasts mainly relate to positive non-recurring items that have already been reported by the firm. We find that analysts’ EPS-decreasing exclusions are associated with significantly more optimistic target prices. Our results also suggest that analysts’ EPS-decreasing exclusions contribute to more optimistic target prices by enabling analysts to forecast higher levels of earnings growth. Further analyses reveal that the relation between analysts’ EPS-decreasing exclusions and the optimism in their target prices is attributable, at least in part, to analysts’ strategic incentives for issuing favorable valuations.
会计学系
2024-5-31
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