An analysis of Japanese earnings forecast revisions with application to seasoned equity offerings

• Main Authors: CATON, Gary L., CHAN, Justin S. P., GOH, Jeremy C., YANG, Sheng Yung
• Format: text
• Language: English
• Published: Institutional Knowledge at Singapore Management University 2011
• Subjects: Earnings forecast revisions; Japanese seasoned equity offerings; Japan; Asian Studies; Corporate Finance; Portfolio and Security Analysis
• Online Access: https://ink.library.smu.edu.sg/lkcsb_research/6684; https://ink.library.smu.edu.sg/context/lkcsb_research/article/7683/viewcontent/Japanese_Earnings_Forecast_2011_av.pdf
• Institution: Singapore Management University

Using the bootstrap method, we explore the characteristics of revisions in Japanese earnings forecast data. We find that forecast revisions exhibit a downward trend over time as the actual earnings announcement date approaches, and are serially correlated with three significant lags. Using these cha...