Do analysts’ EPS forecasts obey Benford’s Law? An empirical analysis
Benford’s law gives the expected frequencies of digits in tabulated data. In this study, I investigate the extent to which a sample of analysts’ earnings per share (EPS) forecasts obey Benford’s law. I conduct Benford’s law’s second digit and last-two digits tests on a sample of analyst EPS forecast...
Saved in:
| 主要作者: | |
|---|---|
| 格式: | text |
| 語言: | English |
| 出版: |
Institutional Knowledge at Singapore Management University
2022
|
| 主題: | |
| 在線閱讀: | https://ink.library.smu.edu.sg/soa_research/1976 https://ink.library.smu.edu.sg/context/soa_research/article/3003/viewcontent/4837_17106_1_10_20220804_pvoa_ccbyncsa.pdf |
| 標簽: |
添加標簽
沒有標簽, 成為第一個標記此記錄!
|
| 機構: | Singapore Management University |
| 語言: | English |
| id |
sg-smu-ink.soa_research-3003 |
|---|---|
| record_format |
dspace |
| spelling |
sg-smu-ink.soa_research-30032023-09-29T01:50:16Z Do analysts’ EPS forecasts obey Benford’s Law? An empirical analysis GOH, Clarence Benford’s law gives the expected frequencies of digits in tabulated data. In this study, I investigate the extent to which a sample of analysts’ earnings per share (EPS) forecasts obey Benford’s law. I conduct Benford’s law’s second digit and last-two digits tests on a sample of analyst EPS forecasts of S&P 500 firms from 1998 to 2018. Overall, I find that analysts’ EPS forecasts obey Benford’s law’s second digit test but do not obey the last-two digits test. These findings suggest that while analysts do not engage in number invention, they do engage in rounding when making EPS forecasts. 2022-08-01T07:00:00Z text application/pdf https://ink.library.smu.edu.sg/soa_research/1976 info:doi/10.33736/ijbs.4837.2022 https://ink.library.smu.edu.sg/context/soa_research/article/3003/viewcontent/4837_17106_1_10_20220804_pvoa_ccbyncsa.pdf http://creativecommons.org/licenses/by-nc-sa/4.0/ Research Collection School Of Accountancy eng Institutional Knowledge at Singapore Management University Benford’s law earnings per share forecasting Accounting Finance and Financial Management Portfolio and Security Analysis |
| institution |
Singapore Management University |
| building |
SMU Libraries |
| continent |
Asia |
| country |
Singapore Singapore |
| content_provider |
SMU Libraries |
| collection |
InK@SMU |
| language |
English |
| topic |
Benford’s law earnings per share forecasting Accounting Finance and Financial Management Portfolio and Security Analysis |
| spellingShingle |
Benford’s law earnings per share forecasting Accounting Finance and Financial Management Portfolio and Security Analysis GOH, Clarence Do analysts’ EPS forecasts obey Benford’s Law? An empirical analysis |
| description |
Benford’s law gives the expected frequencies of digits in tabulated data. In this study, I investigate the extent to which a sample of analysts’ earnings per share (EPS) forecasts obey Benford’s law. I conduct Benford’s law’s second digit and last-two digits tests on a sample of analyst EPS forecasts of S&P 500 firms from 1998 to 2018. Overall, I find that analysts’ EPS forecasts obey Benford’s law’s second digit test but do not obey the last-two digits test. These findings suggest that while analysts do not engage in number invention, they do engage in rounding when making EPS forecasts. |
| format |
text |
| author |
GOH, Clarence |
| author_facet |
GOH, Clarence |
| author_sort |
GOH, Clarence |
| title |
Do analysts’ EPS forecasts obey Benford’s Law? An empirical analysis |
| title_short |
Do analysts’ EPS forecasts obey Benford’s Law? An empirical analysis |
| title_full |
Do analysts’ EPS forecasts obey Benford’s Law? An empirical analysis |
| title_fullStr |
Do analysts’ EPS forecasts obey Benford’s Law? An empirical analysis |
| title_full_unstemmed |
Do analysts’ EPS forecasts obey Benford’s Law? An empirical analysis |
| title_sort |
do analysts’ eps forecasts obey benford’s law? an empirical analysis |
| publisher |
Institutional Knowledge at Singapore Management University |
| publishDate |
2022 |
| url |
https://ink.library.smu.edu.sg/soa_research/1976 https://ink.library.smu.edu.sg/context/soa_research/article/3003/viewcontent/4837_17106_1_10_20220804_pvoa_ccbyncsa.pdf |
| _version_ |
1779157225728638976 |