"Financial Numbers Game" Evidence to the Dj Stoxx 50 Euro Index

Detalhes bibliográficos
Autor(a) principal: Costa, Marta
Data de Publicação: 2012
Tipo de documento: Dissertação
Idioma: eng
Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
Texto Completo: http://hdl.handle.net/10400.8/541
Resumo: Dissertação de Mestrado em Finanças Empresariais apresentada à ESTG - Escola Superior de Tecnologia e Gestão do Instituto Politécnico de Leiria.
id RCAP_4fd7d7739af328b8d32a487fbdcf9104
oai_identifier_str oai:iconline.ipleiria.pt:10400.8/541
network_acronym_str RCAP
network_name_str Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
repository_id_str 7160
spelling "Financial Numbers Game" Evidence to the Dj Stoxx 50 Euro IndexExpectations managementEarnings managementAnalysts’ forecastsEarnings surpriseMeet or beat expectationsDissertação de Mestrado em Finanças Empresariais apresentada à ESTG - Escola Superior de Tecnologia e Gestão do Instituto Politécnico de Leiria.The capital market reaction to the earnings announcement has been studied in the literature. This work focuses on market reaction to earnings announcement, whose values are similar or above analysts' forecasts, proxy for market expectations. Consequently, after assess the relevance and timeliness of the concept to meet or beat expectations, especially the value-effect in which we present a positive earnings surprise, we have looked at the mechanisms used by management in order to report earnings above expectations. Subsequently, and based on an approach of the earnings expectations time line, we develop our hypotheses and design our variables. To enhance the consistency of our tests, we consider two metrics to calculate the cumulative abnormal returns: the market model and market adjusted return. We analyze the existence of a market premium for firms of the DJ Stoxx 50 E, which meet or beat expectations. Then, and analyzing expectations path, we infer expectations management in the sample obtained in 636 firms-quarters. Finally, we analyzed the association between the market premium and the existence of expectations management, based on 48 observations in which there was the likelihood of manipulation of expectations. The results for the market premium are consistent with previous studies, and although our sample has a very small size in relation to previous studies, establish the existence of a market premium for companies that meet or beat expectations. Specifically, we obtained a higher return at 3.1% for firms that realize and exceed expectations. We can also conclude that the earnings surprise magnitude affects the return of the company. Regarding the presence of expectations management, we detect that there is a significant difference between cases likely to exist expectations management and cases where it is less vi likely that there is expectation management. Thus, we can say that there is expectation management in firms and sample period. Concerning the association between the expectations management and the market premium, the results show empirical evidence that the market premium exists when companies meet or beat expectations through expectations management. However, we could not conclude if the premium is significantly different for cases in which the MBE is genuine from those cases where the expectations management influences the fact that companies meet or beat expectations.IC-OnlineCosta, Marta2012-06-14T14:46:21Z2012-06-142012-06-14T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisapplication/pdfhttp://hdl.handle.net/10400.8/541enginfo:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2024-01-17T15:41:27Zoai:iconline.ipleiria.pt:10400.8/541Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-20T01:45:32.951222Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse
dc.title.none.fl_str_mv "Financial Numbers Game" Evidence to the Dj Stoxx 50 Euro Index
title "Financial Numbers Game" Evidence to the Dj Stoxx 50 Euro Index
spellingShingle "Financial Numbers Game" Evidence to the Dj Stoxx 50 Euro Index
Costa, Marta
Expectations management
Earnings management
Analysts’ forecasts
Earnings surprise
Meet or beat expectations
title_short "Financial Numbers Game" Evidence to the Dj Stoxx 50 Euro Index
title_full "Financial Numbers Game" Evidence to the Dj Stoxx 50 Euro Index
title_fullStr "Financial Numbers Game" Evidence to the Dj Stoxx 50 Euro Index
title_full_unstemmed "Financial Numbers Game" Evidence to the Dj Stoxx 50 Euro Index
title_sort "Financial Numbers Game" Evidence to the Dj Stoxx 50 Euro Index
author Costa, Marta
author_facet Costa, Marta
author_role author
dc.contributor.none.fl_str_mv IC-Online
dc.contributor.author.fl_str_mv Costa, Marta
dc.subject.por.fl_str_mv Expectations management
Earnings management
Analysts’ forecasts
Earnings surprise
Meet or beat expectations
topic Expectations management
Earnings management
Analysts’ forecasts
Earnings surprise
Meet or beat expectations
description Dissertação de Mestrado em Finanças Empresariais apresentada à ESTG - Escola Superior de Tecnologia e Gestão do Instituto Politécnico de Leiria.
publishDate 2012
dc.date.none.fl_str_mv 2012-06-14T14:46:21Z
2012-06-14
2012-06-14T00:00:00Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/masterThesis
format masterThesis
status_str publishedVersion
dc.identifier.uri.fl_str_mv http://hdl.handle.net/10400.8/541
url http://hdl.handle.net/10400.8/541
dc.language.iso.fl_str_mv eng
language eng
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.source.none.fl_str_mv reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron:RCAAP
instname_str Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron_str RCAAP
institution RCAAP
reponame_str Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
collection Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
repository.name.fl_str_mv Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
repository.mail.fl_str_mv
_version_ 1799136951269326848

Registros relacionados