Not all Analysts are Created Equal: Evidence from Seasoned Equity Offerings (notice n° 1563278)
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| fixed length control field | 04248cam a2200301 4500500 |
| 005 - DATE AND TIME OF LATEST TRANSACTION | |
| control field | 20251116012757.0 |
| 041 ## - LANGUAGE CODE | |
| Language code of text/sound track or separate title | fre |
| 042 ## - AUTHENTICATION CODE | |
| Authentication code | dc |
| 100 10 - MAIN ENTRY--PERSONAL NAME | |
| Personal name | Kazmi, Hassan Raza |
| Relator term | author |
| 245 00 - TITLE STATEMENT | |
| Title | Not all Analysts are Created Equal: Evidence from Seasoned Equity Offerings |
| 260 ## - PUBLICATION, DISTRIBUTION, ETC. | |
| Date of publication, distribution, etc. | 2029.<br/> |
| 500 ## - GENERAL NOTE | |
| General note | 60 |
| 520 ## - SUMMARY, ETC. | |
| Summary, etc. | When firms manage earnings, financial analysts must choose to include or exclude the managed component of earnings from their forecasts. Analysts are said to be informative if they exclude the managed component to forecast unmanaged (true) earnings. In contrast, they are said to be accurate if they include it to issue forecasts close to the reported earnings. Scant yet contradictory literature on the issue generalizes all analysts to be either accurate or informative. This study investigates analysts’ forecasts around Seasoned Equity Offerings (SEOs) when significant detrimental upwards earnings management is suspected. We posit that while some analysts strive to be accurate, others favour informativeness. Using individual forecasts around SEOs issued in Europe from 2000 to 2016, we find that while informativeness-seeking analysts decrease their post-SEO forecasts, accuracy-seeking ones leave them unchanged. We focus on the forecast downgrades and find that; the decrease is lesser for bigger firms that are less likely to manage earnings. This decrease is greater for firms more likely to manage earnings such as those with high discretionary accruals or those that issue a proportionally high value of equity. Our results contribute to the literature on analysts by segregating accurate and informative forecasts and identifying key characteristics impacting these forecasts. JEL Classification: G14; G17; G32; M41 |
| 520 ## - SUMMARY, ETC. | |
| Summary, etc. | Cette étude examine le comportement des analystes financiers face à la gestion des chiffres comptables, en se concentrant sur les offres d'actions secondaires, où une gestion significative à la hausse des résultats financiers est souvent soupçonnée. Les analystes sont classés en deux groupes : ceux qui privilégient l'exactitude (en alignant leurs prévisions sur les résultats déclarés) et ceux qui favorisent l'informativité (en prévoyant les résultats non gérés ou reflétant la véritable performance de l’entreprise). En analysant 1 733 offres d’actions en Europe entre 2000 et 2016, l’étude révèle que les analystes informatifs révisent leurs prévisions à la baisse après l'annonce des offres, tandis que ceux recherchant l'exactitude maintiennent leurs prévisions inchangées. Les analystes informatifs ajustent davantage leurs prévisions pour les entreprises présentant une probabilité accrue de gestion des chiffres comptables, notamment celles avec des accruals discrétionnaires élevés ou des émissions de grande envergure. Les résultats soulignent l'influence des caractéristiques des entreprises et des prévisions sur ces comportements différenciés. Par exemple, les grandes entreprises et celles suivies par de nombreux analystes voient une réduction moins marquée des prévisions informatives, en raison d’une moindre probabilité de gestion des chiffres comptables. Par ailleurs, la directive européenne sur les abus de marché (MAD) a réduit les conflits d'intérêts parmi les analystes affiliés. Cette recherche enrichit la littérature en différenciant les approches des analystes face aux offres d’actions et en offrant une nouvelle perspective sur l’influence de l’informativité dans leurs prévisions, ouvrant ainsi la voie à une meilleure compréhension des comportements des analystes financiers. |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | analystes financiers |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | augmentation de capital |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | gestion des chiffres comptables |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | l’exactitude |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | l’informativité |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | analyst forecast |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | earnings management |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | forecast accuracy |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | informativeness |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | seasoned equity offerings |
| 700 10 - ADDED ENTRY--PERSONAL NAME | |
| Personal name | Dumontier, Pascal |
| Relator term | author |
| 786 0# - DATA SOURCE ENTRY | |
| Note | Finance | Pub. anticipées | 2029-08-31 | p. I45-XLI | 0752-6180 |
| 856 41 - ELECTRONIC LOCATION AND ACCESS | |
| Uniform Resource Identifier | <a href="https://shs.cairn.info/journal-finance-2025-0-page-I45?lang=en&redirect-ssocas=7080">https://shs.cairn.info/journal-finance-2025-0-page-I45?lang=en&redirect-ssocas=7080</a> |
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