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  • 1
    Electronic Resource
    Electronic Resource
    Do Japanese Analysts Overreact or Underreact to Earnings Announcements? (1996)
    Oxford, UK : Blackwell Publishing Ltd
    Abacus 32 (1996), S. 0 
    Details
    ISSN: 1467-6281
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Several recent studies have used U.S. analysts' forecasts to test for underreaction or overreaction to information in earnings announcements. These tests have provided mixed results. Evidence in Mendenhall (1991) is that analysts underreact. By contrast. results in De Bondt and Thaler (1990) show overreaction by U.S. financial analysts to earnings announcements. The current study contributes to this topic by examining over/underreaction by Japanese financial analysts. Test results show that Japanese analysts do not overreact to earnings announcements, market to book ratios and sales growth. Instead. there is strong evidence that Japanese analysts underreact to earnings announcements and that their underreaction is more pronounced for firms with mostly permanent earnings. Our results also show that Japanese analysts display larger forecast biases for earnings reported under U.S. GAAP as opposed to Japanese GAAP. Finally, we find that US. analysts discount information in earnings announcements to a larger degree (relying to a greater extent on information in past prices instead) when compared to their Japanese counterparts. Further, in contrast to their Japanese counterparts, these analysts display no optimistic bias. The results above suggest that the impact of each country's unique culture and capital norms will have to be taken into account by policy makers in evaluating the feasibility of harmonization of accounting standards.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/j.1467-6281.1996.tb00452.x
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  • 2
    Electronic Resource
    Electronic Resource
    Capital budgeting with multiple criteria and multiple decision makers (1996)
    Springer
    Review of quantitative finance and accounting 7 (1996), S. 97-112 
    Details
    ISSN: 1573-7179
    Keywords: capital budgeting ; multiple criteria ; multiple decision makers
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract In this article, we propose a model that incorporates the preferences of multiple decision makers into a decison-making process using (1) The analytical hierarchy process (AHP); and (2) multiple criteria and multiple constraint levels (MC2) linear programming in a capital budgeting context. Our model can foster strategic and nonfinancial factors that are important in the capital budgeting problems of the current business environment. The two-phased solution framework proposed in this article is sufficiently flexible to reach a compromise among decision makers. Our method also facilitates collection of decision makers' preferences to minimize suboptimization of overall company's goals. In addition, application of AHP to derive weights to decision makers' preferences for resource availability decreases the solution complexity. All these characteristics represent a significant improvement compared with previous linear or goal programming approaches to capital budgeting problems.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF00246001
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