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Three essays on financial analysts

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TitleInfo
Title
Three essays on financial analysts
Name (type = personal)
NamePart (type = family)
Son
NamePart (type = given)
Dong Hyun
NamePart (type = date)
1979-
DisplayForm
Dong Hyun Son
Role
RoleTerm (authority = RULIB)
author
Name (type = personal)
NamePart (type = family)
Palmon
NamePart (type = given)
Dan
DisplayForm
Dan Palmon
Affiliation
Advisory Committee
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chair
Name (type = personal)
NamePart (type = family)
Sudit
NamePart (type = given)
Ephraim
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Ephraim Sudit
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Advisory Committee
Role
RoleTerm (authority = RULIB)
internal member
Name (type = personal)
NamePart (type = family)
Zhang
NamePart (type = given)
Li
DisplayForm
Li Zhang
Affiliation
Advisory Committee
Role
RoleTerm (authority = RULIB)
internal member
Name (type = personal)
NamePart (type = family)
Yezegel
NamePart (type = given)
Ari
DisplayForm
Ari Yezegel
Affiliation
Advisory Committee
Role
RoleTerm (authority = RULIB)
outside member
Name (type = corporate)
NamePart
Rutgers University
Role
RoleTerm (authority = RULIB)
degree grantor
Name (type = corporate)
NamePart
Graduate School - Newark
Role
RoleTerm (authority = RULIB)
school
TypeOfResource
Text
Genre (authority = marcgt)
theses
OriginInfo
DateCreated (qualifier = exact)
2014
DateOther (qualifier = exact); (type = degree)
2014-05
Place
PlaceTerm (type = code)
xx
Language
LanguageTerm (authority = ISO639-2b); (type = code)
eng
Abstract (type = abstract)
Financial analysts, as information intermediaries in capital markets, collect information, interact with management and process information to provide their clients useful advice. This dissertation focuses on analysts’ forecasting activities to shed light on the analyst-management interaction and analysts’ information processing activities. The first essay examines whether firm characteristics, in particular growth properties, motivate managers to take action to meet or exceed analysts’ revenue forecasts. I find that growth firms are more likely to achieve zero or positive revenue surprises than non-growth firms. Further, revenue manipulation appears to be a preferred tool for growth firms to avoid unfavorable revenue surprises than revenue expectation management. This differential appears to be due to the incremental effectiveness of revenue manipulation for growth firms. The second essay, using analysts’ earnings forecasts, examines whether estimates of post-earnings-announcement returns derived from the historical firm-specific relation between unexpected earnings and drift returns help predict future post-earnings-announcement returns. I find that firms with historically high post-earnings announcement returns continue to experience high post-earnings announcement returns following future earnings surprises. The final essay investigates whether individual analysts who possess superior forecasting performance benefit from private information obtained from their access to selective disclosure or from their innate information processing skills. The frequency of extreme earnings forecasts is used to proxy for analysts’ reliance on private information. The empirical analysis reveals that private information contributing to analysts’ superior performance primarily stems from analysts’ privileged access to corporate management rather than from their inherent information processing skills.
Subject (authority = RUETD)
Topic
Management
RelatedItem (type = host)
TitleInfo
Title
Rutgers University Electronic Theses and Dissertations
Identifier (type = RULIB)
ETD
Identifier
ETD_5630
PhysicalDescription
Form (authority = gmd)
electronic resource
InternetMediaType
application/pdf
InternetMediaType
text/xml
Extent
xii, 130 p. : ill.
Note (type = degree)
Ph.D.
Note (type = bibliography)
Includes bibliographical references
Note (type = vita)
Includes vita
Note (type = statement of responsibility)
by Dong Hyun Son
Subject (authority = ETD-LCSH)
Topic
Business analysts
Subject (authority = ETD-LCSH)
Topic
Economic forecasting
RelatedItem (type = host)
TitleInfo
Title
Graduate School - Newark Electronic Theses and Dissertations
Identifier (type = local)
rucore10002600001
Location
PhysicalLocation (authority = marcorg); (displayLabel = Rutgers, The State University of New Jersey)
NjNbRU
Identifier (type = doi)
doi:10.7282/T3M61HJH
Genre (authority = ExL-Esploro)
ETD doctoral
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Rights

RightsDeclaration (ID = rulibRdec0006)
The author owns the copyright to this work.
RightsHolder (type = personal)
Name
FamilyName
Son
GivenName
Dong Hyun
Role
Copyright Holder
RightsEvent
Type
Permission or license
DateTime (encoding = w3cdtf); (qualifier = exact); (point = start)
2014-05-01 10:19:54
AssociatedEntity
Name
Dong Hyun Son
Role
Copyright holder
Affiliation
Rutgers University. Graduate School - Newark
AssociatedObject
Type
License
Name
Author Agreement License
Detail
I hereby grant to the Rutgers University Libraries and to my school the non-exclusive right to archive, reproduce and distribute my thesis or dissertation, in whole or in part, and/or my abstract, in whole or in part, in and from an electronic format, subject to the release date subsequently stipulated in this submittal form and approved by my school. I represent and stipulate that the thesis or dissertation and its abstract are my original work, that they do not infringe or violate any rights of others, and that I make these grants as the sole owner of the rights to my thesis or dissertation and its abstract. I represent that I have obtained written permissions, when necessary, from the owner(s) of each third party copyrighted matter to be included in my thesis or dissertation and will supply copies of such upon request by my school. I acknowledge that RU ETD and my school will not distribute my thesis or dissertation or its abstract if, in their reasonable judgment, they believe all such rights have not been secured. I acknowledge that I retain ownership rights to the copyright of my work. I also retain the right to use all or part of this thesis or dissertation in future works, such as articles or books.
Copyright
Status
Copyright protected
Availability
Status
Open
Reason
Permission or license
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Technical

RULTechMD (ID = TECHNICAL1)
ContentModel
ETD
OperatingSystem (VERSION = 5.1)
windows xp
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