haku: @author Mozes, H. A. / yhteensä: 1
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| Tekijä: | Mozes, H. A. |
| Otsikko: | Modelling growth in the annual earnings time series. |
| Lehti: | Journal of Business Finance and Accounting
1992 : NOV, VOL. 19:6, p.817-837 |
| Asiasana: | GROWTH GROWTH THEORY EARNINGS FORECASTING FINANCIAL MODELS |
| Kieli: | eng |
| Tiivistelmä: | This research introduces a model of the firm's annual earnings process incorporating earnings growth. It also introduces a procedure for estimating the model's growth parameters and forecasting one period ahead earnings using only past time-series data. The earnings process itself is modelled as a function of past earnings observations. Empirical results indicate that forecasts generated by the model and estimation procedure introduced in this research are more accurate than those generated by random walk models. These results imply that past and future earnings growth is positively correlated , and that year t-2 earnings are useful in forecasting year t earnings. Furthermore, the results provide important insights into how financial statements can be (are) useful to investors. |
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