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The evaluation of the management of companies by stockmarket analysts and fund managers
Item type: Journal Article • Journal: South African Journal of Accounting Research • Authors: J E Beeson --- Graduate School of Business Administration, University of the Witwatersrand, M M Sutherland --- Graduate School of Business Administration, University of the Witwatersrand, J C Ford --- Graduate School of Business Administration, University of the Witwatersrand,The management of a company plays a critical role in determining whether a business will be able to produce superior returns to investors. Little research has however been undertaken to establish how fund managers and financial analysts assess management when... -
The use and perceived usefulness of IAS 29 restated financial statements by Zimbabwean investment analysts
Item type: Journal Article • Journal: South African Journal of Accounting Research • Authors: E Chamisa --- Department of Accounting,International Accounting Standard 29 (IAS 29) (Financial Reporting in Hyperinflationary Economies) asserts that, in a hyperinflationary economy, financial statements “are useful only if they are expressed in terms of the measuring unit current at the balance sheet date” (International Accounting... -
A review of the efficiency of the Johannesburg Stock Exchange
Item type: Journal Article • Journal: De Ratione • Authors: Narendra Bhana --- Graduate School of Business University of Durban-Westville Private Bag,In recent years there has been considerable evidence which contradicts the efficient market hypothesis. This evidence is reviewed with particular attention to the JSE, The efficiency of the JSE is evaluated by using an efficiency scale which ranges from perfect... -
Evaluating equity analyst forecasts in South Africa
Item type: Journal Article • Journal: Investment Analysts Journal • Authors: Sajjaad Ahmed --- , South Africa Emlyn Flint --- , South AfricaSell-side fundamental analyst reports are highly valued in the financial industry and include three main quantitative components: earnings forecasts, target prices, and buy/sell recommendations. This paper examines analyst accuracy by investigating forecasts made on South African equities over the period... -
Analysts’ stock ratings and the predictive value of news and Twitter sentiment
Item type: Journal Article • Journal: Investment Analysts Journal • Authors: John Garcia --- , USAThis study investigates the relationship between the stock ratings of professional analysts and company-level sentiment. I find that investor sentiment expressed in tweets and news articles displays a positive relationship with professional analysts’ stock ratings and that the sentiment conveyed... -
Rating to economic profit: Valuation properties, implementation issues, and the justification of target prices
Item type: Journal Article • Journal: Investment Analysts Journal • Authors: Apostolos Ballas --- Athens University of Economics and Business, Greece Grigoria Chlomou --- Edinburgh Napier University, UK Efthimios Demirakos --- Athens University of Economics and Business, GreeceThis study offers a comprehensive theoretical and empirical analysis of a fundamentals-based investment criterion (HSBC’s Rating to Economic Profit – REP). By employing a large sample of US-listed firms over a 12-year time-period and conducting univariate, multivariate and portfolio analyses,... -
The impact of ESG ratings on analysts’ information processing: Evidence from China
Item type: Journal Article • Journal: Investment Analysts Journal • Authors: Lin Li --- Central University of Finance and Economics, China Meng Chen --- Central University of Finance and Economics, China Guoping Li --- Central University of Finance and Economics, ChinaBased on data from Chinese A-share listed companies from 2009 to 2022, this study explores the relationship between ESG external ratings and analyst attention by quantifying the weight that analysts place on old information when releasing financial performance forecasts. The...