An examination of analysts’ target price forecasts after accounting misstatements

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dc.contributorBuchheit, Steve
dc.contributorLee, Junsoo
dc.contributorMobbs, Shawn
dc.contributorTaylor, Gary
dc.contributor.advisorSwanquist, Quinn
dc.contributor.authorStreet, Daniel Alan
dc.contributor.otherUniversity of Alabama Tuscaloosa
dc.date.accessioned2020-09-30T17:25:03Z
dc.date.available2020-09-30T17:25:03Z
dc.date.issued2020
dc.descriptionElectronic Thesis or Dissertationen_US
dc.description.abstractI investigate the magnitude, accuracy, and informativeness of analysts’ target price forecast revisions after material negative accounting misstatements. Although prior researchers find that analysts’ earnings forecasts decline after misstatements, the effects of misstatements upon analysts’ target price forecasts have not yet been investigated. Relative to analysts’ target price forecasts for control firms, I find that analysts decrease their target price forecasts more sharply for misstating firms. Although analysts’ target price forecast revisions are somewhat less accurate for misstating firms, I find that analysts’ target price forecast revisions for misstating firms remain informative to the stock market. Several misstatement and target price forecast characteristics (misstated account, misstatement intention, SEC investigation, and CEO turnover after misstatement) affect the average magnitude, accuracy, and informativeness of analysts’ target price forecast revisions. These findings inform investors regarding the extent to which they may effectively rely upon analysts’ target price forecasts after material negative accounting misstatements and contribute to our knowledge of the value relevance of historical accounting and future earnings expectations for sell-side analysts.en_US
dc.format.extent104 p.
dc.format.mediumelectronic
dc.format.mimetypeapplication/pdf
dc.identifier.otheru0015_0000001_0003633
dc.identifier.otherStreet_alatus_0004D_14154
dc.identifier.urihttp://ir.ua.edu/handle/123456789/7032
dc.languageEnglish
dc.language.isoen_US
dc.publisherUniversity of Alabama Libraries
dc.relation.hasversionborn digital
dc.relation.ispartofThe University of Alabama Electronic Theses and Dissertations
dc.relation.ispartofThe University of Alabama Libraries Digital Collections
dc.rightsAll rights reserved by the author unless otherwise indicated.en_US
dc.subjectAccounting
dc.subjectFinance
dc.titleAn examination of analysts’ target price forecasts after accounting misstatementsen_US
dc.typethesis
dc.typetext
etdms.degree.departmentUniversity of Alabama. Culverhouse School of Accountancy
etdms.degree.disciplineAccounting
etdms.degree.grantorThe University of Alabama
etdms.degree.leveldoctoral
etdms.degree.namePh.D.

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