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Relations Between the Use of Modern Technology and the Financial Results of the Financial Service Sector in Poland Read chapter Read first chapter

2019 | OriginalPaper | Chapter

Time-Dependent Biases in Analysts’ Forecasts in Polish Recommendations Published in 2005–2012

Author : Katarzyna Włodarczyk

Published in: Information Systems Architecture and Technology: Proceedings of 39th International Conference on Information Systems Architecture and Technology – ISAT 2018

Publisher: Springer International Publishing

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Abstract

The main goal of this article is an attempt to indicate the analysts’ bias in forecasting financial parameters published in Polish over the calendar years 2005 through 2012, in divided into two sub-periods – bull and bear market and years with lower and higher economic growth. The first part of the article assesses the accuracy of analysts’ forecasts. The second part examines the analysts’ tendency of underestimation or overestimation of forecasts. This paper provides evidence that there are statistically significant differences in analysts’ biases between analysts’ forecasts published during bull and bear market - for net profit. And also between analysts’ forecasts from period with lower economic growth and greater economic growth for the following parameters: revenue, EBIT, net profit and net working capital.

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previous chapter Quality of Investment Recommendation – Evidence from Polish Capital Market, Multiples Approach
next chapter Generalized Model of Regularity of Cash Flow Generation by Innovative Products Generations in Digital Economy
Footnotes
1
Years: 2005, 2008, 2009 and 2011.
 
2
Years: 2006, 2007, 20010 and 2012.
 
3
Years: 2005–2008.
 
4
Years: 2009–2012.
 
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Metadata
Title
Time-Dependent Biases in Analysts’ Forecasts in Polish Recommendations Published in 2005–2012
Author
Katarzyna Włodarczyk
Copyright Year
2019
Book
Information Systems Architecture and Technology: Proceedings of 39th International Conference on Information Systems Architecture and Technology – ISAT 2018

Print ISBN: 978-3-319-99992-0

Electronic ISBN: 978-3-319-99993-7

Copyright Year: 2019

DOI
https://doi.org/10.1007/978-3-319-99993-7_7

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