RELATIONSHIP BETWEEN EARNINGS FORECAST ERROR AND ABNORMAL RATE OF RETURN ON STOCK AT TEHRAN STOCK EXCHANGE

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KORDESTANI GHOLAMREZA; ASHTAB ALI

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Paper Information

Journal: THE IRANIAN ACCOUNTING AND AUDITING REVIEW Year:2010 | Volume:17 | Issue:60 Page(s): 93-108

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Title

RELATIONSHIP BETWEEN EARNINGS FORECAST ERROR AND ABNORMAL RATE OF RETURN ON STOCK AT TEHRAN STOCK EXCHANGE

Author(s)

KORDESTANI GHOLAMREZA | ASHTAB ALI | Issue Writer Certificate

Keywords

IPOSQ3

CARQ2

EFEQ2

Abstract

The little historical information of initial public offerings (IPOS) encounter investors with high risk because such companies don't exchange before. Information asymmetry between managers and potential investors in such companies are high and their stock are priced based on managerial information. The practical experience shows that investors rely on information such as earning per share (EPS) forecast and use it in stock pricing. This forecasts stated management expectations from the future performance of the company. So, the accuracy of this forecasts that is based for decision making are very important and earning forecast error is the main factor in secondary market performance.In this study we examine the relationship of earnings forecast error and abnormal rate of return of IPOS at Tehran stock exchange (TSE) for 104 companies during 1999 to 2005.The objective of this selected period is developing of stock exchange and increasing listed companies at the same times.Our results with multivariable cross sectional regression analysis demonstrated that earnings forecast errors are positively related to abnormal rate of return.

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APA: Copy

KORDESTANI, GHOLAMREZA, & ASHTAB, ALI. (2010). RELATIONSHIP BETWEEN EARNINGS FORECAST ERROR AND ABNORMAL RATE OF RETURN ON STOCK AT TEHRAN STOCK EXCHANGE. THE IRANIAN ACCOUNTING AND AUDITING REVIEW, 17(60), 93-108. SID. https://sid.ir/paper/8021/en

Vancouver: Copy

KORDESTANI GHOLAMREZA, ASHTAB ALI. RELATIONSHIP BETWEEN EARNINGS FORECAST ERROR AND ABNORMAL RATE OF RETURN ON STOCK AT TEHRAN STOCK EXCHANGE. THE IRANIAN ACCOUNTING AND AUDITING REVIEW[Internet]. 2010;17(60):93-108. Available from: https://sid.ir/paper/8021/en

IEEE: Copy

GHOLAMREZA KORDESTANI, and ALI ASHTAB, “RELATIONSHIP BETWEEN EARNINGS FORECAST ERROR AND ABNORMAL RATE OF RETURN ON STOCK AT TEHRAN STOCK EXCHANGE,” THE IRANIAN ACCOUNTING AND AUDITING REVIEW, vol. 17, no. 60, pp. 93–108, 2010, [Online]. Available: https://sid.ir/paper/8021/en

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