The objective of this study is to examine whether analysts fully incorporate a nonproportionate algorithm of cost-change relative to revenue-change in forecasting earnings. We conjecture that the errors in analysts’ earnings forecasts made in the first month after the fiscal year-end are largely due to the errors in estimating expenses as a result of analysts’ use of a proportionate cost-change...

A computationally intensive part in a model for numerical weather forecasting solves a set of partial di erential equations. There are several techniques to obtain this solution numerically. In this paper we will discuss the implementation of a numerical weather forecasting model on a massively parallel architecture using two techniques: a nite di erence (gridpoint) method and a spectral method...

        This paper proposes a new forecasting model for investigating relationship between the price of crude oil, as an important energy source and GDP of the US, as the largest oil consumer, and the UK, as the oil producer. GMDH neural network and MLFF neural network approaches, which are both non-linear models, are employed to forecast GDP responses to the oil price changes. The resul...

Behavioral Finance aims to explain empirical anomalies by introducing investor psychology as a determinant of asset pricing. This study provides strong evidence that anomalous stock price behavior following earnings announcements is due to a representativeness bias. It investigates current and past earnings surprises and subsequent market reaction for listed US companies over the period 1983-19...

The expertise of electricity load forecasting has developed over decades. Some of the best load forecasting models use this expertise to improve the load forecasting accuracy by splitting the forecasting problem into sub-problems such as for weekend/weekday and peak/off peak. This research is designed to evaluate a method based on boosting algorithms to split the data into sub-problems for pric...

This study examines whether earnings changes convey information in bond markets and finds a significant positive (negative) reaction to unexpected earnings increases (decreases). The results are consistetit whether earnings announcements precede or follow dividend announcements. Thus, earnings surprises convey information to bond markets and changes in firm value are split among bondholders and...

An information usefulness approach to decision making points out that only the information is regarded as useful that will bring valuable messages to investors and lead to stock price adjustments. This study examines the effectiveness of audit committees in improving earnings quality and informativeness, particularly among family-owned firms. Earnings informativeness was measured through the re...

SUMMARY: This study examines whether the voluntary provision of non-financial performance indicators (as part of the Balanced Scorecard framework) and assurance on this information impacts on stock price estimates and earnings forecasts in an experimental setting. A controlled experiment was performed on sophisticated users of financial statements. They were provided with a case study containin...

A computationally intensive part in a model for numerical weather forecasting solves a set of partial diierential equations. There are several techniques to obtain this solution numerically. In this paper we will discuss the implementation of a numerical weather forecasting model on a massively parallel architecture using two techniques: a nite diierence (gridpoint) method and a spectral method...