Πλοήγηση ανά Επιβλέπων "Gkikas, Dimitrios"

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Finanacial crisis and adoption of the amendments to IAS 39-IFRS 7 : empirical evidence from Hellenic and European banks
(Athens University of Economics and Business, 06-2009) Carelli, Giacomo; Gkikas, Dimitrios
Thesis - Athens University of Economics and Business. Postgraduate, Department of Accounting and Finance
Financial analysts’ forecasts of company performance incorporation of macroeconomic expectations
Pavlopoulou-Lelaki, Olga-Chara; Athens University of Economics and Business, Department of Accounting and Finance; Gkikas, Dimitrios
This dissertation contributes to the financial analysts’ literature as well as the equity valuation literature at the intersection of financial accounting and macroeconomics, by providing new evidence on the efficiency with which financial analysts incorporate GDP growth expectations into their earnings forecasts, and on the stock-market relevance of macroeconomic expectations and analysts’ earnings expectations, controlling for the state of the economy. Using a sample of listed-companies from Eurozone countries that were severely affected during the recent financial crisis, the dissertation offers empirical evidence of financial analysts’ efficiency with respect to the incorporation of real GDP growth forecasts that is robust to the crisis. The macro-informed analysts’ earnings news offer value-relevant information to the stock market but their informativeness declines during the period of the crisis. With respect to the incorporation of macroeconomic expectations by the stock market, the dissertation documents significant associations between the components of GDP growth forecasts and current stock returns that are affected during the period of the crisis, and a predictive power of GDP growth forecasts over future stock returns that implies stock market inefficiency.