Taiwan changed its earnings forecast policy from mandatory to voluntary disclosure in 2005. In this study, the inferences of voluntary earnings forecast are examined based on forecasts issued by listed firms. This stu...Taiwan changed its earnings forecast policy from mandatory to voluntary disclosure in 2005. In this study, the inferences of voluntary earnings forecast are examined based on forecasts issued by listed firms. This study suspects that insiders have a temptation to strategically manipulate financial forecast information to influence markets and thus receive extra rents. Under the new earnings forecast disclosure policy, the number of disclosing firm decreases but the precision of earnings forecast increases. The empirical result from dynamic panel data evidences the forecast error of voluntary disclosure may negatively impact firm values. Furthermore, there is a positive relationship between insiders＇ trading profit and manipulation of earnings forecasts. As volatility in insider manipulation increases, it is difficult for the investors to predict the real intention of insiders, and insiders may achieve greater benefits from trading. This study also observes that many listed companies hold investor conferences to provide earnings guidance in Taiwan. The reason may be that investor conference is more flexible and has less forecast error cost than the formal financial forecast. This study provides important insights into earnings forecast policy in emerging markets. The competent authority should improve corporate governance and develop monitoring functions to abate forecast manipulation.展开更多
The European Centre for Medium-Range Weather Forecasts Reanalysis ERA40,National Centers for Environmental Prediction(NCEP) 20th-century reanalysis,and three station observations along an Antarctic traverse from Zhong...The European Centre for Medium-Range Weather Forecasts Reanalysis ERA40,National Centers for Environmental Prediction(NCEP) 20th-century reanalysis,and three station observations along an Antarctic traverse from Zhongshan to Dome-A stations are used to assess 2-m temperature simulation skill of a regional climate model.This model(HIRHAM) is from the Alfred Wegener Institute for Polar and Marine Research in Germany.Results show:(1) The simulated multiyear averaged 2-m temperature field pattern is close to that of ERA40 and NCEP;(2) the cold bias relative to ERA40 over all of Antarctic regions is 1.8℃,and that to NCEP reaches 5.1℃;(3) bias of HIRHAM relative to ERA40 has seasonal variation,with a cold bias mainly in the summer,as much as 3.4℃.There is a small inland warm bias in autumn of 0.3℃.Further analysis reveals that the reason for the cold bias of 2-m temperature is that physical conditions of the near-surface boundary layer simulated by HIRHAM are different from observations:(1) During the summer,observations show that near-surface atmospheric stability conditions have both inversions and non-inversions,which is due to the existence of both positive and negative sensible heat fluxes,but HIRHAM almost always simulates a situation of inversion and negative sensible heat flux;(2) during autumn and winter,observed near-surface stability is almost always that of inversions,consistent with HIRHAM simulations.This partially explains the small bias during autumn and winter.展开更多
文摘Taiwan changed its earnings forecast policy from mandatory to voluntary disclosure in 2005. In this study, the inferences of voluntary earnings forecast are examined based on forecasts issued by listed firms. This study suspects that insiders have a temptation to strategically manipulate financial forecast information to influence markets and thus receive extra rents. Under the new earnings forecast disclosure policy, the number of disclosing firm decreases but the precision of earnings forecast increases. The empirical result from dynamic panel data evidences the forecast error of voluntary disclosure may negatively impact firm values. Furthermore, there is a positive relationship between insiders＇ trading profit and manipulation of earnings forecasts. As volatility in insider manipulation increases, it is difficult for the investors to predict the real intention of insiders, and insiders may achieve greater benefits from trading. This study also observes that many listed companies hold investor conferences to provide earnings guidance in Taiwan. The reason may be that investor conference is more flexible and has less forecast error cost than the formal financial forecast. This study provides important insights into earnings forecast policy in emerging markets. The competent authority should improve corporate governance and develop monitoring functions to abate forecast manipulation.
基金supported by the Program of China Polar Environment Investigation and Assessment(2011–2015)the Basic Scientific Special Project "Climate System Model" of Chinese Academy of Meteorological Science(Grant No.2012Z001)the National Natural Science Foundation of China(Grant Nos.41005045 and 41206179)
文摘The European Centre for Medium-Range Weather Forecasts Reanalysis ERA40,National Centers for Environmental Prediction(NCEP) 20th-century reanalysis,and three station observations along an Antarctic traverse from Zhongshan to Dome-A stations are used to assess 2-m temperature simulation skill of a regional climate model.This model(HIRHAM) is from the Alfred Wegener Institute for Polar and Marine Research in Germany.Results show:(1) The simulated multiyear averaged 2-m temperature field pattern is close to that of ERA40 and NCEP;(2) the cold bias relative to ERA40 over all of Antarctic regions is 1.8℃,and that to NCEP reaches 5.1℃;(3) bias of HIRHAM relative to ERA40 has seasonal variation,with a cold bias mainly in the summer,as much as 3.4℃.There is a small inland warm bias in autumn of 0.3℃.Further analysis reveals that the reason for the cold bias of 2-m temperature is that physical conditions of the near-surface boundary layer simulated by HIRHAM are different from observations:(1) During the summer,observations show that near-surface atmospheric stability conditions have both inversions and non-inversions,which is due to the existence of both positive and negative sensible heat fluxes,but HIRHAM almost always simulates a situation of inversion and negative sensible heat flux;(2) during autumn and winter,observed near-surface stability is almost always that of inversions,consistent with HIRHAM simulations.This partially explains the small bias during autumn and winter.
