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We investigate whether the text of analyst reports can provide additional information beyond the recommendation and target price. Positive and negative word lexicons are generated through an automated Bayesian learning method applied to Korean analyst reports spanning from 2016 to 2018. Then, the textual tone of an analyst report is quantified as the difference between the frequencies of positive and negative words in the text. The announcement returns of portfolios sorted by textual tone exhibit significant differences ranging from 1.14% to 2.82% within the same recommendation or target price revision group. Regression analysis also reveals significant association between the textual tone of analyst reports and stock announcement returns, even when controlling for the recommendation and target price. Notably, the text proves to be more informative in negative tones and within firms with limited analyst coverage. Our results indicate that textual analysis can unveil nuanced analyst opinions not captured by numerical information. [ABSTRACT FROM AUTHOR]

This paper examines whether adding expected dividend yields implied by analyst dividend forecasts to expected capital gains implied by analyst target prices improves the portfolio strategy of buying stocks with the highest expected returns and selling stocks with the lowest expected returns. We find that the strategy based on the expected total returns performs only slightly better at the 1-month horizon because the short-term return predictability of the expected dividend yield is weak. We find that the strategy generates significant abnormal returns regardless of sorting the stocks universally or within industries, although sorting stocks within industries improves the performance. [ABSTRACT FROM AUTHOR]

Accounting information can be used to set prices, especially in the case in which the company is a market leader and can impose its own price-setting policy on its market. So, prices are generally already set by market leaders and the existence of competition in the case of similar products requires other organization to adapt their prices in order to match theirs. Even in these circumstances, knowing and understanding costs helps managers make decisions regarding the choice of product/service that must be carried out, the quantity that should be sold and whether the market price justifies the business risk involved in any decision to sell on this market. At the same time, understanding the adopted marketing strategy is crucial to using the information provided by management accounting (regarding costs) for price-related decisions.

Target costing management, although it has been around for a long time, has only recently attracted the attention of companies. Its adoption was imposed by the intense competition that characterizes today's markets. Nowadays it is imperative for the companies to get involved in setting the costs of products and services in a more active and aggressive way from one year to the next. The purpose of the research in the present study is the analysis of the possibilities of implementing this method within the car manufacturing companies. Two research directions were pursued: a conceptual one, through the contribution brought to the increase of the knowledge of the managerial accounting and of the way of its organization and a practical one, by accessing and respectively the modernization of the cost calculation methodology in the mentioned sector.

Copyright of Xinjiang Agricultural Sciences is the property of Xinjiang Agricultural Sciences Editorial Department and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This paper investigates the informativeness and value relevance of analyst target prices in the context of mergers and acquisitions. Our results indicate that firms with high 12‐month ahead target prices relative to current stock prices are more likely to become a takeover target and offer premium, and acquirers' announcement returns are positively associated with firms' target price premium. We also show that a long‐short trading strategy formed on target prices and firms' takeover likelihood generates economically significant returns. Our results are robust to a battery of additional analysis, and the informativeness of target prices is not subsumed by other analyst forecast outputs such as earnings forecasts and recommendations. Overall, our findings suggest that analysts convey valuable information through target price forecasts, which are useful for participants in the corporate takeover markets. [ABSTRACT FROM AUTHOR]

Target costing management, although it has been around for a long time, has only recently attracted the attention of companies. Its adoption was imposed by the intense competition that characterizes today's markets. Nowadays it is imperative for the companies to get involved in setting the costs of products and services in a more active and aggressive way from one year to the next. The purpose of the research in the present study is the analysis of the possibilities of implementing this method within the car manufacturing companies. Two research directions were pursued: a conceptual one, through the contribution brought to the increase of the knowledge of the managerial accounting and of the way of its organization and a practical one, by accessing and respectively the modernization of the cost calculation methodology in the mentioned sector. [ABSTRACT FROM AUTHOR]

Copyright of REMAH Journal is the property of Research & Development of Human Recourses Center (REMAH) and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Omer Halisdemir Universitesi Iktisadi ve Idari Bilimler Fakültesi Dergisi is the property of Omer Halisdemir University, Faculty of Economics & Admistrative Sciene and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Background: The Center for Medicare and Medicaid Services has instituted bundled reimbursement models for total joint arthroplasty (TJA), which includes target prices for each procedure. Some patients exceed these targets; however, currently there are no tools to accurately predict this preoperatively. We hypothesized that a validated comorbidity index combined with patient demographics would adequately predict excess cost-of-care prior to hospitalization.Methods: Two thousand eighty-four primary unilateral TJAs performed at a single tertiary center were retrospectively examined. Data were extracted from medical records and a predictive model was built from 30 comorbidities and 7 patient demographic factors (age, gender, race, body mass index, American Society of Anesthesiologists score, smoking status, and marital status). Following parameter selection, a final multivariable model was created, with a corresponding nomogram for interactive visualization of probability for excess cost.Results: Six hundred twelve patients (29%) had cost-of-care exceeding the target price. The final model demonstrated adequate predictive discrimination for cost-of-care exceeding the target price (area under the receiver operator characteristic curve: 0.747). Factors associated with excess cost included age, gender, marital status, American Society of Anesthesiologists score, body mass index, and race, as well as 7 Elixhauser comorbidities (alcohol use, rheumatoid arthritis, diabetes, electrolyte disorders, neurodegenerative disorders, psychoses, and pulmonary circulatory disorders).Conclusion: A novel patient model composed of a subset of validated comorbidities and demographic variables provides adequate discrimination in predicting excess cost within bundled payment models for TJA. This not only helps identify patients who would benefit from preoperative optimization, but also provides evidence for modification of future bundled reimbursement models to adjust for nonmodifiable risk factors. [ABSTRACT FROM AUTHOR]

Prior research demonstrates that a strong institutional infrastructure in a country moderates self‐serving behavior of market participants. Cross‐country economic activities have increased significantly, presenting a research opportunity to examine the relative influence of local versus foreign institutional infrastructure on individual market participants. We utilize variation in analyst‐country location relative to covered firm location to examine institutional determinants of optimism in analyst research. Focusing on target prices, where persistent optimism is well documented, we find that analysts domiciled in countries with stronger institutional infrastructures exhibit significantly attenuated target price optimism and more value‐relevant target prices. Our results demonstrate the importance of domestic country‐level institutional factors in moderating self‐serving behavior of market participants engaged in cross‐country activities. [ABSTRACT FROM AUTHOR]

Copyright of Al-Anbar University Journal of Economic & Administration Sciences is the property of Republic of Iraq Ministry of Higher Education & Scientific Research (MOHESR) and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

In the study, an expected revenue model was built for the farmers and insurance institutes in China, with the aim of researching the realization conditions of the target price insurance market equilibrium; analysing the reasons and consequences of the moral hazards; obtaining a paradox and elaborating the reason; measuring the moral hazard premium and researching positions, as well as the role of government in the target price premium; and also discussing the relationship between the target price and the cost price. The conclusions found were that the market risk was the major risk in agriculture; the target price insurance implementation relies on the government subsidy, which shall be equivalent to the sum of the farmers' moral hazard premium and social costs; the moral hazard premium has a negative externality; the insurance companies are also the beneficiaries of the farmers' moral hazard; and the best target price should be smaller than the total cost price of the agricultural products.