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Research paper thumbnail of Discussion of “Consistency in Management Earnings Guidance Patterns”

The International Journal of Accounting

In this discussion of Tang [( 2022 ). Consistency in management earnings guidance patterns, The I... more In this discussion of Tang [( 2022 ). Consistency in management earnings guidance patterns, The International Journal of Accounting, 57, p–p. https://doi.org/xxxx], I point out the research design considerations and provide some directions for future research in the area of voluntary disclosures related to management earnings guidance.

Research paper thumbnail of Management Forecasts and the Persistence of Earnings and Earnings Components

We investigate the implications of voluntary forecasting activity on the persistence of actual re... more We investigate the implications of voluntary forecasting activity on the persistence of actual reported figures. We further explore the impact of managements’ error direction (i.e. pessimistic versus optimistic manager) on the persistence of actual reported figures. We finally explore whether forecasting activity can be used as a vehicle useful in obtaining profitable investment strategies. The empirical evidence supports the intuition that management forecasts indicate actual accounting figures of higher reporting quality. Moreover, pessimistic managers provide more persistent accounting figures than optimistic managers. Finally, the evidence suggests that forecasting activity occurrence indicates different quality implications for Forecasters relative to non-Forecasters, creating thus ground for creating profitable investment portfolio combinations.

Research paper thumbnail of Information Content of Earnings Forecast Disclosures

This study investigates the usefulness for investors of earnings forecast information, disclosed ... more This study investigates the usefulness for investors of earnings forecast information, disclosed in seasoned equity offerings (SEOs) prospectus of companies on the Athens Stock Exchange. It is hypothesized that company’s management and analysts are superior in predicting corporate earnings relative to the forecasts that investors could form if they used a simple random walk predicting model. Additionally, this study investigates the association of post-SEO market value, forecasted earnings and forecast error. Empirical findings reveal that earnings forecast disclosures provide superior information and are used by investors in valuing issuing companies.

Research paper thumbnail of Earnings Forecasts Disclosed in the Seo Prospectus: Evidence from an Emerging Market

This study investigates the credibility of earnings forecasts disclosed by companies listed on th... more This study investigates the credibility of earnings forecasts disclosed by companies listed on the Athens Stock Exchange. The focus of the study is on earnings forecasts disclosed in the prospectus of listed firms that are issuing equity through a rights issue. The results of the study show that the earnings forecasts are over-estimated and exhibit low accuracy, a finding suggesting that companies are optimistic when they develop their forecasts. The level of forecast errors can be explained by valuation uncertainty, which is measured by the standard deviation of stock returns prior to the equity offering, and the market-to-book ratio. Furthermore, historical earnings are useful in explaining post equity issue stock prices.

Research paper thumbnail of Managerial Ability and Forecast Accuracy

Journal of Modern Accounting and Auditing, Dec 28, 2017

We examine the relation between managerial ability and management forecast accuracy. We base our ... more We examine the relation between managerial ability and management forecast accuracy. We base our analysis on S&P 500 Composite Index constituents for the period of 2006-2012. Data were collected from Thomson Reuteurs, Compustat and Demerjian, Lev, and McVay (2012). We find that forecast accuracy is positively associated with managerial ability in the case of sales forecasts. Specifically, more able managers are associated with lower magnitude's forecast errors in the case of sales forecasts. Additional analysis finds that managerial ability is immaterial to EPS figures' forecast accuracy, i.e., EPS forecasts appear not to be affected by manager's superiority. Regarding sales forecasts, the results are consistent with the assertion that managers impact the quality of the delivered management forecasts. Regarding EPS forecasts, the results are in alignment with Demerjian, Lev, Lewis, and McVay (2013) who highlighted that managerial ability is an ability score related to the entire management team.

Research paper thumbnail of Stock price reaction to M&A announcements: Evidence from the London Stock Exchange

We investigate short-tem investor reaction to initial press releases regarding mergers and acquis... more We investigate short-tem investor reaction to initial press releases regarding mergers and acquisitions in the London Stock Exchange. Announcements are sorted by whether the firm is a bidder or a target, by whether the announcement refers to an acquisition or a merger, by investor sophistication, by the level of information disclosure, by whether the announcements generate a positive or negative reaction, and by whether the initial reaction is strong or of a lower magnitude. The results suggest that investors generally react efficiently; however, they may at times overreact to merger and acquisition announcements and reverse their behavior within a few days. Further analysis indicates that the documented short-term reversals are due to very few information signals (about 10% of the sample) that generate a high magnitude reaction on the event day, i.e. signals with strong information content. The only pattern that is persistent is a return momentum for announcements about smaller acq...

Research paper thumbnail of Information Content of Earnings Forecast

This study investigates the usefulness for investors of earnings forecast information, disclosed ... more This study investigates the usefulness for investors of earnings forecast information, disclosed in seasoned equity offerings (SEOs) prospectus of companies on the Athens Stock Exchange. It is hypothesized that company’s management and analysts are superior in predicting corporate earnings relative to the forecasts that investors could form if they used a simple random walk predicting model. Additionally, this study investigates the association of post-SEO market value, forecasted earnings and forecast error. Empirical findings reveal that earnings forecast disclosures provide superior information and are used by investors in valuing issuing companies.

Research paper thumbnail of The Informativeness of Micro and Macro Information During Economic Crisis and Non-Crisis Periods: Evidence from Europe

European Accounting Review

Research paper thumbnail of Conference calls around merger and acquisition announcements: Do they reduce information asymmetry? UK Evidence

Research in International Business and Finance, 2014

ABSTRACT This paper examines conference call meetings held around merger and acquisition (M&a... more ABSTRACT This paper examines conference call meetings held around merger and acquisition (M&A) announcements in the UK market. Our main findings indicate that conference calls not only facilitate the smoother transmission of M&A-related information in the stock market and smooth the rate of the information flow to the market, but also they reduce informed trading through option markets before M&A events. We also find that there is an inverse relation of analysts’ forecast error and conference call probability, that firms initiate conference calls during M&As when their transactions are large and are facing liquidity constraints, and that the probability of a firm holding a conference call around an M&A is strongly and inversely related to the existence of traded equity options on its stock.

Research paper thumbnail of Stock Price Reaction to M&A Announcements: Evidence From the London Stock Exchange

Page 1. Journal of Money, Investment and Banking ISSN 1450-288X Issue 16 (2010) © EuroJournals Pu... more Page 1. Journal of Money, Investment and Banking ISSN 1450-288X Issue 16 (2010) © EuroJournals Publishing, Inc. 2010 http://www.eurojournals.com/JMIB.htm Stock price reaction to M&A announcements: Evidence from the London Stock Exchange ...

Research paper thumbnail of Financial Reporting Practices and Investment Decisions: A Review of the Literature

Industrial Engineering & Management

This study presents an effort to summarize evidence on literature about the effect of financial r... more This study presents an effort to summarize evidence on literature about the effect of financial reporting practices on investment decisions. Regulatory interventions/changes impact financial reporting and thus play a significant role on the international comparability/usage of financial statements and as a result on investment decisions. We discuss existing literature regarding the effects of financial reporting practices firstly on the cost of equity capital. We then summarize literature concerning the effect of financial reporting practices on investment decisions as documented in the literature in the areas of earnings management; information asymmetry effects; accounting quality; the effects of the information environment; investment efficiency; over investment-under investment and cash flow sensitivity; stock market efficiency.

Research paper thumbnail of Examination of the information content of management range forecasts

Research in International Business and Finance

Research paper thumbnail of The Effect of IFRS Adoption on Investment Management: A Review of the Literature

Technology and Investment

Recent literature contains a number of studies that provide evidence that improvements in the per... more Recent literature contains a number of studies that provide evidence that improvements in the performance related to business investments are associated with the main positive results of the implementation of international financial reporting standards (hear after IFRS). This study is an effort trying to summarize empirical evidences in current literature about the effect of the IFRS adoption on investment management. We summarize literature on the effect of IFRS a) in a European setting b) in a worldwide setting. We especially refer to the effect of European Crisis on Investment Management. We summarize evidence on the impact of IFRS adoption worldwide on investments assets, foreign direct investments (FDIs), cross boarder investments (Merger and Acquisition activities) and foreign mutual fund ownership. We finally present some evidence on the impact of IFRS adoption on US home bias and try to document the impact of IFRS adoption on international listing and IPOS in global markets.

Research paper thumbnail of The information content of management sales forecasts

Asia-Pacific Journal of Accounting & Economics

Research paper thumbnail of The Informativeness of Micro and Macro Information During Economic Crisis and Non-Crisis Periods: Evidence from Europe

Research paper thumbnail of Management Sales Forecasts and Incremental Accruals

Research paper thumbnail of The Effect of IFRS on Investment Decisions: European Evidence during Crisis and Non Crisis Economic Conditions

Research paper thumbnail of Informed Trading Around Merger and Acquisition Announcements: Evidence from the UK Equity and Options Market

Research paper thumbnail of Informed trading before stock price shocks: An empirical analysis using stock option trading volume

efmaefm.org

This paper offers original evidence on informed trading in stock option contracts for the period ... more This paper offers original evidence on informed trading in stock option contracts for the period preceding price shocks in the underlying stocks. The sample stocks are all S&P100 constituent stocks for the recent period. We find that option trading volume tends ...

Research paper thumbnail of Tax management and IFRS financial reporting synergies

International Journal of Accounting, Auditing and Performance Evaluation, 2012

ABSTRACT This paper investigates whether taxes presented according to the IFRS financial statemen... more ABSTRACT This paper investigates whether taxes presented according to the IFRS financial statements convey value relevant information. We ask the following questions: do taxes derived from published IFRS financial statements convey information on tax planning policies and thus be used to predict future taxation? Are the IFRS deferred taxation treatments used as vehicles for achieving management's planning strategies? Is IFRS tax information value relevant and fully appreciated by stock market participants? The empirical evidence suggests that past income taxes provide information regarding firms' future tax position. Firms use deferred taxation strategies in order to reduce future tax expenses and meet their tax planning policies. Tax strategies in the framework of IFRS adoption provide value relevant information to stock market participants. Misinterpretation in assessing the tax effects of accounting choices can lead to wrong investment decisions which reveal the necessity for increased regulation on the disclosure of the tax information.

Research paper thumbnail of Discussion of “Consistency in Management Earnings Guidance Patterns”

The International Journal of Accounting

In this discussion of Tang [( 2022 ). Consistency in management earnings guidance patterns, The I... more In this discussion of Tang [( 2022 ). Consistency in management earnings guidance patterns, The International Journal of Accounting, 57, p–p. https://doi.org/xxxx], I point out the research design considerations and provide some directions for future research in the area of voluntary disclosures related to management earnings guidance.

Research paper thumbnail of Management Forecasts and the Persistence of Earnings and Earnings Components

We investigate the implications of voluntary forecasting activity on the persistence of actual re... more We investigate the implications of voluntary forecasting activity on the persistence of actual reported figures. We further explore the impact of managements’ error direction (i.e. pessimistic versus optimistic manager) on the persistence of actual reported figures. We finally explore whether forecasting activity can be used as a vehicle useful in obtaining profitable investment strategies. The empirical evidence supports the intuition that management forecasts indicate actual accounting figures of higher reporting quality. Moreover, pessimistic managers provide more persistent accounting figures than optimistic managers. Finally, the evidence suggests that forecasting activity occurrence indicates different quality implications for Forecasters relative to non-Forecasters, creating thus ground for creating profitable investment portfolio combinations.

Research paper thumbnail of Information Content of Earnings Forecast Disclosures

This study investigates the usefulness for investors of earnings forecast information, disclosed ... more This study investigates the usefulness for investors of earnings forecast information, disclosed in seasoned equity offerings (SEOs) prospectus of companies on the Athens Stock Exchange. It is hypothesized that company’s management and analysts are superior in predicting corporate earnings relative to the forecasts that investors could form if they used a simple random walk predicting model. Additionally, this study investigates the association of post-SEO market value, forecasted earnings and forecast error. Empirical findings reveal that earnings forecast disclosures provide superior information and are used by investors in valuing issuing companies.

Research paper thumbnail of Earnings Forecasts Disclosed in the Seo Prospectus: Evidence from an Emerging Market

This study investigates the credibility of earnings forecasts disclosed by companies listed on th... more This study investigates the credibility of earnings forecasts disclosed by companies listed on the Athens Stock Exchange. The focus of the study is on earnings forecasts disclosed in the prospectus of listed firms that are issuing equity through a rights issue. The results of the study show that the earnings forecasts are over-estimated and exhibit low accuracy, a finding suggesting that companies are optimistic when they develop their forecasts. The level of forecast errors can be explained by valuation uncertainty, which is measured by the standard deviation of stock returns prior to the equity offering, and the market-to-book ratio. Furthermore, historical earnings are useful in explaining post equity issue stock prices.

Research paper thumbnail of Managerial Ability and Forecast Accuracy

Journal of Modern Accounting and Auditing, Dec 28, 2017

We examine the relation between managerial ability and management forecast accuracy. We base our ... more We examine the relation between managerial ability and management forecast accuracy. We base our analysis on S&P 500 Composite Index constituents for the period of 2006-2012. Data were collected from Thomson Reuteurs, Compustat and Demerjian, Lev, and McVay (2012). We find that forecast accuracy is positively associated with managerial ability in the case of sales forecasts. Specifically, more able managers are associated with lower magnitude's forecast errors in the case of sales forecasts. Additional analysis finds that managerial ability is immaterial to EPS figures' forecast accuracy, i.e., EPS forecasts appear not to be affected by manager's superiority. Regarding sales forecasts, the results are consistent with the assertion that managers impact the quality of the delivered management forecasts. Regarding EPS forecasts, the results are in alignment with Demerjian, Lev, Lewis, and McVay (2013) who highlighted that managerial ability is an ability score related to the entire management team.

Research paper thumbnail of Stock price reaction to M&A announcements: Evidence from the London Stock Exchange

We investigate short-tem investor reaction to initial press releases regarding mergers and acquis... more We investigate short-tem investor reaction to initial press releases regarding mergers and acquisitions in the London Stock Exchange. Announcements are sorted by whether the firm is a bidder or a target, by whether the announcement refers to an acquisition or a merger, by investor sophistication, by the level of information disclosure, by whether the announcements generate a positive or negative reaction, and by whether the initial reaction is strong or of a lower magnitude. The results suggest that investors generally react efficiently; however, they may at times overreact to merger and acquisition announcements and reverse their behavior within a few days. Further analysis indicates that the documented short-term reversals are due to very few information signals (about 10% of the sample) that generate a high magnitude reaction on the event day, i.e. signals with strong information content. The only pattern that is persistent is a return momentum for announcements about smaller acq...

Research paper thumbnail of Information Content of Earnings Forecast

This study investigates the usefulness for investors of earnings forecast information, disclosed ... more This study investigates the usefulness for investors of earnings forecast information, disclosed in seasoned equity offerings (SEOs) prospectus of companies on the Athens Stock Exchange. It is hypothesized that company’s management and analysts are superior in predicting corporate earnings relative to the forecasts that investors could form if they used a simple random walk predicting model. Additionally, this study investigates the association of post-SEO market value, forecasted earnings and forecast error. Empirical findings reveal that earnings forecast disclosures provide superior information and are used by investors in valuing issuing companies.

Research paper thumbnail of The Informativeness of Micro and Macro Information During Economic Crisis and Non-Crisis Periods: Evidence from Europe

European Accounting Review

Research paper thumbnail of Conference calls around merger and acquisition announcements: Do they reduce information asymmetry? UK Evidence

Research in International Business and Finance, 2014

ABSTRACT This paper examines conference call meetings held around merger and acquisition (M&a... more ABSTRACT This paper examines conference call meetings held around merger and acquisition (M&A) announcements in the UK market. Our main findings indicate that conference calls not only facilitate the smoother transmission of M&A-related information in the stock market and smooth the rate of the information flow to the market, but also they reduce informed trading through option markets before M&A events. We also find that there is an inverse relation of analysts’ forecast error and conference call probability, that firms initiate conference calls during M&As when their transactions are large and are facing liquidity constraints, and that the probability of a firm holding a conference call around an M&A is strongly and inversely related to the existence of traded equity options on its stock.

Research paper thumbnail of Stock Price Reaction to M&A Announcements: Evidence From the London Stock Exchange

Page 1. Journal of Money, Investment and Banking ISSN 1450-288X Issue 16 (2010) © EuroJournals Pu... more Page 1. Journal of Money, Investment and Banking ISSN 1450-288X Issue 16 (2010) © EuroJournals Publishing, Inc. 2010 http://www.eurojournals.com/JMIB.htm Stock price reaction to M&A announcements: Evidence from the London Stock Exchange ...

Research paper thumbnail of Financial Reporting Practices and Investment Decisions: A Review of the Literature

Industrial Engineering & Management

This study presents an effort to summarize evidence on literature about the effect of financial r... more This study presents an effort to summarize evidence on literature about the effect of financial reporting practices on investment decisions. Regulatory interventions/changes impact financial reporting and thus play a significant role on the international comparability/usage of financial statements and as a result on investment decisions. We discuss existing literature regarding the effects of financial reporting practices firstly on the cost of equity capital. We then summarize literature concerning the effect of financial reporting practices on investment decisions as documented in the literature in the areas of earnings management; information asymmetry effects; accounting quality; the effects of the information environment; investment efficiency; over investment-under investment and cash flow sensitivity; stock market efficiency.

Research paper thumbnail of Examination of the information content of management range forecasts

Research in International Business and Finance

Research paper thumbnail of The Effect of IFRS Adoption on Investment Management: A Review of the Literature

Technology and Investment

Recent literature contains a number of studies that provide evidence that improvements in the per... more Recent literature contains a number of studies that provide evidence that improvements in the performance related to business investments are associated with the main positive results of the implementation of international financial reporting standards (hear after IFRS). This study is an effort trying to summarize empirical evidences in current literature about the effect of the IFRS adoption on investment management. We summarize literature on the effect of IFRS a) in a European setting b) in a worldwide setting. We especially refer to the effect of European Crisis on Investment Management. We summarize evidence on the impact of IFRS adoption worldwide on investments assets, foreign direct investments (FDIs), cross boarder investments (Merger and Acquisition activities) and foreign mutual fund ownership. We finally present some evidence on the impact of IFRS adoption on US home bias and try to document the impact of IFRS adoption on international listing and IPOS in global markets.

Research paper thumbnail of The information content of management sales forecasts

Asia-Pacific Journal of Accounting & Economics

Research paper thumbnail of The Informativeness of Micro and Macro Information During Economic Crisis and Non-Crisis Periods: Evidence from Europe

Research paper thumbnail of Management Sales Forecasts and Incremental Accruals

Research paper thumbnail of The Effect of IFRS on Investment Decisions: European Evidence during Crisis and Non Crisis Economic Conditions

Research paper thumbnail of Informed Trading Around Merger and Acquisition Announcements: Evidence from the UK Equity and Options Market

Research paper thumbnail of Informed trading before stock price shocks: An empirical analysis using stock option trading volume

efmaefm.org

This paper offers original evidence on informed trading in stock option contracts for the period ... more This paper offers original evidence on informed trading in stock option contracts for the period preceding price shocks in the underlying stocks. The sample stocks are all S&P100 constituent stocks for the recent period. We find that option trading volume tends ...

Research paper thumbnail of Tax management and IFRS financial reporting synergies

International Journal of Accounting, Auditing and Performance Evaluation, 2012

ABSTRACT This paper investigates whether taxes presented according to the IFRS financial statemen... more ABSTRACT This paper investigates whether taxes presented according to the IFRS financial statements convey value relevant information. We ask the following questions: do taxes derived from published IFRS financial statements convey information on tax planning policies and thus be used to predict future taxation? Are the IFRS deferred taxation treatments used as vehicles for achieving management's planning strategies? Is IFRS tax information value relevant and fully appreciated by stock market participants? The empirical evidence suggests that past income taxes provide information regarding firms' future tax position. Firms use deferred taxation strategies in order to reduce future tax expenses and meet their tax planning policies. Tax strategies in the framework of IFRS adoption provide value relevant information to stock market participants. Misinterpretation in assessing the tax effects of accounting choices can lead to wrong investment decisions which reveal the necessity for increased regulation on the disclosure of the tax information.