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Changes in Order Backlog and Future Returns
DC Field | Value | Language |
---|---|---|
dc.contributor.author | Baik, Bok | - |
dc.contributor.author | Ahn, Taesik | - |
dc.date.accessioned | 2009-03-04T03:59:25Z | - |
dc.date.available | 2009-03-04T03:59:25Z | - |
dc.date.issued | 2007-12 | - |
dc.identifier.citation | Seoul Journal of Business, Vol.13 No.2, pp. 105-126 | - |
dc.identifier.issn | 1226-9816 | - |
dc.identifier.uri | https://hdl.handle.net/10371/1814 | - |
dc.description.abstract | This paper examines whether investors recognize the implications of
changes in order backlog, a non-GAAP leading indicator, for future performance. A hedge portfolio strategy taking a long position in the highest decile of order backlog change and a short position in the lowest decile of order backlog change earns 13.7 percent in the year after the hedge portfolio is formed. Moreover, analysts forecast errors are large and negative (overoptimistic) for firms experiencing declines in order backlog. Overall, our evidence indicates that analysts underreact to the information in changes in order backlog. In addition, the market does not appear to see through the relation between changes in order backlog and future performance and underweights the implications of order backlog, which contrasts with the findings of Rajgopal, Shevlin, and Venkatachalam (2003). | - |
dc.language.iso | en | - |
dc.publisher | College of Business Administration (경영대학) | - |
dc.subject | order backlog | - |
dc.subject | non-GAAP indicator | - |
dc.subject | analyst optimism | - |
dc.title | Changes in Order Backlog and Future Returns | - |
dc.type | SNU Journal | - |
dc.contributor.AlternativeAuthor | 안태식 | - |
dc.contributor.AlternativeAuthor | 백복 | - |
dc.citation.journaltitle | Seoul Journal of Business | - |
dc.citation.endpage | 126 | - |
dc.citation.number | 2 | - |
dc.citation.pages | 105-126 | - |
dc.citation.startpage | 105 | - |
dc.citation.volume | 13 | - |
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