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Changes in Order Backlog and Future Returns

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dc.contributor.authorBaik, Bok-
dc.contributor.authorAhn, Taesik-
dc.date.accessioned2009-03-04T03:59:25Z-
dc.date.available2009-03-04T03:59:25Z-
dc.date.issued2007-12-
dc.identifier.citationSeoul Journal of Business, Vol.13 No.2, pp. 105-126-
dc.identifier.issn1226-9816-
dc.identifier.urihttps://hdl.handle.net/10371/1814-
dc.description.abstractThis 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).
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dc.language.isoen-
dc.publisherCollege of Business Administration (경영대학)-
dc.subjectorder backlog-
dc.subjectnon-GAAP indicator-
dc.subjectanalyst optimism-
dc.titleChanges in Order Backlog and Future Returns-
dc.typeSNU Journal-
dc.contributor.AlternativeAuthor안태식-
dc.contributor.AlternativeAuthor백복-
dc.citation.journaltitleSeoul Journal of Business-
dc.citation.endpage126-
dc.citation.number2-
dc.citation.pages105-126-
dc.citation.startpage105-
dc.citation.volume13-
Appears in Collections:
College of Business Administration/Business School (경영대학/대학원)Dept. of Business Administration (경영학과)Seoul Journal of BusinessSeoul Journal of Business Volume 13, Number 1/2 (2007)
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