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Discussion

Published online by Cambridge University Press:  19 October 2009

David D. Chase
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Extract

In “An Investigation of the Extrapolative Determinants of Short-Run Earnings Expectations,” Professor McEnally has presented a wide spectrum of research results dedicated to the following questions: Are short-run earnings estimates extrapolative and to what extent can these earnings estimates be approximated by familiar extrapolation techniques? His thesis is that expected future earnings are in part a function of prior earnings and that there is much to be learned by fitting a series of regressions or other forecasting models to historical data.

Type
Discussants
Information
Journal of Financial and Quantitative Analysis , Volume 6 , Issue 2 , March 1971 , pp. 729 - 731
Copyright
Copyright © School of Business Administration, University of Washington 1971

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References

Bower, Richard S., and Bower, Dorothy H., “Risk and the Valuation of Common Stock,” Journal of Political Economy (May–June 1969) pp. 349–362.CrossRefGoogle Scholar
Bower, Richard S., “Test of a Stock Valuation Model,” Journal of Finance(May 1970) pp. 483–492.CrossRefGoogle Scholar
Ezekiel, M., and Fox, K., Methods of Correlation and Regression Analysis, 3rd ed. (New York: Wiley and Sons, 1959), chapter 20.Google Scholar
McMillan, Claude, and Gonzalez, Richard F., Systems Analysis (Homewood, Ill: Richard D. Irwin, Inc., 1960), pp. 319–330.Google Scholar