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The role of industry centrality in u...

Chou, Shih-Chu.

The role of industry centrality in using accounting information for macro forecasting.

Record Type:	Electronic resources : Monograph/item
Title/Author:	The role of industry centrality in using accounting information for macro forecasting.
Author:	Chou, Shih-Chu.
Published:	Ann Arbor : ProQuest Dissertations & Theses, 2016
Description:	95 p.
Notes:	Source: Dissertation Abstracts International, Volume: 78-03(E), Section: A.
Notes:	Adviser: William M. Cready.
Contained By:	Dissertation Abstracts International78-03A(E).
Subject:	Accounting.
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=10152781
ISBN:	9781369079388

The role of industry centrality in using accounting information for macro forecasting.
Chou, Shih-Chu.

The role of industry centrality in using accounting information for macro forecasting. - Ann Arbor : ProQuest Dissertations & Theses, 2016 - 95 p.

Source: Dissertation Abstracts International, Volume: 78-03(E), Section: A.

Thesis (Ph.D.)--The University of Texas at Dallas, 2016.

Firms located at the center of an industry network enjoy privileged access to industry information scattered across the inter-industry network. Since a significant portion of macroeconomic shocks result from industry-level shocks, managers from high industry centrality firms possess information advantages with respect to upcoming macroeconomic news. In this study, I compare the operating decisions between central and non-central conglomerates as revealed through their accounting information in order to extract managers' macroeconomic expectations. Using a sample of conglomerates, I document that cross-sectional differences in the aggregate accruals and cash flow components associated with industry centrality possess incremental predictive content for subsequent real GDP growth. Additional findings also suggest that professional macro forecasters fail to fully incorporate the information derived from this cross-sectional variation. This study incorporates the notion of industry centrality into the information available to managers and contributes to a growing literature investigating the usefulness of aggregate accounting information for macro forecasting.

ISBN: 9781369079388Subjects--Topical Terms:

200440
Accounting.

The role of industry centrality in using accounting information for macro forecasting.
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