BEGIN:VCALENDAR VERSION:2.0 X-WR-CALNAME:EventsCalendar PRODID:-//hacksw/handcal//NONSGML v1.0//EN CALSCALE:GREGORIAN BEGIN:VTIMEZONE TZID:America/New_York LAST-MODIFIED:20240422T053451Z TZURL:https://www.tzurl.org/zoneinfo-outlook/America/New_York X-LIC-LOCATION:America/New_York BEGIN:DAYLIGHT TZNAME:EDT TZOFFSETFROM:-0500 TZOFFSETTO:-0400 DTSTART:19700308T020000 RRULE:FREQ=YEARLY;BYMONTH=3;BYDAY=2SU END:DAYLIGHT BEGIN:STANDARD TZNAME:EST TZOFFSETFROM:-0400 TZOFFSETTO:-0500 DTSTART:19701101T020000 RRULE:FREQ=YEARLY;BYMONTH=11;BYDAY=1SU END:STANDARD END:VTIMEZONE BEGIN:VEVENT CATEGORIES:Charlton College of Business DESCRIPTION:The Department of Accounting & Finance announces the following research seminar. Speaker: Professor. Jie Zhou (California State Universit y, Fullerton)Title: Analysts’ Explicit Forecasts of the Number of Shares Outstanding Date: Friday, February 13, 2026Time: 11:00 AM-12:15 PMLocatio n: via Zoom MeetingMeeting ID: 438 755 1509 Abstract: Financial analysts ’ forecasts of a firm’s earnings per share (EPS) involve the numerator —aggregate earnings—and the denominator—the number of shares outstan ding (NSO). Very little is known about whether analysts explicitly provide NSO forecasts. This gap is surprising given the ubiquitous research on pe r share forecasts. We find that analysts’ explicit NSO forecasts are mor e accurate than naïve forecasts based on a random walk and more accurate than implicit forecasts, which can be derived from forecasts of aggregate earnings and EPS on the same day. We document two implications of NSO fore casts. First, analysts who regularly forecast NSO provide more accurate fo recasts, consistent with differential skills. Second, NSO forecasts appear to have a disciplining effect on managers, as we find that firms with at least one NSO analyst forecast are less likely to engage in accretive stoc k repurchases in the subsequent fiscal year. For additional information, \ nEvent page: https://www.umassd.edu/events/cms/accounting-and-finance-depa rtment-research-seminar.php X-ALT-DESC;FMTTYPE=text/html:

The Department of Accounting & Finance announces the following research seminar.

Speaker: Profess or. Jie Zhou (California State University\, Fullerton)
Title: Analyst s’ Explicit Forecasts of the Number of Shares Outstanding

Date: Friday\, February 13\, 2026
Time: 11:00 AM-12:15 PM
Location: vi a Zoom Meeting
Meeting ID: 438 755 1509

Abstract:

\n
Financial analysts’ forecasts of a firm’s earnings per s hare (EPS) involve the numerator—aggregate earnings—and the denominato r—the number of shares outstanding (NSO). Very little is known about whe ther analysts explicitly provide NSO forecasts. This gap is surprising giv en the ubiquitous research on per share forecasts. We find that analysts ’ explicit NSO forecasts are more accurate than naïve forecasts based o n a random walk and more accurate than implicit forecasts\, which can be d erived from forecasts of aggregate earnings and EPS on the same day. We do cument two implications of NSO forecasts. First\, analysts who regularly f orecast NSO provide more accurate forecasts\, consistent with differential skills. Second\, NSO forecasts appear to have a disciplining effect on ma nagers\, as we find that firms with at least one NSO analyst forecast are less likely to engage in accretive stock repurchases in the subsequent fis cal year.
\n
For additional information\,
Event page: https://www.umassd.edu/events/cms/accounting-and-finance- department-research-seminar.php
DTSTAMP:20260310T052341 DTSTART;TZID=America/New_York:20260213T110000 DTEND;TZID=America/New_York:20260213T121500 LOCATION:Zoom SUMMARY;LANGUAGE=en-us:Accounting and Finance Department Research Seminar UID:f3813e42074c41d5f5df552b5b2b88ff@www.umassd.edu END:VEVENT END:VCALENDAR