Search results for: Aarne Halme

2 Estimating Localization Network Node Positions with a Multi-Robot System

Abstract:

A novel method using bearing-only SLAM to estimate node positions of a localization network is proposed. A group of simple robots are used to estimate the position of each node. Each node has a unique ID, which it can communicate to a robot close by. Initially the node IDs and positions are unknown. A case example using RFID technology in the localization network is introduced.

Keywords: Localization network, Multi-robot, RFID, SLAM

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1 How Stock Market Reacts to Guidance Revisions and Actual Earnings Surprises

Authors: Tero Halme, Juho Kanniainen, Markus Nordberg

Abstract:

According to the existing literature, companies manage analysts’ expectations of their future earnings by issuing pessimistic earnings guidance to meet the expectations. Consequently, one could expect that markets price this pessimistic bias in advance and penalize companies more for lowering the guidance than reward for beating the guidance. In this paper we confirm this empirically. In addition we show that although guidance revisions have a statistically significant relation to stock returns, that is not the case with the actual earnings surprise. Reason for this could be that, after the annual earnings report also information on future earnings power is given at the same time.

Keywords: Management guidance, earnings guidance, pessimistic bias

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