Q) In the IBES Detail History there are tickers for which most of the estimates were reported to IBES on one basis (as indicated by PDF flag in Detail History), but for the same time period these tickers have different PDI flag in the ID ancillary file. How does one reconcile these cases?
A)Here is the response we received from Thomson:
Starting in early 1998, all US companies were obligated to report their earnings on a diluted basis (though companies could still also report on a primary or basic basis). In the IBES US database, there are ten tickers which have a dilution factor greater than 1.0 and a P/D indicator (PDF variable in Detail History file) of P for a monthly run period after early 1998. Below are the tickers:
BNE - there are both primary and diluted estimates during the affected period; the P indicator for periods 3/18/99, 7/15/99 and 2/17/00 will remain.
BNHN - the P for 6/14/01 is mistaken, estimates are not affected. The P will be changed to D.
DSY - estimate values in early 2003 are converted from D to P; the P indicator for 2/20/03 will not be changed.
MDT - the P indicator and dilution factor of 1.019 for 6/14/01 are incorrect, the estimates are all properly diluted without conversion. The P will be changed to D and the factor will be changed to 1.0.
SHOP - the P for 11/19/98 is incorrect and will be changed to D. There are no estimates for this company since the mid-1980s.
SKYW - estimate values for 6/28/01 to 10/4/01 are converted from D to P. The P indicator will remain for 6/14/01; the dilution factor of 1.038 for 12/20/01 will be changed to 1.0.
SOV - there are no estimates or actuals since 1994. The P flag and dilution factor, therefore, carried over to other periods in the IBES ID file due to other changes (home market code, exchange id)
SXCR - the P for 10/19/01 is incorrect, the estimates are all properly diluted without conversion. The P will be changed to D.
TIDE - there are no estimates for this company since May 1996. The P flag and dilution factor, therefore, carried over to 6/17/04 in the IBES ID file due to a name change.
TOM - estimate values for 5/24/01 to 10/4/01 are converted from D to P. The P indicator will remain for 6/14/01; the dilution factor of 1.007 for 12/20/01 will be changed to 1.0.
Any tickers in the IBES database with an indicator of P and a dilution factor of 1.0 will remain as such as there is no conversion of estimates or actuals, so there is no real distinction between P and D.