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Decision Fatigue and Heuristic Analyst Forecasts

Hirshleifer, David A. - 2018

firms and often issue several forecasts in a single day. We find that forecast accuracy declines over the course of a day as … closely with the consensus forecast, by self-herding (i.e., reissuing their own previous outstanding forecasts), and by … issuing a rounded forecast. Finally, we find that the stock market understands these effects and discounts for analyst …

Persistent link: https://www.econbiz.de/10012926415

Information Content of Equity Analyst Reports

Asquith, Paul - 2002

This paper investigates the market reaction to the information released in security analyst reports. It shows that the market reacts significantly and positively to changes in recommendation levels, earnings forecasts, and price targets. While changes in price targets and earnings forecasts both...

Persistent link: https://www.econbiz.de/10012787095

Who Benefits from Analyst “Top Picks”?

Birru, Justin; Gokkaya, Sinan; Liu, Xi; Stulz, René - 2022

Following the Global Settlement, analysts extensively use a top pick designation to highlight their highest conviction best ideas. Such a designation enables analysts to provide greater granularity of information, but it can potentially be influenced by conflicts of interest. Examining a...

Persistent link: https://www.econbiz.de/10013403250

Do Acquirers with More Uncertain Growth Prospects Gain Less from Acquisitions?

Moeller, Sara B. - 2004

Behavioral finance models imply that an increase in shares outstanding leads to a lower stock price for firms with greater diversity in opinion among investors. Information asymmetry models imply that share issues by firms with greater information asymmetries are accompanied by larger share...

Persistent link: https://www.econbiz.de/10012785450

Peer Advice on Financial Decisions : A Case of the Blind Leading the Blind?

Ambuehl, Sandro - 2018

Previous research shows that many people seek financial advice from non-experts, and that peer interactions influence financial decisions. We investigate whether such influences are beneficial, harmful, or simply haphazard. In our laboratory experiment, face-to-face communication with a randomly...

Persistent link: https://www.econbiz.de/10012911100

Retail Financial Advice : Does One Size Fit All?

Foerster, Stephen R. - 2014

Using unique data on Canadian households, we assess the impact of financial advisors on their clients' portfolios. We find that advisors induce their clients to take more risk, thereby raising expected returns. On the other hand, we find limited evidence of customization: advisors direct clients...

Persistent link: https://www.econbiz.de/10013043279

Market Reactions to Tangible and Intangible Information

Daniel, Kent D. - 2010

We decompose stock returns into components attributable to tangible and intangible information. A firm's tangible return is the component of its return attributable to fundamental accounting-performance information, and its intangible return is the component which is orthogonal to this...

Persistent link: https://www.econbiz.de/10012762814

Valuation Ratios and the Long-Run Stock Market Outlook : An Update

Campbell, John Y. - 2010

The use of price earnings ratios and dividend-price ratios as forecasting variables for the stock market is examined using aggregate annual US data 1871 to 2000 and aggregate quarterly data for twelve countries since 1970. Various simple efficient-markets models of financial markets imply that...

Persistent link: https://www.econbiz.de/10012763169

Forecasting Stock Market Returns : The Sum of the Parts is More than the Whole

Ferreira, Miguel A. - 2009

We propose forecasting separately the three components of stock market returns: dividend yield, earnings growth, and price-earnings ratio growth. We obtain out-of-sample R-square coefficients (relative to the historical mean) of nearly 1.6% with monthly data and 16.7% with yearly data using the...

Persistent link: https://www.econbiz.de/10012765583

Changing Times, Changing Values : A Historical Analysis of Sectors within the Us Stock Market 1872-2013

Bunn, Oliver - 2014

We construct a price, dividend, and earnings series for the Industrials sector, the Utilities sector, and the Railroads sector from the beginning of the 1870s until the beginning of the year 2013 from primary sources. To infer about mispricings in the sector markets over more than a century, we...

Persistent link: https://www.econbiz.de/10013049370

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