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Information Content of Equity Analyst Reports
Asquith, Paul; Mikhail, Michael; Au, Andrea - Sloan School of Management, Massachusetts Institute of … - 2004
This paper catalogs the complete text of a large sample of All-American Analyst reports and examines the market reaction to the information released. It shows that the text of the report, which provides the justifications supporting an analyst's summary opinion, provides information beyond that...
Persistent link: https://www.econbiz.de/10005458470
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Information Misweighting and Stock Recommendations
Martinez, Jose Vicente - Institute for Financial Research (SIFR) - 2007
I provide evidence that analysts whose earnings forecast revisions showed signs of greater exaggeration in the past make recommendation changes that lead to lower abnormal returns than their peers. Interpreting stock recommendations as a forecast of future abnormal returns, I show that this...
Persistent link: https://www.econbiz.de/10005423906
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The quality of securities firms' earnings forecasts and stock recommendations: Do informational advantages, reputation and experience matter in China?
Bartholdy, Jan; Feng, Tiyi - In: Pacific-Basin Finance Journal 24 (2013) C, pp. 66-88
, securities firms who acted as investment bankers and securities firms with headquarters close to the stock's headquarters do not …
Persistent link: https://www.econbiz.de/10011043163
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REVISIÓN DE EXPECTATIVAS EN LAS PRESENTACIONES DE EMPRESA ANTE LOS ANALISTAS FINANCIEROS
Sala, Juan Carlos Gómez; Gil, Ana; Poveda, Francisco - Instituto Valenciano de Investigaciones Económicas (IVIE) - 2002
This study examines the reactions of the Spanish capital market and financial analysts to CEO presentations organized by the Spanish Society of Financial Analysts. The sample contains 156 presentations that took place during the period 1994-2000. To estimate the effect of these meetings -on...
Persistent link: https://www.econbiz.de/10005812830
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Dynamic Forecasting Behavior by Analysts: Theory and Evidence
Subramanian, Ajay; Clarke, Jonathan - Econometric Society - 2004
We examine the dynamic forecasting behavior of security analysts in response to their prior performance relative to their peers within a continuous time/multi-period framework. Our model predicts a U-shaped relationship between the boldness of an analyst's forecast, that is, the deviation of her...
Persistent link: https://www.econbiz.de/10005063584
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A Security Analyst's Action Recommendations: An Application of Recursive Partitioning to Modelling Judgement
Howieson, Bryan - In: Australian Journal of Management 16 (1991) 2, pp. 165-185
This paper illustrates an approach to modelling judgement. Mathematically, derived sequential decision tree models of judgement are constructed using the Classification And Regression Tree (CART) algorithm developed by Breiman et al. (1984). This technique was selected because it attempts to...
Persistent link: https://www.econbiz.de/10010769273
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Do investment banks listen to their own analysts?
Jordan, Bradford D.; Liu, Mark H.; Wu, Qun - In: Journal of Banking & Finance 36 (2012) 5, pp. 1452-1463
To what extent conflicts of interest affect the investment value of sell-side analyst research is an ongoing debate. We … approach this issue from a new direction by investigating how asset-management divisions of investment banks use stock …, especially for recommendations on small and low-analyst-coverage firms. Thus, we find that investment banks “eat their own …
Persistent link: https://www.econbiz.de/10011065741
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Security Analysts and Market Reaction:Caveat for Monitoring
Kanungo, Rama Prasad - EconWPA - 2004
Security analysts, analyst forecast and market reaction are anecdotal in restructuring transactions, sometime conflicting and some other time imperative to the process of transaction. This article attempts to highlight a consistent association between analyst, market reaction and corporate...
Persistent link: https://www.econbiz.de/10005561639
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Do German security analysts herd?
Naujoks, Marcel; Aretz, Kevin; Kerl, Alexander; Walter, … - In: Financial Markets and Portfolio Management 23 (2009) 1, pp. 3-29
Persistent link: https://www.econbiz.de/10005722914
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MARKET REACTION AND PROPERTIES OF EQUITY ANALYSTS REPORTS
Cavezzali, Elisa; Cass, John; Rigoni, Ugo - In: Revista Economica 40 (2008) 3, pp. 31-62
The paper collects and classifies the properties of more than 4600 analysts reports on Italian listed stocks in order to assess their impact on market reactions. The paper innovates the most common approach in the literature which resort mainly on information available on commercial database,...
Persistent link: https://www.econbiz.de/10008556851