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Predicting Momentum
Ma, Siyuan - 2022
This paper examines to what extent the momentum spread ratio (MSR) can predict momentum profits. The momentum spread ratio as a potential proxy of investor underreaction can significantly predict the momentum, industry momentum, and residual momentum, especially after 1994, suggesting that...
Persistent link: https://www.econbiz.de/10013404733
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The Effect of Institutional Investor Distraction on Analyst Forecasts
Li, zhi; Xie, Jing - 2022
We find that financial analysts provide more thorough forecasts when firms’ institutional investors are distracted (i.e., when firms are neglected). We establish the causality of the effect by identifying exogenous shocks leading to institutional investor distraction following Kempf, Manconi,...
Persistent link: https://www.econbiz.de/10013404199
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Return prediction or investor manipulation? Recommendations of non-professional analysts and stock price movement
Breuer, Wolfgang; Knetsch, Andreas; Sachsenhausen, Eric - 2022
We examine article, author and firm characteristics of investment articles published by non-professional analysts on the social media investment platform Seeking Alpha from 2006 to 2020 leading to visible market value changes. We show that there are differences between articles followed by stock...
Persistent link: https://www.econbiz.de/10013290160
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The impact of investor sentiment on direction of stock price changes : evidence from the Polish stock market
Polak, Kamil - In: Journal of banking and financial economics 2 (2021) 16, pp. 72-90
The purpose of this research is to examine the impact of sentiment derived from news headlines on the direction of stock price changes. The study examines stocks listed on the WIG-banking sub-sector index on the Warsaw Stock Exchange. Two types of data were used: textual and market data. The...
Persistent link: https://www.econbiz.de/10012887921
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Are Investors Misled by Non-GAAP Expense Exclusions Used to Beat Analysts’ Earnings Forecasts?
Lopez, Thomas J. - 2019
We investigate whether investors are misled by firms that exclude particular expenses in calculating non-GAAP earnings in order to beat analysts' earnings forecasts. Our empirical analyses suggest that firms that pursue a strategy of non-GAAP reporting to beat analysts' earnings forecasts not...
Persistent link: https://www.econbiz.de/10012864015
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Can Warren Buffett Forecast Equity Market Corrections?
Lleo, Sebastien - 2017
Warren Buffett suggested that the ratio of the market value of all publicly traded stocks to the Gross National Product could identify potential overvaluations and undervaluations in the US equity market. We investigate whether this ratio is a statistically significant predictor of equity market...
Persistent link: https://www.econbiz.de/10012971424
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Understanding Analyst Behavior : Do Individual Analysts Actually Walk Down Their Forecasts?
Jensen, Tyler; Plumlee, Marlene; Yohn, Teri Lombardi - 2022
This study examines individual analyst forecast revisions of annual earnings to provide insight into “walkdown ….7 percent of analyst-firm-year forecast revisions during 2001 – 2021 exhibit walkdown behavior. In contrast, 40.8 percent of … analyst’s first forecast is optimistic, her final forecast is similarly likely to be slightly optimistic as slightly …
Persistent link: https://www.econbiz.de/10014244835
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Machine Forecast Disagreement
Bali, Turan G.; Kelly, Bryan T.; Mörke, Mathis; … - National Bureau of Economic Research - 2023
aligns with extant measures of disagreement (e.g., analyst forecast dispersion), but is a significantly stronger predictor of … disagreement and future returns. A decile spread portfolio that is short stocks with high forecast disagreement and long stocks …
Persistent link: https://www.econbiz.de/10014337816
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Is Cognitive Bias Really Present in Analyst Forecasts? The Role of Investor Sentiment
Corredor, Pilar - 2014
is mainly strategic or whether it also contains an element of cognitive bias. Despite the fact that forecast errors lack …
Persistent link: https://www.econbiz.de/10013045970
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Does Investor Sentiment Predict Future Mexican Stock Market Returns?
Perez-Liston, Daniel - 2017
This paper studies whether investor sentiment can predict future Mexican stock market returns. Furthermore, we examine the dynamic correlation between sentiment and returns. Lastly, we examine whether sentiment innovations influence unexpected returns. We find that sentiment has significant...
Persistent link: https://www.econbiz.de/10012948714