Showing 1 - 9 of 9
In this paper, we examine whether short interest improves the informativeness of stock prices with respect to future earnings. We find that short selling strengthens the relation between current returns and future earnings, especially in settings where short sellers are likely to possess an...
Persistent link: https://www.econbiz.de/10013036808
Persistent link: https://www.econbiz.de/10010503404
Prior studies use fundamental earnings forecasts to proxy for the market's expectations of earnings because analyst forecasts are biased and are available for only a subset of firms. We find that as a proxy for market expectations, fundamental forecasts contain systematic measurement errors...
Persistent link: https://www.econbiz.de/10012904816
Prior studies use fundamental earnings forecasts to proxy for the market's expectations of earnings because analyst forecasts are biased and are available for only a subset of firms. We find that as a proxy for market expectations, fundamental forecasts contain systematic measurement errors...
Persistent link: https://www.econbiz.de/10012858747
Persistent link: https://www.econbiz.de/10010428725
Persistent link: https://www.econbiz.de/10012257830
We posit and find that the importance of analyst and forecast characteristics for analyst forecast accuracy varies with analysts' access to management's private information and with the precision of publicly available information. In particular, more experienced analysts and All-Star analysts do...
Persistent link: https://www.econbiz.de/10013093591
Persistent link: https://www.econbiz.de/10014390391
We test whether agency conflicts generated by the divergence between insider voting rights and cash flow rights (i.e., disproportionate insider control) within dual-class firms reduce the informativeness of stock returns about future earnings. We find that the future earnings response...
Persistent link: https://www.econbiz.de/10013229808