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The Predictability of Future Aggregate Earnings Growth and the Relation between Aggregate Analyst Recommendation Changes and Future Returns
Billings, Bruce K. - 2020
We extend prior research examining the relation between aggregate recommendation changes and future returns by documenting that this relation varies over time as a function of the predictability of future earnings growth. When industry-level earnings growth is more predictable, we find that...
Persistent link: https://www.econbiz.de/10012840191
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Earnings Seasonality, Management Earnings Forecasts and Stock Returns
Jiang, Danling; Song, Pan; Zhu, Hongquan - 2023
Previous research finds that historical seasonal earnings rank negatively predicts stock returns surrounding earnings announcements (EAs) in China’s A-share markets. We examine whether management earnings forecasts (MEFs) help reduce the stock return seasonality associated with earnings...
Persistent link: https://www.econbiz.de/10014255146
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Stock Market Rewards for Earnings that Beat Analyst Earnings Forecasts when the Economy is Unforecastable
Baik, Bok; Duong, Hong Kim; Farber, David B.; Shaw, … - 2021
controls for the forecast error throughout the quarter. Results show that during high macro uncertainty periods, the market …
Persistent link: https://www.econbiz.de/10013313877
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The nexus between analyst forecast dispersion and expected returns surrounding stock market crashes
Chong, Terence Tai-Leung; Wang, Xiaolei - In: Journal of risk and financial management : JRFM 2 (2009) 1, pp. 75-93
empirical study has investigated the nexus between the analyst forecast dispersion (AFD) and excess returns surrounding stock …
Persistent link: https://www.econbiz.de/10011556115
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How informative are the unpredictable components of earnings forecasts?
Bruijn, Bert de; Franses, Philip Hans - 2015
earnings forecasters, we see that small adjustments to the model forecasts lead to more forecast accuracy. Based on past track …
Persistent link: https://www.econbiz.de/10010490078
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Do Stock Prices Influence Analysts’ Earnings Forecasts?
Miller, Jeffrey S. - 2010
This paper presents results from an experiment and follow-up survey examining whether stock prices influence analysts' earnings forecasts. In our experiment, prices influence analysts' forecasts when uncertainty about future earnings is high, but not when uncertainty is low. Additional analyses...
Persistent link: https://www.econbiz.de/10013139640
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Implications of Analysts’ Consensus Forecast Error for Measurement of Market Expectation and Predictability of Stock Returns
Kim, Jung Hoon - 2012
based on the absolute analysts' consensus forecast errors and determinants. The findings of this study indicate that …
Persistent link: https://www.econbiz.de/10013102171
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The Impact of Expectations Manipulation on the Usefulness of Analyst Forecasts in Firm Valuation*
Tian, Yao - 2009
income valuation model. Recognizing that firms may guide down analyst forecast to either truthfully communicate information … measure to isolate expectations manipulation from the overall forecast guidance. It then assesses forecast usefulness by the … performance of forecast-based intrinsic value metrics (V) to predict firm value. The results show that V estimated using …
Persistent link: https://www.econbiz.de/10013156684
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Analysts' Weight of Forecasts in Stock Recommendations - from The Recursive Partitioning Approach
Li, Tao - 2020
I utilize the recursive partitioning method to extract analysts' weight of forecasts assigned in their stock recommendation decisions. My findings suggest that in addition to analysts' earnings forecasts, the non-earnings forecasts, such as sales forecasts and net income forecasts, also play an...
Persistent link: https://www.econbiz.de/10012826894
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Are Analysts Whose Forecast Revisions Correlate Less with Prior Stock Price Changes Better Information Producers and Monitors?
Hwang, Chuan-Yang - 2020
analysts' forecast revisions and prior stock price changes. We validate this measure by examining whether analysts with lower …. We find that the stock price impacts of forecast revisions issued by analysts with higher PPI are larger than those … of directors rely more on analysts' forecast errors in their CEO turnover decisions when firms are followed by analysts …
Persistent link: https://www.econbiz.de/10012857457