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The Role of Anchoring Bias in the Equity Market : Evidence from Analysts' Earnings Forecasts and Stock Returns
Cen, Ling - 2013
We test the implications of anchoring bias associated with forecast earnings per share (FEPS) for forecast errors … more positive forecast revisions, more negative forecast errors, and more negative earnings surprises after a stock split …
Persistent link: https://www.econbiz.de/10013092369
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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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Analysts' Forecast Dispersion and Stock Split Announcements
Iannino, Maria Chiara - 2016
This paper is an empirical investigation of the relation between the dispersion on analysts' earnings forecasts and the future performance following a change in the nominal price of shares. On a sample of US splits occurred from 1993 to 2013, we observe a change in the distribution of analysts'...
Persistent link: https://www.econbiz.de/10013004989
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Information environment, market-wide sentiment and IPO initial returns : evidence from analyst forecasts before listing
Zhu, Hongjun; Zhang, Cheng; Li, He; Chen, Shimin - In: China journal of accounting research : CJAR 8 (2015) 3, pp. 193-211
Measuring the information environment of firms using analyst (price) forecast bias and forecast dispersion before … initial returns of initial public offerings (IPOs). We find the smaller the analyst forecast bias/dispersion, the lower the …
Persistent link: https://www.econbiz.de/10011844492
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The accuracy of financial analysts’ earnings forecasts and the Tunisian market reliance with time
Ahmed, Bouteska; Boutheina, Regaieg - In: Cogent economics & finance 5 (2017) 1, pp. 1-14
paper is to investigate whether following the Tunisian stock market opening, both the analyst forecast accuracy and the … increasing with time. Second, we find evidence that earnings expectations are not mainly based on analyst forecast in the first … (2010–2015) as analyst forecast better explain returns and exhibit greater relative information content. …
Persistent link: https://www.econbiz.de/10011882305
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Analyst Forecast Momentum
Irvine, Paul J. - 2017
forecasts. Yet bias does not necessarily invalidate a forecast, nor does it impinge on its relative quality. We find that …
Persistent link: https://www.econbiz.de/10012967143
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Institutional Investors, Analysts' Recommendations, Annual Reports, Textual Analysis and Stock Returns : Evidence from SEC EDGAR 10-K and 13-F Forms
Chouliaras, Andreas - 2015
I analyze 18510 SEC EDGAR Form 10-K (annual reports), for NASDAQ, NYSE and AMEX (NYSE MKT) stocks, along with 176565 SEC EDGAR Form 13-F (quarterly reports of institutional investors holdings), and analysts' recommendations, from 2001 until 2015. I find that (i) 10-K pessimism negatively affects...
Persistent link: https://www.econbiz.de/10013018383
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The Accuracy of Analysts’ Recommendations on Malaysian Stock Prices
Song, Saw-Imm - 2018
This study examines the price performance of Malaysian stocks recommended by the analysts of major stockbroking firms in Malaysia. Two questions are raised: whether investors can profit from the Malaysian stock market by following those analyst recommendations and whether buying (or selling)...
Persistent link: https://www.econbiz.de/10012931181
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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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Financial Analysts Impact on Stock Volatility
Gonzalez, Clara I. - 2012
The arrival of new information helps financial markets to value assets, but it may has the side-effect of increasing their volatilities. A better knowledge of the mechanism that links relevant news and stock prices would help both private and institutional agents to improve the calibration of...
Persistent link: https://www.econbiz.de/10013098006