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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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Evidence on the Information Content of Text in Analyst Reports
Huang, Allen - 2014
We document that textual discussions in a sample of 363,952 analyst reports provide information to investors beyond that in the contemporaneously released earnings forecasts, stock recommendations, and target prices, and also assist investors in interpreting these signals. Cross-sectionally, we...
Persistent link: https://www.econbiz.de/10013067668
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Salient Anchor and Analyst Recommendation Downgrade
Li, Fengfei - 2020
experience relatively less negative earnings forecast revisions. These results suggest that these downgrade decisions are less …
Persistent link: https://www.econbiz.de/10012856470
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On the Information Role of Stock Recommendation Revisions
Altinkilic, Oya - 2013
We examine the information transmission role of stock recommendation revisions by sell-side security analysts. Revisions are associated with economically insignificant mean price reactions and often piggyback on recent news, events, long-term momentum, and short-run contrarian return predictors,...
Persistent link: https://www.econbiz.de/10013095874
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Target price forecasts : The roles of the 52-week high price and recent investor sentiment
Clarkson, Peter M.; Nekrasov, Alexander; Simon, Andreas; … - 2020
reliance does not translate into an increased impact per unit of each non-fundamental factor on forecast bias. Finally, our …
Persistent link: https://www.econbiz.de/10012857242
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Implications of Analyst Forecasts at the Time of Earnings Announcements for Market Reactions to Earnings Announcements
Lobo, Gerald J. - 2011
Theory suggests that the informativeness of price at the time of an earnings announcement increases with the number of informed traders who possess superior information to process news from firm disclosures (Kyle 1985; Admati and Pfleiderer 1988; Kim and Verrecchia 1994). In this paper, we investigate...
Persistent link: https://www.econbiz.de/10013120980
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R&D Intensity and the Value of Analysts’ Recommendations
Palmon, Dan - 2014
This study examines the relationship between the value of financial analysts' recommendations and the intensity of firms' research and development (R&D) expenditures. We conduct univariate, portfolio and regression analyses using a sample of 8,620 public firms for the period 1993-2004. The...
Persistent link: https://www.econbiz.de/10013068032
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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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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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Do Information Releases Increase or Decrease Information Asymmetry? New Evidence from Analyst Forecast Announcements
Amiram, Dan - 2016
We use analyst earnings forecasts as a setting to examine a fundamental question concerning the effect of a public information release on announcement-period information asymmetry. Prior literature documents an announcement-period increase in information asymmetry for earnings announcements and...
Persistent link: https://www.econbiz.de/10013007946