Tu, Chia-Jung; Chang, Yuanchen - In: Review of Financial Economics 21 (2012) 2, pp. 82-89
Using data from MSCI Taiwan Index adjustments, we study analyst responses to stock additions from 1999 to 2007. The empirical results show that the magnitudes of changes in analysts' earnings-per-share forecasts are similar to those of their two benchmarks for new additions to the index....