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forecast levels. A country's proximity to the US, importance to the firm, and visibility, as well as availability of more … precise information about foreign country exposures, contribute to consensus forecast efficiency. We identify a dimension of … — and show that it contributes to forecast efficiency, accuracy, and informativeness and that it helps the analyst achieve …
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We document that investors can actually profit from the contemporaneous link between earnings accuracy and recommendation profitability (Loh and Mian (2006)). Differentiating between "able" and "lucky" analysts we suggest an implementable, i.e. look-ahead bias free, trading strategy that yields...
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This paper shows that analyst recommendations aggregated at the country level predict international stock market returns. A trading strategy based on past country-level recommendations yields an abnormal return of around 0.9 percent per month. Aggregate analyst recommendations also predict...
Persistent link: https://www.econbiz.de/10012986529
This is the first large study to examine the relation between analysts' stock recommendations, earnings forecasts, and future excess stock returns in an international context. We first document that some of the peculiar findings established in the U.S. extend to other countries where individual...
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This paper presents new evidence on international financial market integration using stock analyst earnings forecasts from around the world. By examining cash flow and discount rate news comovements, we find that financial and economic integration has diverged over time as financial integration...
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