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forecast accuracy. These results are consistent with the proposition that, while analysts apparently find XBRL data to be …
Persistent link: https://www.econbiz.de/10012984942
forecast when actual earnings exceed the consensus and the most pessimistic forecast when the consensus exceeds actual earnings …
Persistent link: https://www.econbiz.de/10012992160
Employing a classic measure of technological closeness between firms, we show that the returns of technology-linked firms have strong predictive power for focal firm returns. A long-short strategy based on this effect yields monthly alpha of 117 basis points. This effect is distinct from...
Persistent link: https://www.econbiz.de/10012932842
results clearly demonstrate that analyst forecast errors, and forecast dispersion, increase with EPU. US monetary policy … uncertainty and Japanese trade policy uncertainty are particularly important in generating forecast dispersion. The empirical … findings are consistent across forecast horizons ranging from 1-month to 1-year. This has important implications for market …
Persistent link: https://www.econbiz.de/10013239718
Using the minute-frequency data of the top 30 coins listed on Binance, which represent 86% of the total dollar trading volume of the cryptocurrency market, we document strong evidence of cross-cryptocurrency return predictability. The lagged returns of other cryptocurrencies serve as significant...
Persistent link: https://www.econbiz.de/10013212875
affecting firms under coverage. We find that temporarily distracted analysts achieve lower forecast accuracy, revise forecasts … less frequently, and publish less informative forecast revisions relative to non-distracted analysts. Further, at the firm …
Persistent link: https://www.econbiz.de/10012828956
Using the minute-frequency data on Binance, we find strong evidence of cross-cryptocurrency return predictability. The lagged returns of other cryptocurrencies serve as significant predictors of focal cryptocurrencies up to ten minutes, in line with slow information diffusion. The results are...
Persistent link: https://www.econbiz.de/10013312724
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
We find that financial analysts provide more thorough forecasts when firms’ institutional investors are distracted (i.e., when firms are neglected). We establish the causality of the effect by identifying exogenous shocks leading to institutional investor distraction following Kempf, Manconi,...
Persistent link: https://www.econbiz.de/10013404199
reflect the predictable component of analyst forecast errors. This evidence conflicts with conclusions in prior research … characteristic and analyst forecasts predicts future analyst forecast errors, forecast revisions, and changes in buy …/sell recommendations. I document abnormal returns to a strategy that sorts firms based on predicted forecast errors, consistent with …
Persistent link: https://www.econbiz.de/10013094105