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Return predictability and valuation ratios : sector-level evidence on the Johannesburg Stock Exchange

Chipunza, Kudakwashe Joshua; Muguto, Hilary Tinotenda; … - In: Cogent economics & finance 8 (2020) 1, pp. 1-27

The efficient market hypothesis describes an efficient market as one in which investors cannot consistently predict stock returns because prices instantly reflect all the information flowing into the market. However, return predictability has been documented in many markets. This study tests the...

Persistent link: https://www.econbiz.de/10013179575

Further Evidence on Optimism and Underreaction in Analysts' Forecasts

Espahbodi, Reza; Dugar, Amitabh - 2021

benefits to analysts of issuing optimistic forecasts — when the costs of issuing an optimistic forecast are high relative to … the benefits of doing so, optimism will be less apparent or absent. We also argue that underreaction to past forecast … past forecast errors and past changes in earnings should persist during the period of financial distress. For turnaround …

Persistent link: https://www.econbiz.de/10013243247

The predictability of future aggregate earnings growth and the relation between aggregate analyst recommendation changes and future returns

Billings, Bruce K.; Keskek, Sami; Pierce, Spencer - In: The accounting review : a publication of the American … 96 (2021) 1, pp. 41-66

Persistent link: https://www.econbiz.de/10012439360

The higher moments of future earnings

Chang, Woo-Jin; Monahan, Steven J.; Ouazad, Amine; … - In: The accounting review : a publication of the American … 96 (2021) 1, pp. 91-116

Persistent link: https://www.econbiz.de/10012439364

Forecasting Stock Market Returns : The Sum of the Parts is More than the Whole

Ferreira, Miguel A. - 2008

We propose forecasting separately the three components of stock market returns: dividend yield, earnings growth, and price-earnings ratio growth. We obtain out-of-sample R-square coefficients (relative to the historical mean) of nearly 1.6% with monthly data and 16.7% with yearly data using the...

Persistent link: https://www.econbiz.de/10012464077

Understanding the determinants of analyst target price implied returns

Dechow, Patricia M.; You, Haifeng - In: The accounting review : a publication of the American … 95 (2020) 6, pp. 125-149

Persistent link: https://www.econbiz.de/10012421492

Estimating private information usage amongst analysts : evidence from UK earnings forecasts

Mira, Svetlana; Taylor, Nicholas - In: Journal of forecasting 30 (2011) 8, pp. 679-705

Persistent link: https://www.econbiz.de/10009423367

Analyst forecast dispersion and market return predictability : does conditional equity premium play a role?

Liu, Shuang; Yao, Juan; Satchell, Stephen - In: Journal of risk and financial management : JRFM 13 (2020) 5/98, pp. 1-21

Prior studies found that analyst forecast dispersion predicts future market returns. Some prior studies attribute this …

Persistent link: https://www.econbiz.de/10012304904

Biased reactions to information and learning in analysts' forecasts

Oster, Nelli - 2008

Persistent link: https://www.econbiz.de/10011573805

Country-level analyst recommendations and international stock market returns

Berkman, Henk; Yang, Wanyi - In: Journal of banking & finance 103 (2019), pp. 1-17

Persistent link: https://www.econbiz.de/10012163765