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The Relative Informativeness Of Financial Analysts Earnings Forecasts And Stock Recommendations
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Book Synopsis The Relative Informativeness of Financial Analysts' Earnings Forecasts and Stock Recommendations by : Constantina Philippou Constantinou
Download or read book The Relative Informativeness of Financial Analysts' Earnings Forecasts and Stock Recommendations written by Constantina Philippou Constantinou and published by . This book was released on 2000 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Financial Analysts' Forecasts and Stock Recommendations by : Sundaresh Ramnath
Download or read book Financial Analysts' Forecasts and Stock Recommendations written by Sundaresh Ramnath and published by Now Publishers Inc. This book was released on 2008 with total page 125 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial Analysts' Forecasts and Stock Recommendations reviews research related to the role of financial analysts in the allocation of resources in capital markets. The authors provide an organized look at the literature, with particular attention to important questions that remain open for further research. They focus research related to analysts' decision processes and the usefulness of their forecasts and stock recommendations. Some of the major surveys were published in the early 1990's and since then no less than 250 papers related to financial analysts have appeared in the nine major research journals that we used to launch our review of the literature. The research has evolved from descriptions of the statistical properties of analysts' forecasts to investigations of the incentives and decision processes that give rise to those properties. However, in spite of this broader focus, much of analysts' decision processes and the market's mechanism of drawing a useful consensus from the combination of individual analysts' decisions remain hidden in a black box. What do we know about the relevant valuation metrics and the mechanism by which analysts and investors translate forecasts into present equity values? What do we know about the heuristics relied upon by analysts and the market and the appropriateness of their use? Financial Analysts' Forecasts and Stock Recommendations examines these and other questions and concludes by highlighting area for future research.
Book Synopsis A Review of Research Related to Financial Analysts' Forecasts and Stock Recommendations by : Sundaresh Ramnath
Download or read book A Review of Research Related to Financial Analysts' Forecasts and Stock Recommendations written by Sundaresh Ramnath and published by . This book was released on 2010 with total page 117 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews research regarding the role of financial analysts in capital markets. The paper builds on the perspectives provided by Schipper (1991) and Brown (1993). We categorize papers published mainly since 1992 and selectively discuss aspects of these papers that address or suggest key research topics of ongoing interest in seven broad areas: analysts' decision processes, the determinants of analyst expertise and distributions of individual analysts' forecasts, the informativeness of analysts' research outputs, analyst and market efficiency with respect to information, effects of analysts' economic incentives on their research outputs, effects of the institutional and regulatory environment (including cross-country comparisons), and the limitations of databases and various research paradigms.
Book Synopsis Financial Analysts' Heterogeneous Earnings Expectations and Their Stock Recommendations by : Steven Lustgarten
Download or read book Financial Analysts' Heterogeneous Earnings Expectations and Their Stock Recommendations written by Steven Lustgarten and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: In this study we test whether financial analysts' use their earnings forecasts to make stock recommendations. We hypothesize that if analysts use earnings forecasts as a basis for stock recommendations, the likelihood of a buy (sell) recommendation ought to increase (decrease) when the analyst's earnings forecast becomes more optimistic (pessimistic) relative to the market's expectation. The data supports this hypothesis. We also test the extent to which analysts' stock recommendations are based on public and/or on private earnings information. Private information is measured as the difference between the analysts own earnings forecast and the consensus forecasts of other analysts. Public information is measured as the difference between the consensus forecast and the random walk forecast. Our data show that stock recommendations are related to both private and public earnings information, private information is more important. We also find that the relationship between recommendations and forecasts is stronger where earnings are more value relevant. Factors such as higher earnings persistence and growth opportunities, lower market risk and larger firm size make stock recommendations more responsive to earnings forecasts. Stock recommendations are related to forecasted earnings surprises even when the forecast revision is held constant.
Book Synopsis On the Properties of Financial Analyst Earnings Forecasts: Some New Evidence by :
Download or read book On the Properties of Financial Analyst Earnings Forecasts: Some New Evidence written by and published by . This book was released on with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The importance of information in the formation process of security prices has a long history. The dissemination of information can take on different forms depending on the legal constraints. However, in all developed financial markets, financial analysts play a prominent role in collecting, analysing and diffusing information. Financial analysts typically supply future earnings estimates and stock picking advices in the form of recommendations. Earnings estimates are the essential part of security valuation by analysts and investors. They have even become an integral part of financial reporting in the financial press. Early research has accumulated evidence that these estimates are optimistically biased. More recently, empirical studies have found that analysts' optimistic bias is lessening, that its extent differs across analysts, firm characteristics and countries. Broadly speaking, this dissertation investigates the determinants of financial analyst forecasts bias. In the first essay, I examine the relative accuracy of European financial analysts' earnings forecasts and its determinants. I show that the results obtained for US analysts can not be generalised to European analysts who face a seemingly different job market as well as several different institutional and economic environments. In the second essay, I investigate the influence of financial analysts' location on their performance. More precisely, I examine the relative performance of local versus foreign analysts on Latin American stock markets. I find foreign analysts to be more timely and more accurate than their local counterparts. In addition, I document stronger price reactions after foreign analysts' forecast revisions than after those of local analysts. The third essay is related to the declining pattern of financial analyst forecast bias. In particular, I investigate whether US CEOs compensation arrangements give CEOs incentives to manipulate analysts' expectations downward in order to release ea.
Book Synopsis Discussion and review of Bradshaw (2004): "How do analysts use their earnings forecasts in generating stock recommendations" by : Malwina Woznik
Download or read book Discussion and review of Bradshaw (2004): "How do analysts use their earnings forecasts in generating stock recommendations" written by Malwina Woznik and published by GRIN Verlag. This book was released on 2013-08-12 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2011 in the subject Business economics - Controlling, grade: 1,3, University of Cologne (Seminar für allgemeine BWL und Controlling), language: English, abstract: Since the beginning of the 90s research on issues referring to analysts’ practise grew rapidly to such an extent that even several publications are concerned with giving an overview of this development. Besides the principal-agent problematic between the firm’s managers and the equity investors, investors are dependent on analysts’ information in times where equity trading soared and the trading turnover in 2008 was 35 times higher than in 1980. That is why shareholders are not able to analyse the amount of information regarding a company due to lack of time or ability. Therefore analysts advise investors to make a profitable decision by publishing a report including for instance stock recommendations or earnings forecasts. Another reason why there is so much research about analysts’ practise is the fact that their information influences investors’ trading behaviour. Thus, it is crucial to know how reliable those statements are and accordingly to be able to assess the quality of the outputs. However, to answer the question of analysts’ process of transforming various information of stock recommendations have to be examined in detail. Recent investigations rather focus on the single properties of analysts’ analyses as earnings forecasts and stock recommendations, but did not connect those two values. Prior studies deal with research questions like the effect of earnings forecasts on the stock prices or the use of stock recommendations to foretell abnormal return. Bradshaw (2004) is the first research paper which follows the question whether there is a link and if so how analysts incorporate the earnings forecasts into their stock recommendation. Because of the importance of Bradshaw (2004), this paper reviews the main issues and embeds them into the existing literature concerning the role of analysts. The rest of this paper is organized as follows. The first chapter focuses on the character of analysts and potential key input factors which might be used by analysts for issuing recommendations. Then a brief review of Bradshaw (2004) is given to present the main results. This enables a discussion about potential and realized extensions in literature which follows in the third chapter. The final chapter concludes.
Book Synopsis The Relative Informativeness of Analyst Stock Recommendations and Earnings Forecast Revisions and Their Impact on the London Stock Exchange by : Colin Travers
Download or read book The Relative Informativeness of Analyst Stock Recommendations and Earnings Forecast Revisions and Their Impact on the London Stock Exchange written by Colin Travers and published by . This book was released on 2002 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis A Multivariate Analysis of Earnings Forecasts Generated by Financial Analysts and Univariate Time Series Models by : William S. Hopwood
Download or read book A Multivariate Analysis of Earnings Forecasts Generated by Financial Analysts and Univariate Time Series Models written by William S. Hopwood and published by . This book was released on 1978 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: The study provides evidence on the relative accuracy of forecasts of earnings generated from five sources including statistical models and financial analysts. The statistical models were chosen on the basis of their usage in recent studies in the literature. The results indicate that the five types of forecasts are not significantly different using a multivariate testing procedure.
Book Synopsis An Empirical Investigation of Bias in Analysts' Earnings Forecasts by : Hakan Saraoglu
Download or read book An Empirical Investigation of Bias in Analysts' Earnings Forecasts written by Hakan Saraoglu and published by . This book was released on 1996 with total page 318 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Misstated Quarterly Earnings, Alternative Information, and Financial Analyst Earnings Forecast Revisions by : Michael L. Ettredge
Download or read book Misstated Quarterly Earnings, Alternative Information, and Financial Analyst Earnings Forecast Revisions written by Michael L. Ettredge and published by . This book was released on 1993 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Effect of Macro Information Environment Change on the Quality of Management Earnings Forecasts by : Stephen P. Baginski
Download or read book The Effect of Macro Information Environment Change on the Quality of Management Earnings Forecasts written by Stephen P. Baginski and published by . This book was released on 2014 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: The 1990s were characterized by substantial increases in the performance of and investor reliance on financial analysts. Because managers possess superior private information and issue forecasts to align investors' expectations with their own, we predict that managers increased the quality of their earnings forecasts during the 1990s in order to keep pace with the improved forward-looking information provided by financial analysts, upon which investors increasingly relied.Using a sample of 2,437 management earnings forecasts, we document an increase in management earnings forecast precision, management earnings forecast accuracy, and managers' tendency to explain earnings forecasts in 1993-1996 relative to 1983-1986. Given that these forecast characteristics are linked to greater informativeness and credibility, we also document that the information content of management earnings forecasts, as measured by the strength of share price responses to forecast news, increased in 1993-1996 relative to 1983-1986. As expected, the increased information content of management forecasts primarily occurred for firms covered by financial analysts.
Book Synopsis The Informativeness of Analysts' Earnings Forecasts and Ratings Under Various Business Cycle Conditions by : Mitchell O'Reilly
Download or read book The Informativeness of Analysts' Earnings Forecasts and Ratings Under Various Business Cycle Conditions written by Mitchell O'Reilly and published by . This book was released on 2011 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Public Disclosure of Corporate Earnings Forecasts by : Francis A. Lees
Download or read book Public Disclosure of Corporate Earnings Forecasts written by Francis A. Lees and published by . This book was released on 1981 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Predictable Errors in Financial Analysts' Annual Earnings Forecasts and the Evaluation of Earnings Forecast-based Securities Returns Anomalies by : Le Xu
Download or read book Predictable Errors in Financial Analysts' Annual Earnings Forecasts and the Evaluation of Earnings Forecast-based Securities Returns Anomalies written by Le Xu and published by . This book was released on 2003 with total page 120 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Conformity and Frequency of Financial Analysts' Earnings Forecasts and Momentum in Returns on Equity Securities by : Wannee Taechoyotin
Download or read book Conformity and Frequency of Financial Analysts' Earnings Forecasts and Momentum in Returns on Equity Securities written by Wannee Taechoyotin and published by . This book was released on 2003 with total page 140 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Financial Analysts' Earnings Forecast Dispersion and Intraday Stock Price Variability Around Quarterly Earnings Announcements by : Gerald J. Lobo
Download or read book Financial Analysts' Earnings Forecast Dispersion and Intraday Stock Price Variability Around Quarterly Earnings Announcements written by Gerald J. Lobo and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This study investigates the relationship between the dispersion of analysts' earnings forecasts and stock price variability around quarterly earnings announcements. Consistent with theoretical predictions, the empirical analysis shows that stock price variability at the time of earnings announcements is positively related to the degree of analysts' earnings forecast dispersion. The analysis also demonstrates that stock price variability is significantly greater from two days before to two days after the earnings announcement for firms ranked in the bottom third on the basis of analysts' forecast dispersion, whereas it is significantly greater from eight days prior to five days following the earnings announcement for firms in the top third. These results suggest that there is information about the earnings announcement that becomes available to at least a subset of investors prior to the earnings release. The increased level of price variability for five days following the earnings announcement suggests that market participants take different amounts of time to process the information conveyed by the earnings announcement.
Book Synopsis Financial Analysts? Earnings Forecast Dispersion and Intraday Stock Price Variability Around Quarterly Earnings Announcements by : Samuel S. Tung
Download or read book Financial Analysts? Earnings Forecast Dispersion and Intraday Stock Price Variability Around Quarterly Earnings Announcements written by Samuel S. Tung and published by . This book was released on 2020 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study investigates the relationship between the dispersion of analysts? earnings forecasts and stock price variability around quarterly earnings announcements. Consistent with theoretical predictions, the empirical analysis shows that stock price variability at the time of earnings announcements is positively related to the degree of analysts? earnings forecast dispersion. The analysis also demonstrates that stock price variability is significantly greater from two days before to two days after the earnings announcement for firms ranked in the bottom third on the basis of analysts? forecast dispersion, whereas it is significantly greater from eight days prior to five days following the earnings announcement for firms in the top third. These results suggest that there is information about the earnings announcement that becomes available to at least a subset of investors prior to the earnings release. The increased level of price variability for five days following the earnings announcement suggests that market participants take different amounts of time to process the information conveyed by the earnings announcement.
