منابع مشابه
Following the Leader: A Study of Individual Analysts Earnings Forecasts
This paper develops and tests procedures for identifying lead analysts based on the timeliness of analyst forecast revisions, the trading levels associated with these revisions, and forecast accuracy. Our framework provides an objective assessment of analyst quality that differs from the standard approach that uses survey evidence to rate analysts. Using a sample of equity analysts, we find tha...
متن کاملIntangible Assets, Information Complexity, and Analysts? Earnings Forecasts
We examine the relation between analysts’ earnings forecasts and firms’ intangible assets, including technology-based intangibles, brand names, and recognized intangibles. We predict that high information complexity of intangible assets increases the difficulty for analysts to assimilate information and increases analysts’ forecast error of intangibles-intensive firms. We find a positive associ...
متن کاملSecurity analysts’ career concerns and herding of earnings forecasts
Several theories of reputation and herd behavior (e.g., Scharfstein and Stein (1990), and Zwiebel (1995)) suggest that herding among agents should vary with career concerns. Our goal is to document whether such a link exists in the labor market for security analysts. We find that inexperienced analysts are more likely to be terminated for inaccurate earnings forecasts than are their more experi...
متن کاملAnalysts ’ Dividend Forecasts
The most relevant practical impediment to an application of the Markowitz portfolio selection approach is the problem of estimating return moments, in particular return expectations. We analyze the consequences of using return estimates implied by analysts’ dividend forecasts under the explicit notion of taxes and non-flat term structures of interest rates and achieve quite good performance res...
متن کاملAnalysts’ Responses to Earnings Management
Previous literature studying analysts’ earnings forecasts examines their properties without considering firms’ response to analysts’ forecasts. This study improves upon previous research by considering firms’ earnings management with respect to analysts’ forecasts. I hypothesize that analysts understand firms’ earnings management practices, and incorporate firms’ expected behavior into their fo...
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ژورنال
عنوان ژورنال: International Journal of Banking and Finance
سال: 2011
ISSN: 1675-722X
DOI: 10.32890/ijbf2011.8.3.8428