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Analysts Target Price Accuracy and Investors' Reaction: Chilean Stock Market Evidence

Author

Listed:
  • Jorge Gregoire

    (Facultad de Economía y Negocios, Universidad de Chile)

  • Francisco Marcet

    (Facultad de Economía y Negocios, Universidad de Chile)

Abstract

El principal objetivo de este trabajo es estimar el grado de precisión que tiene los analistas de títulos accionarios en Chile. El estudio busca mostrar evidencia acerca de una directa relación entre el grado de precisión de los analistas y la presencia de retornos anormales en el dÌa del mundo de un nuevo precio objetivo (PO). Los principales resultados reflejan que los analistas no poseen un grado de precisión elevado. solo el 26.2% de los POs lanzados al mercado fueron exitosos. Además, se encuentra evidencia de retornos anormales en el dÌa del anuncio de un nuevo PO cuando este sorprende al mercado.

Suggested Citation

  • Jorge Gregoire & Francisco Marcet, 2014. "Analysts Target Price Accuracy and Investors' Reaction: Chilean Stock Market Evidence," Remef - Revista Mexicana de Economía y Finanzas Nueva Época REMEF (The Mexican Journal of Economics and Finance), Instituto Mexicano de Ejecutivos de Finanzas, IMEF, vol. 9(2), pages 153-173, Julio-Dic.
    • Handle: RePEc:imx:journl:v:9:y:2014:i:2:p:153-173
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    File URL: http://www.remef.org.mx/index.php/remef/article/view/60/105
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    References listed on IDEAS

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