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Are Financial Analysts' Forecasts of Corporate Profits Rational?

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  • Michael P. Keane
  • David E. Runkle

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  • Michael P. Keane & David E. Runkle, 1998. "Are Financial Analysts' Forecasts of Corporate Profits Rational?," Journal of Political Economy, University of Chicago Press, vol. 106(4), pages 768-805, August.
    • Handle: RePEc:ucp:jpolec:v:106:y:1998:i:4:p:768-805
    DOI: 10.1086/250029
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    References listed on IDEAS

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    1. Bernard, Vl, 1987. "Cross-Sectional Dependence And Problems In Inference In Market-Based Accounting Research," Journal of Accounting Research, Wiley Blackwell, vol. 25(1), pages 1-48.
    2. Abarbanell, Jeffery S., 1991. "Do analysts' earnings forecasts incorporate information in prior stock price changes?," Journal of Accounting and Economics, Elsevier, vol. 14(2), pages 147-165, June.
    3. Brown, Bryan W & Maital, Shlomo, 1981. "What Do Economists Know? An Empirical Study of Experts' Expectations," Econometrica, Econometric Society, vol. 49(2), pages 491-504, March.
    4. Beaver, Wh & Clarke, R & Wright, Wf, 1979. "Association Between Unsystematic Security Returns And The Magnitude Of Earnings Forecast Errors," Journal of Accounting Research, Wiley Blackwell, vol. 17(2), pages 316-340.
    5. Elton, Edwin J. & Gruber, Martin J. & Gultekin, Mustafa N., 1984. "Professional Expectations: Accurary and Diagonosis of Errors," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 19(4), pages 351-363, December.
    6. Brown, Lawrence D & Rozeff, Michael S, 1978. "The Superiority of Analyst Forecasts as Measures of Expectations: Evidence from Earnings," Journal of Finance, American Finance Association, vol. 33(1), pages 1-16, March.
    7. Collins, Wa & Hopwood, Ws, 1980. "A Multivariate-Analysis Of Annual Earnings Forecasts Generated From Quarterly Forecasts Of Financial Analysts And Univariate Time-Series Models," Journal of Accounting Research, Wiley Blackwell, vol. 18(2), pages 390-406.
    8. J. G. Cragg & Burton G. Malkiel, 1968. "The Consensus And Accuracy Of Some Predictions Of The Growth Of Corporate Earnings," Journal of Finance, American Finance Association, vol. 23(1), pages 67-84, March.
    9. Abarbanell, Jeffrey S & Bernard, Victor L, 1992. "Tests of Analysts' Overreaction/Underreaction to Earnings Information as an Explanation for Anomalous Stock Price Behavior," Journal of Finance, American Finance Association, vol. 47(3), pages 1181-1207, July.
    10. Brown, Lawrence D. & Hagerman, Robert L. & Griffin, Paul A. & Zmijewski, Mark E., 1987. "Security analyst superiority relative to univariate time-series models in forecasting quarterly earnings," Journal of Accounting and Economics, Elsevier, vol. 9(1), pages 61-87, April.
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