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The Superiority of Analyst Forecasts as Measures of Expectations: Evidence from Earnings

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Cited by:

  1. van Lent, L.A.G.M., 1999. "Incomplete contracting theory in empirical accounting research," Other publications TiSEM 088f797d-9fa4-4081-98f4-1, Tilburg University, School of Economics and Management.
  2. 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.
  3. So, Eric C., 2013. "A new approach to predicting analyst forecast errors: Do investors overweight analyst forecasts?," Journal of Financial Economics, Elsevier, vol. 108(3), pages 615-640.
  4. Carl R. Chen & James Wuh Lin & David A. Sauer, 1997. "Earnings Announcements, Quality And Quantity Of Information, And Stock Price Changes," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 20(4), pages 483-502, December.
  5. Xiaomeng Chen, 2010. "Australian evidence on the accuracy of analysts' expectations," Accounting Research Journal, Emerald Group Publishing Limited, vol. 23(1), pages 94-116, July.
  6. Chen, Kejing & Guo, Wenqi & Jiang, Lin & Xiong, Xiong & Yang, Mo, 2022. "Does time-space compression affect analyst forecast performance?," Research in International Business and Finance, Elsevier, vol. 62(C).
  7. Katsuhiko Muramiya & Kazuhisa Otogawa, 2012. "How Do Investors Trade When Actual Earnings Are Reported with Management Forecasts?," Discussion Paper Series DP2012-06, Research Institute for Economics & Business Administration, Kobe University.
  8. Cornell, Bradford, 2000. "Valuing Intel: A Strange Tale of Analysts and Announcements," University of California at Los Angeles, Anderson Graduate School of Management qt4dm1h6qh, Anderson Graduate School of Management, UCLA.
  9. Wolfgang Breuer & Andreas Knetsch & Astrid Juliane Salzmann, 2020. "What Does It Mean When Managers Talk About Trust?," Journal of Business Ethics, Springer, vol. 166(3), pages 473-488, October.
  10. Sadka, Gil & Sadka, Ronnie, 2009. "Predictability and the earnings-returns relation," Journal of Financial Economics, Elsevier, vol. 94(1), pages 87-106, October.
  11. Marco Aiolfi & Marius Rodriguez & Allan Timmermann, 2010. "Understanding Analysts' Earnings Expectations: Biases, Nonlinearities, and Predictability," Journal of Financial Econometrics, Oxford University Press, vol. 8(3), pages 305-334, Summer.
  12. Sunil Mohanty & Edward Aw, 2006. "Rationality of analysts' earnings forecasts: evidence from dow 30 companies," Applied Financial Economics, Taylor & Francis Journals, vol. 16(12), pages 915-929.
  13. Hark-Ppin Yhim & Khondkar Karim & Robert Rutledge, 2003. "The association between disclosure level and information quality: voluntary management earnings forecasts," Applied Financial Economics, Taylor & Francis Journals, vol. 13(9), pages 677-692.
  14. Andros Gregoriou & Christos Ioannidis & Len Skerratt, 2005. "Information Asymmetry and the Bid-Ask Spread: Evidence From the UK," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 32(9-10), pages 1801-1826.
  15. Ramelli, Stefano & Ossola, Elisa & Rancan, Michela, 2021. "Stock price effects of climate activism: Evidence from the first Global Climate Strike," Journal of Corporate Finance, Elsevier, vol. 69(C).
  16. Yashu Dong & Danqing Young & Yinglei Zhang, 2021. "Familiarity bias and earnings-based equity valuation," Review of Quantitative Finance and Accounting, Springer, vol. 57(2), pages 795-818, August.
  17. Kothari, S. P., 2001. "Capital markets research in accounting," Journal of Accounting and Economics, Elsevier, vol. 31(1-3), pages 105-231, September.
  18. DeFond, Mark L. & Hung, Mingyi, 2003. "An empirical analysis of analysts' cash flow forecasts," Journal of Accounting and Economics, Elsevier, vol. 35(1), pages 73-100, April.
  19. Baljit Sidhu & Hwee Cheng Tan, 2011. "The Performance of Equity Analysts During the Global Financial Crisis," Australian Accounting Review, CPA Australia, vol. 21(1), pages 32-43, March.
  20. Rä‚Zvan Popa, 2020. "Improving Earnings Predictions With Neural Network Models," Review of Economic and Business Studies, Alexandru Ioan Cuza University, Faculty of Economics and Business Administration, issue 26, pages 77-96, December.
  21. Pagach, Donald P. & Warr, Richard S., 2020. "Analysts versus time-series forecasts of quarterly earnings: A maintained hypothesis revisited," Advances in accounting, Elsevier, vol. 51(C).
  22. Aigbe Akhigbe & Ronald Kudla & Jeff Madura, 2005. "Why are some corporate earnings restatements more damaging?," Applied Financial Economics, Taylor & Francis Journals, vol. 15(5), pages 327-336.
  23. Uri Ben-Zion, 1984. "The R&D and Investment Decision and Its Relationship to the Firm's Market Value: Some Preliminary Results," NBER Chapters, in: R&D, Patents, and Productivity, pages 299-314, National Bureau of Economic Research, Inc.
  24. J. Randall Woolridge, 1982. "The Information Content Of Dividend Changes," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 5(3), pages 237-247, September.
  25. Janice C. Y. How & Yion K. Phung & Peter Verhoeven, 2005. "Accuracy of Analysts' Earnings Forecasts: Evidence from Mergers and Acquisitions in Australia," Asian Academy of Management Journal of Accounting and Finance (AAMJAF), Penerbit Universiti Sains Malaysia, vol. 1(1), pages 67-80.
  26. Sheng Yao & Haotian Liang, 2019. "Analyst Following, Environmental Disclosure and Cost of Equity: Research Based on Industry Classification," Sustainability, MDPI, vol. 11(2), pages 1-19, January.
  27. Joshua Anderson & Yiting Cao & Edward J. Riedl & Scarlett Xiaotong Song, 2023. "Other comprehensive income, its components, and analysts’ forecasts," Review of Accounting Studies, Springer, vol. 28(2), pages 792-826, June.
  28. Byung T. Ro, 1989. "Earnings news and the firm size effect," Contemporary Accounting Research, John Wiley & Sons, vol. 6(1), pages 177-195, September.
  29. Sami Keskek & James N. Myers & Linda A. Myers, 2020. "Investors' Misweighting of Firm‐Level Information and the Market's Expectations of Earnings," Contemporary Accounting Research, John Wiley & Sons, vol. 37(3), pages 1828-1853, September.
  30. Philip G. Berger & Rebecca Hann, 2003. "The Impact of SFAS No. 131 on Information and Monitoring," Journal of Accounting Research, Wiley Blackwell, vol. 41(2), pages 163-223, May.
  31. Zana Grigaliuniene, 2013. "Time-Series Models Forecasting Performance In The Baltic Stock Market," Organizations and Markets in Emerging Economies, Faculty of Economics, Vilnius University, vol. 4(1).
  32. Green, T. Clifton & Jame, Russell & Markov, Stanimir & Subasi, Musa, 2014. "Access to management and the informativeness of analyst research," Journal of Financial Economics, Elsevier, vol. 114(2), pages 239-255.
  33. Rumi Masih & A. Mansur M. Masih & Kilian Mie, 2010. "Model uncertainty and asset return predictability: an application of Bayesian model averaging," Applied Economics, Taylor & Francis Journals, vol. 42(15), pages 1963-1972.
  34. Juan Carlos Gómez Sala & María Jesús Pastor, 2004. "Is The Market Over-Optimistic About The Prospects Of Firms That Issue Equity? Evidence For The Spanish Market," Working Papers. Serie EC 2004-06, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
  35. Viola Monostoriné Grolmusz, 2023. "Recovering Stock Analysts’ Loss Functions from Buy/Sell Recommendations," MNB Working Papers 2023/4, Magyar Nemzeti Bank (Central Bank of Hungary).
  36. Hou, Kewei & van Dijk, Mathijs A. & Zhang, Yinglei, 2012. "The implied cost of capital: A new approach," Journal of Accounting and Economics, Elsevier, vol. 53(3), pages 504-526.
  37. Lai, Richard, 2004. "A Catering Theory of Analyst Bias," MPRA Paper 4761, University Library of Munich, Germany.
  38. Amitabh Dugar & Siva Nathan, 1995. "The Effect of Investment Banking Relationships on Financial Analysts' Earnings Forecasts and Investment Recommendations," Contemporary Accounting Research, John Wiley & Sons, vol. 12(1), pages 131-160, September.
  39. Simon Hussain, 1998. "Lead indicator models and UK analysts' earnings forecasts," Accounting and Business Research, Taylor & Francis Journals, vol. 28(4), pages 271-280.
  40. Michael J. Gift & Paul Gift & YeQing Yang, 2010. "Financial Market Reactions To Earnings Announcements And Earnings Forecast Revisions: Evidence From The U.S. And China," The International Journal of Business and Finance Research, The Institute for Business and Finance Research, vol. 4(2), pages 85-96.
  41. Choi, Jong-Seo & Choe, Chongwoo, 1998. "Explanatory factors for trading volume responses to annual earnings announcements: Evidence from the Korean stock market," Pacific-Basin Finance Journal, Elsevier, vol. 6(1-2), pages 193-212, May.
  42. Chirag Nagpal & Robert E. Tillman & Prashant Reddy & Manuela Veloso, 2020. "Bayesian Consensus: Consensus Estimates from Miscalibrated Instruments under Heteroscedastic Noise," Papers 2004.06565, arXiv.org, revised Jan 2021.
  43. Syrine Sassi & Narjess Toumi, 2018. "Product market competition and analyst following," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 22(1), pages 55-88, March.
  44. Ralf Bebenroth & Martin Hemmert, 2013. "Are Emerging Market Multinationals Milking Their Cross Border Acquisition Targets? A Study of Inbound Japanese and Korean M&As," Discussion Paper Series DP2013-06, Research Institute for Economics & Business Administration, Kobe University.
  45. Andros Gregoriou & Christos Ioannidis & Len Skerratt, 2005. "Information Asymmetry and the Bid‐Ask Spread: Evidence From the UK," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 32(9‐10), pages 1801-1826, November.
  46. Ryan T. Ball & Eric Ghysels, 2018. "Automated Earnings Forecasts: Beat Analysts or Combine and Conquer?," Management Science, INFORMS, vol. 64(10), pages 4936-4952, October.
  47. Schreuder, H. & Klaassen, J., 1982. "Confidential revenue and profit forecasts by management and financial analysts : evidence from the Netherlands," Serie Research Memoranda 0026, VU University Amsterdam, Faculty of Economics, Business Administration and Econometrics.
  48. Sean Cleary & Jonathan Jona & Gladys Lee & Joshua Shemesh, 2020. "Underlying risk preferences and analyst risk‐taking behavior," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 47(7-8), pages 949-981, July.
  49. Paul K. Chaney & Debra C. Jeter, 1992. "The effect of size on the magnitude of long†window earnings response coefficients," Contemporary Accounting Research, John Wiley & Sons, vol. 8(2), pages 540-560, March.
  50. Jon Kerr & Gil Sadka & Ronnie Sadka, 2020. "Illiquidity and Price Informativeness," Management Science, INFORMS, vol. 66(1), pages 334-351, January.
  51. Mark Bagnoli & Stanley Levine & Susan G. Watts, 2005. "Analyst estimation revision clusters and corporate events, Part I," Annals of Finance, Springer, vol. 1(3), pages 245-265, August.
  52. Kee, H. Chung & McInish, Thomas H. & Wood, Robert A. & Wyhowski, Donald J., 1995. "Production of information, information asymmetry, and the bid-ask spread: Empirical evidence from analysts' forecasts," Journal of Banking & Finance, Elsevier, vol. 19(6), pages 1025-1046, September.
  53. Sant, Rajiv & Zaman, Mir A., 1996. "Market reaction to Business Week 'Inside Wall Street' column: A self-fulfilling prophecy," Journal of Banking & Finance, Elsevier, vol. 20(4), pages 617-643, May.
  54. Herman Manakyan & Carolyn Carroll, 1990. "An Empirical Examination Of The Existence Of A Signaling Value Function For Dividends," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 13(3), pages 201-210, September.
  55. Erik Devos & Seow Ong & Andrew Spieler, 2007. "Analyst Activity and Firm Value: Evidence from the REIT Sector," The Journal of Real Estate Finance and Economics, Springer, vol. 35(3), pages 333-356, October.
  56. Howard Chan & Robert Faff & Alan Ramsay, 2005. "Firm Size and the Information Content of Annual Earnings Announcements: Australian Evidence," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 32(1‐2), pages 211-253, January.
  57. Ahsan Habib, 2010. "Prediction of Operating Cash Flows: Further Evidence from Australia," Australian Accounting Review, CPA Australia, vol. 20(2), pages 134-143, June.
  58. Howard Chan & Robert Faff & Alan Ramsay, 2005. "Firm Size and the Information Content of Annual Earnings Announcements: Australian Evidence," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 32(1‐2), pages 211-253, January.
  59. JS Armstrong, 2004. "Relative Accuracy of Judgmental and Extrapolative Methods in Forecasting Annual Earnings," General Economics and Teaching 0412007, University Library of Munich, Germany.
  60. Simon Hussain, 2000. "Simultaneous determination of UK analyst following and institutional ownership," Accounting and Business Research, Taylor & Francis Journals, vol. 30(2), pages 111-124.
  61. Jin Kyung Choi & Rebecca N. Hann & Musa Subasi & Yue Zheng, 2020. "An Empirical Analysis of Analysts' Capital Expenditure Forecasts: Evidence from Corporate Investment Efficiency," Contemporary Accounting Research, John Wiley & Sons, vol. 37(4), pages 2615-2648, December.
  62. Sen, Kaustav, 2009. "Earnings surprise and sophisticated investor preferences in India," Journal of Contemporary Accounting and Economics, Elsevier, vol. 5(1), pages 1-19.
  63. Chan, Kalok & Hameed, Allaudeen, 2006. "Stock price synchronicity and analyst coverage in emerging markets," Journal of Financial Economics, Elsevier, vol. 80(1), pages 115-147, April.
  64. Pasaribu, Rowland Bismark Fernando, 2010. "Anomali Overreaction di bursa efek Indonesia: Penelitian Saham LQ-45 [Overreaction Anomaly in Indonesia Stock Exchange: Case Study of LQ-45 Stocks]," MPRA Paper 36998, University Library of Munich, Germany.
  65. Klaassen, J. & Schreuder, H., 1982. "Confidential revenue and profit forecasts by management and financial analysts : some first results," Serie Research Memoranda 0008, VU University Amsterdam, Faculty of Economics, Business Administration and Econometrics.
  66. Andrew C. Call & Max Hewitt & Jessica Watkins & Teri Lombardi Yohn, 2021. "Analysts’ annual earnings forecasts and changes to the I/B/E/S database," Review of Accounting Studies, Springer, vol. 26(1), pages 1-36, March.
  67. de Jong, Pieter J. & Apilado, Vince P., 2009. "The changing relationship between earnings expectations and earnings for value and growth stocks during Reg FD," Journal of Banking & Finance, Elsevier, vol. 33(2), pages 435-442, February.
  68. Ghysels, Eric & Ball, Ryan, 2017. "Automated Earnings Forecasts:- Beat Analysts or Combine and Conquer?," CEPR Discussion Papers 12179, C.E.P.R. Discussion Papers.
  69. Brown, Philip & Clarke, Alex & How, Janice C. Y. & Lim, Kadir J. P., 2002. "Analysts' dividend forecasts," Pacific-Basin Finance Journal, Elsevier, vol. 10(4), pages 371-391, September.
  70. Nicholas Dopuch & Chandra Seethamraju & Weihong Xu, 2008. "An empirical assessment of the premium associated with meeting or beating both time-series earnings expectations and analysts’ forecasts," Review of Quantitative Finance and Accounting, Springer, vol. 31(2), pages 147-166, August.
  71. Ka Wai Choi & Xiaomeng Chen & Sue Wright & Hai Wu, 2014. "Analysts' Forecasts Following Forced CEO Changes," Abacus, Accounting Foundation, University of Sydney, vol. 50(2), pages 146-173, June.
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