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Measure for Measure: The Relation between Forecast Accuracy and Recommendation Profitability of Analysts

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Cited by:

  1. Stephen A. Hillegeist & James P. Kavourakis & Matthew Pinnuck, 2023. "The association between quarter length, forecast errors, and firms’ voluntary disclosures," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 63(2), pages 1885-1918, June.
  2. Wanyi Chen & Liguang Zhang & Pinyan Jiang & Fanli Meng & Qianyi Sun, 2022. "Can digital transformation improve the information environment of the capital market? Evidence from the analysts' prediction behaviour," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 62(2), pages 2543-2578, June.
  3. Cheolwoo Lee, 2013. "Analyst firm parent–subsidiary relationship and conflict of interest: evidence from IPO recommendations," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 53(3), pages 763-789, September.
  4. Raj Aggarwal & Dev Mishra & Craig Wilson, 2018. "Analyst recommendations and the implied cost of equity," Review of Quantitative Finance and Accounting, Springer, vol. 50(3), pages 717-743, April.
  5. Jeffrey Hobbs & Vivek Singh, 2015. "A comparison of buy‐side and sell‐side analysts," Review of Financial Economics, John Wiley & Sons, vol. 24(1), pages 42-51, January.
  6. Corredor, Pilar & Ferrer, Elena & Santamaria, Rafael, 2019. "The role of sentiment and stock characteristics in the translation of analysts’ forecasts into recommendations," The North American Journal of Economics and Finance, Elsevier, vol. 49(C), pages 252-272.
  7. Nooraisah Katmon & Omar Al Farooque, 2017. "Exploring the Impact of Internal Corporate Governance on the Relation Between Disclosure Quality and Earnings Management in the UK Listed Companies," Journal of Business Ethics, Springer, vol. 142(2), pages 345-367, May.
  8. Xueming Luo & Heli Wang & Sascha Raithel & Qinqin Zheng, 2015. "Corporate social performance, analyst stock recommendations, and firm future returns," Strategic Management Journal, Wiley Blackwell, vol. 36(1), pages 123-136, January.
  9. Huang, Allen H. & Lin, An-Ping & Zang, Amy Y., 2022. "Cross-industry information sharing among colleagues and analyst research," Journal of Accounting and Economics, Elsevier, vol. 74(1).
  10. Ruishen Zhang, 2022. "Language Commonality and Sell-Side Information Production," Management Science, INFORMS, vol. 68(6), pages 4435-4453, June.
  11. 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.
  12. Lily Fang & Ayako Yasuda, 2014. "Are Stars’ Opinions Worth More? The Relation Between Analyst Reputation and Recommendation Values," Journal of Financial Services Research, Springer;Western Finance Association, vol. 46(3), pages 235-269, December.
  13. Lawrence D. Brown & Andrew C. Call & Michael B. Clement & Nathan Y. Sharp, 2015. "Inside the “Black Box” of Sell‐Side Financial Analysts," Journal of Accounting Research, Wiley Blackwell, vol. 53(1), pages 1-47, March.
  14. Menghai Gao & Yuan Ji & Oded Rozenbaum, 2022. "When Do Associate Analysts Matter?," Management Science, INFORMS, vol. 68(5), pages 3925-3948, May.
  15. Akono, Henri & Karim, Khondkar & Nwaeze, Emeka, 2019. "Analyst rounding of EPS forecasts and stock recommendations," Advances in accounting, Elsevier, vol. 44(C), pages 68-80.
  16. Min Chen & Zhaobo Zhu & Peiwen Han & Bo Chen & Jia Liu, 2022. "Economic policy uncertainty and analyst behaviours: Evidence from the United Kingdom," Post-Print hal-03628930, HAL.
  17. Chen, An-Sing & Chang, Chong-Chuo & Cheng, Lee-Young & Tu, Hsing-Yu, 2016. "Do analysts cater to investor beliefs via target prices," International Review of Economics & Finance, Elsevier, vol. 44(C), pages 232-252.
  18. Bingxu Fang & Ole-Kristian Hope, 2021. "Analyst teams," Review of Accounting Studies, Springer, vol. 26(2), pages 425-467, June.
  19. Yi, Biao & Xiang, Xueman, 2023. "Pair analyst coverage and return comovement: Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 77(C).
  20. Elisa Cavezzali & Ugo Rigoni, 2013. "Financial Analysts' Forecast Accuracy: Do valuation methods matter?," Working Papers 9, Department of Management, Università Ca' Foscari Venezia.
  21. Lys, Thomas Z. & Sunder, Jayanthi, 2008. "Endogenous entry/exit as an alternative explanation for the disciplining role of independent analysts," Journal of Accounting and Economics, Elsevier, vol. 45(2-3), pages 317-323, August.
  22. Mehdi Beyhaghi & Pooyan Khashabi & Ali Mohammadi, 2023. "Pre-grant Patent Disclosure and Analyst Forecast Accuracy," Management Science, INFORMS, vol. 69(5), pages 3140-3155, May.
  23. Artur Aiguzhinov & Ana Paula Serra & Carlos Soares, 2016. "Are rankings of financial analysts useful to investors?," CEF.UP Working Papers 1604, Universidade do Porto, Faculdade de Economia do Porto.
  24. Chan, Jesse & Lin, Steve & Yu, Yong & Zhao, Wuyang, 2018. "Analysts’ stock ownership and stock recommendations," Journal of Accounting and Economics, Elsevier, vol. 66(2), pages 476-498.
  25. Hsiou-Wei Lin & Wen-Chuan Miao, 2010. "Exploring Optimism In Recommendations Accompanying Analyst Conflict Of Interest Rules," The International Journal of Business and Finance Research, The Institute for Business and Finance Research, vol. 4(3), pages 1-15.
  26. Peter F. Pope & Tong Wang, 2023. "Analyst ability and research effort: non-EPS forecast provision as a research quality signal," Review of Accounting Studies, Springer, vol. 28(3), pages 1263-1315, September.
  27. Hess, Dieter & Kreutzmann, Daniel & Pucker, Oliver, 2011. "Projected earnings accuracy and the profitability of stock recommendations," CFR Working Papers 10-17 [rev.], University of Cologne, Centre for Financial Research (CFR).
  28. Chen, Mark A. & Marquez, Robert, 2009. "Regulating securities analysts," Journal of Financial Intermediation, Elsevier, vol. 18(2), pages 259-283, April.
  29. Peter Clarkson & Alexander Nekrasov & Andreas Simon & Irene Tutticci, 2020. "Target price forecasts: The roles of the 52‐week high price and recent investor sentiment," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 47(9-10), pages 1365-1399, October.
  30. Prokop, Jörg & Kammann, Benno, 2018. "The effect of the European Markets in Financial Instruments Directive on affiliated analysts’ earnings forecast optimism," Journal of Economics and Business, Elsevier, vol. 95(C), pages 75-86.
  31. Kenneth Peasnell & Yuan Yin & Martien Lubberink, 2018. "Analysts’ stock recommendations, earnings growth and risk," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 58(1), pages 217-254, March.
  32. Chen, Min & Zhu, Zhaobo & Han, Peiwen & Chen, Bo & Liu, Jia, 2022. "Economic policy uncertainty and analyst behaviours: Evidence from the United Kingdom," International Review of Financial Analysis, Elsevier, vol. 79(C).
  33. Hueiling Chen & Cheng-Tsu Huang & Hsiou-Wei W. Lin, 2016. "Changes in analyst following for less covered firms accompanying Regulation Fair Disclosure: the roles of ability and industry experience," Review of Quantitative Finance and Accounting, Springer, vol. 46(3), pages 519-541, April.
  34. Juyoun Ryoo & Cheolwoo Lee & Jin Q Jeon, 2020. "Sustainability of Analyst Recommendations in Multiple Lead Underwriter IPOs," Sustainability, MDPI, vol. 12(5), pages 1-36, March.
  35. Dror Parnes, 2010. "The information content of analysts reports and bankruptcy risk measures," Applied Financial Economics, Taylor & Francis Journals, vol. 20(19), pages 1499-1513.
  36. Emmanuel Mamatzakis & Anna Bagntasarian, 2021. "The nexus between CEO incentives and analysts' earnings forecasts," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 26(4), pages 6205-6248, October.
  37. Edward Lee & Norman Strong & Zhenmei (Judy) Zhu, 2014. "Did Regulation Fair Disclosure, SOX, and Other Analyst Regulations Reduce Security Mispricing?," Journal of Accounting Research, Wiley Blackwell, vol. 52(3), pages 733-774, June.
  38. Shaowen Hua, 2016. "WhatMakes Underwriting and Non-Underwriting Clients of Brokerage Firms Receive Different Recommendations? An Application of Uplift Random Forest Model," International Journal of Finance & Banking Studies, Center for the Strategic Studies in Business and Finance, vol. 5(3), pages 42-56, April.
  39. repec:hal:journl:dumas-00934606 is not listed on IDEAS
  40. Pacelli, Joseph, 2019. "Corporate culture and analyst catering⁎," Journal of Accounting and Economics, Elsevier, vol. 67(1), pages 120-143.
  41. Pascal Alphonse & Michel Levasseur & Xia Zhang, 2012. "Les Cours Boursiers Et Les Previsions De Rentabilite Des Analystes Sont-Ils En Phase?," Post-Print hal-00690947, HAL.
  42. Victor Tiberius & Laura Lisiecki, 2019. "Stock Price Forecast Accuracy and Recommendation Profitability of Financial Magazines," IJFS, MDPI, vol. 7(4), pages 1-8, October.
  43. Hess, Dieter E. & Kreutzmann, Daniel & Pucker, Oliver, 2010. "Projected earnings accuracy and the profitability of stock recommendations," CFR Working Papers 10-17, University of Cologne, Centre for Financial Research (CFR).
  44. Krolikowski, Marcin W. & Chen, Gaole & Mohr, Joseph E., 2016. "Optimism pattern of all-star analysts," International Review of Financial Analysis, Elsevier, vol. 47(C), pages 222-228.
  45. Jeffrey Hobbs & Vivek Singh & Madhumita Chakraborty, 2021. "Institutional underperformance: Should managers listen to the sell-side before trading?," Review of Quantitative Finance and Accounting, Springer, vol. 57(1), pages 389-410, July.
  46. Hobbs, Jeffrey & Singh, Vivek, 2015. "A comparison of buy-side and sell-side analysts," Review of Financial Economics, Elsevier, vol. 24(C), pages 42-51.
  47. Carlo Marinelli & Alex Weissensteiner, 2013. "On the relation between forecast precision and trading profitability of financial analysts," Papers 1301.6638, arXiv.org.
  48. Iselin, Michael & Park, Min & Van Buskirk, Andrew, 2021. "Seemingly inconsistent analyst revisions," Journal of Accounting and Economics, Elsevier, vol. 71(1).
  49. Jeremy Burke & Angela A. Hung & Jack Clift & Steven Garber & Joanne K. Yoong, 2015. "Impacts of Conflicts of Interest in the Financial Services Industry," Working Papers WR-1076, RAND Corporation.
  50. Chen, Peter F. & Novoselov, Kirill E. & Wang, Yihong, 2018. "Regulatory effects on Analysts' conflicts of interest in corporate financing activities: Evidence from NASD Rule 2711," Journal of Corporate Finance, Elsevier, vol. 48(C), pages 658-679.
  51. Hanousek, Jan & Kopřiva, František, 2013. "Do broker/analyst conflicts matter? Detecting evidence from internet trading platforms," International Review of Financial Analysis, Elsevier, vol. 28(C), pages 86-92.
  52. Boris Groysberg & Paul Healy & George Serafeim & Devin Shanthikumar, 2013. "The Stock Selection and Performance of Buy-Side Analysts," Management Science, INFORMS, vol. 59(5), pages 1062-1075, May.
  53. Datta, Sudip & Iskandar-Datta, Mai & Sharma, Vivek, 2011. "Product market pricing power, industry concentration and analysts' earnings forecasts," Journal of Banking & Finance, Elsevier, vol. 35(6), pages 1352-1366, June.
  54. Tristan Roger, 2018. "The coverage assignments of financial analysts," Accounting and Business Research, Taylor & Francis Journals, vol. 48(6), pages 651-673, September.
  55. Beyer, Anne & Cohen, Daniel A. & Lys, Thomas Z. & Walther, Beverly R., 2010. "The financial reporting environment: Review of the recent literature," Journal of Accounting and Economics, Elsevier, vol. 50(2-3), pages 296-343, December.
  56. Daniel Arand & Alexander G. Kerl, 2015. "Sell†Side Analyst Research and Reported Conflicts of Interest," European Financial Management, European Financial Management Association, vol. 21(1), pages 20-51, January.
  57. Taussig, Roi D., 2022. "Market prices, analysts' predictions, and Covid19," Finance Research Letters, Elsevier, vol. 46(PA).
  58. Dan Palmon & Bharat Sarath & Hua C. Xin, 2020. "Bold Stock Recommendations: Informative or Worthless?†," Contemporary Accounting Research, John Wiley & Sons, vol. 37(2), pages 773-801, June.
  59. Hobbs, Jeffrey & Kovacs, Tunde & Sharma, Vivek, 2012. "The investment value of the frequency of analyst recommendation changes for the ordinary investor," Journal of Empirical Finance, Elsevier, vol. 19(1), pages 94-108.
  60. Hall, Jason L. & Tacon, Paul B., 2010. "Forecast accuracy and stock recommendations," Journal of Contemporary Accounting and Economics, Elsevier, vol. 6(1), pages 18-33.
  61. Luo, Xueming & Zheng, Qinqin, 2018. "How firm internationalization is recognized by outsiders: The response of financial analysts," Journal of Business Research, Elsevier, vol. 90(C), pages 87-106.
  62. Nguyen, Lan Thi Mai & Cheong, Chee Seng & Zurbruegg, Ralf, 2022. "The heterogeneous impact of industry concentration on analyst performance," Advances in accounting, Elsevier, vol. 59(C).
  63. Tiberius, Victor & Gojowy, Robin & Dabić, Marina, 2022. "Forecasting the future of robo advisory: A three-stage Delphi study on economic, technological, and societal implications," Technological Forecasting and Social Change, Elsevier, vol. 182(C).
  64. Hugon, Artur & Muslu, Volkan, 2010. "Market demand for conservative analysts," Journal of Accounting and Economics, Elsevier, vol. 50(1), pages 42-57, May.
  65. Jorida Papakroni, 2018. "The dispersion anomaly and analyst recommendations," Review of Quantitative Finance and Accounting, Springer, vol. 50(3), pages 861-896, April.
  66. Cici, Gjergji & Shane, Philip B. & Yang, Yanhua Sunny, 2017. "Do connections with buy-side analysts inform sell-side analyst research?," CFR Working Papers 17-04, University of Cologne, Centre for Financial Research (CFR).
  67. Gjergji Cici & Philip B. Shane & Yanhua Sunny Yang, 2024. "Do buy‐side analysts inform sell‐side analyst research?," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 64(1), pages 657-691, March.
  68. Mu-Shu Yun & Lee-Young Cheng & Yan Zhao, 2023. "Customer concentration and target price accuracy," Review of Quantitative Finance and Accounting, Springer, vol. 61(3), pages 995-1028, October.
  69. Balboa, Marina & Gomez-Sala, Juan Carlos & Lopez-Espinosa, German, 2008. "Does the value of recommendations depend on the level of optimism? A country-based analysis," Journal of Multinational Financial Management, Elsevier, vol. 18(4), pages 405-426, October.
  70. Hoechle, Daniel & Schaub, nic & Schmid, Markus, 2012. "Time Stamp Errors and the Stock Price Reaction to Analyst Recommendation and Forecast Revisions," Working Papers on Finance 1215, University of St. Gallen, School of Finance, revised Sep 2015.
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