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Rational Expectations And The Dynamic Adjustment Of Security Analysts' Forecasts To New Information

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  • Lucy F. Ackert
  • William C. Hunter

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  • Lucy F. Ackert & William C. Hunter, 1994. "Rational Expectations And The Dynamic Adjustment Of Security Analysts' Forecasts To New Information," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 17(3), pages 387-401, September.
  • Handle: RePEc:bla:jfnres:v:17:y:1994:i:3:p:387-401
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    File URL: http://hdl.handle.net/10.1111/j.1475-6803.1994.tb00200.x
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    References listed on IDEAS

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    1. 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.
    2. Haltiwanger, John & Waldman, Michael, 1985. "Rational Expectations and the Limits of Rationality: An Analysis of Heterogeneity," American Economic Review, American Economic Association, vol. 75(3), pages 326-340, June.
    3. Robert Conroy & Robert Harris, 1987. "Consensus Forecasts of Corporate Earnings: Analysts' Forecasts and Time Series Methods," Management Science, INFORMS, vol. 33(6), pages 725-738, June.
    4. David Bigman & David Goldfarb & Edna Schechtman, 1983. "Futures market efficiency and the time content of the information sets," Journal of Futures Markets, John Wiley & Sons, Ltd., vol. 3(3), pages 321-334, September.
    5. Scharfstein, David S & Stein, Jeremy C, 1990. "Herd Behavior and Investment," American Economic Review, American Economic Association, vol. 80(3), pages 465-479, June.
    6. Ackert, Lucy F & Hunter, William C, 1995. "Rational Expectations and Security Analysts' Earnings Forecasts," The Financial Review, Eastern Finance Association, vol. 30(3), pages 427-443, August.
    7. White, Halbert, 1980. "A Heteroskedasticity-Consistent Covariance Matrix Estimator and a Direct Test for Heteroskedasticity," Econometrica, Econometric Society, vol. 48(4), pages 817-838, May.
    8. Swidler, Steve & Ketcher, David, 1990. "Economic Forecasts, Rationality, and the Processing of New Information over Time," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 22(1), pages 65-76, February.
    9. 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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    Cited by:

    1. Giraldo, Marcela, 2011. "Dynamics of analysts' coverage and the firms' information environment," International Review of Financial Analysis, Elsevier, vol. 20(5), pages 345-354.
    2. Lucy F. Ackert & George Athanassakos, 1997. "Prior Uncertainty, Analyst Bias, And Subsequent Abnormal Returns," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 20(2), pages 263-273, June.
    3. Lucy F. Ackert & George Athanassakos, 2000. "A simultaneous equations analysis of analysts’ forecast bias and institutional ownership," FRB Atlanta Working Paper 2000-5, Federal Reserve Bank of Atlanta.

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