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Prior Uncertainty, Analyst Bias, And Subsequent Abnormal Returns

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  • Lucy F. Ackert
  • George Athanassakos

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  • 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.
  • Handle: RePEc:bla:jfnres:v:20:y:1997:i:2:p:263-273
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    File URL: http://hdl.handle.net/10.1111/j.1475-6803.1997.tb00248.x
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    References listed on IDEAS

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    1. Pettengill, Glenn N. & Sundaram, Sridhar & Mathur, Ike, 1995. "The Conditional Relation between Beta and Returns," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 30(1), pages 101-116, March.
    2. Scharfstein, David S & Stein, Jeremy C, 1990. "Herd Behavior and Investment," American Economic Review, American Economic Association, vol. 80(3), pages 465-479, June.
    3. 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.
    4. Mendenhall, Rr, 1991. "Evidence On The Possible Underweighting Of Earnings-Related Information," Journal of Accounting Research, Wiley Blackwell, vol. 29(1), pages 170-179.
    5. Bhardwaj, Ravinder K & Brooks, LeRoy D, 1992. "The January Anomaly: Effects of Low Share Price, Transaction Costs, and Bid-Ask Bias," Journal of Finance, American Finance Association, vol. 47(2), pages 553-575, June.
    6. Francis, J & Philbrick, D, 1993. "Analysts Decisions As Products Of A Multitask Environment," Journal of Accounting Research, Wiley Blackwell, vol. 31(2), pages 216-230.
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    Cited by:

    1. Kim, Hyun-Dong & Park, Kwangwoo & Song, Kyojik Roy, 2021. "Organization capital and analysts’ forecasts," International Review of Economics & Finance, Elsevier, vol. 71(C), pages 762-778.
    2. Theodore E. Christensen & Jennifer J. Gaver & Pamela S. Stuerke, 2005. "The Relation Between Investor Uncertainty and Market Reactions to Earnings Announcements: Evidence from the Property‐Casualty Insurance Industry in the USA," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 32(1‐2), pages 1-29, January.
    3. Anna M. Cianci & Satoris S. Culbertson, 2010. "The Impact of Motivational and Cognitive Factors on Optimistic Earnings Forecasts," Chapters, in: Brian Bruce (ed.), Handbook of Behavioral Finance, chapter 11, Edward Elgar Publishing.
    4. Lucy F. Ackert & Bryan K. Church & Kirsten Ely, 2010. "Weak and Strong Individual Forecasts: Additional Experimental Evidence," Chapters, in: Brian Bruce (ed.), Handbook of Behavioral Finance, chapter 14, Edward Elgar Publishing.
    5. 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.
    6. Lucy F. Ackert & George Athanassakos, 2003. "A Simultaneous Equations Analysis of Analysts’ Forecast Bias, Analyst Following, and Institutional Ownership," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 30(7‐8), pages 1017-1042, September.
    7. Theodore E. Christensen & Jennifer J. Gaver & Pamela S. Stuerke, 2005. "The Relation Between Investor Uncertainty and Market Reactions to Earnings Announcements: Evidence from the Property-Casualty Insurance Industry in the USA," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 32(1-2), pages 1-29.
    8. Campbell R. Harvey & Yan Liu & Heqing Zhu, 2014. ". . . and the Cross-Section of Expected Returns," NBER Working Papers 20592, National Bureau of Economic Research, Inc.
    9. Sanjay W. Bissessur & David Veenman, 2016. "Analyst information precision and small earnings surprises," Review of Accounting Studies, Springer, vol. 21(4), pages 1327-1360, December.
    10. Fogarty, Timothy J. & Rogers, Rodney K., 2005. "Financial analysts' reports: an extended institutional theory evaluation," Accounting, Organizations and Society, Elsevier, vol. 30(4), pages 331-356, May.
    11. Li, Leon & Chen, Carl R., 2016. "Analysts' forecast dispersion and stock returns: a panel threshold regression analysis based on conditional limited market participation hypothesis," Finance Research Letters, Elsevier, vol. 18(C), pages 100-107.
    12. Wu, Juan (Julie) & Zhang, Jianzhong (Andrew), 2019. "Short selling and market anomalies," Journal of Financial Markets, Elsevier, vol. 46(C).

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