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Do analysts' earnings forecasts incorporate information in prior stock price changes?

Citations

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Cited by:

  1. 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.
  2. Charles G. Ham & Zachary R. Kaplan & Zawadi R. Lemayian, 2022. "Rationalizing forecast inefficiency," Review of Accounting Studies, Springer, vol. 27(1), pages 313-343, March.
  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. KENT D. DANIEL & David Hirshleifer & AVANIDHAR SUBRAHMANYAM, 2004. "A Theory of Overconfidence, Self-Attribution, and Security Market Under- and Over-reactions," Finance 0412006, University Library of Munich, Germany.
  5. Tom Copeland & Aaron Dolgoff & Alberto Moel, 2004. "The Role of Expectations in Explaining the Cross-Section of Stock Returns," Review of Accounting Studies, Springer, vol. 9(2), pages 149-188, June.
  6. Fu, Fanjie & Yao, Shujie & Fang, Jing & Zhang, Fan & Lin, Chuan, 2025. "CEOs' hometown connections and optimism in analyst earnings forecasts: Evidence from China," Economic Analysis and Policy, Elsevier, vol. 85(C), pages 1031-1052.
  7. Luippold, Benjamin L. & Kida, Thomas & Piercey, M. David & Smith, James F., 2015. "Managing audits to manage earnings: The impact of diversions on an auditor’s detection of earnings management," Accounting, Organizations and Society, Elsevier, vol. 41(C), pages 39-54.
  8. Michael Lacina & Byung Ro, 2013. "Market implied future earnings and analysts’ forecasts," Review of Quantitative Finance and Accounting, Springer, vol. 41(2), pages 295-341, August.
  9. Park, Min & Yoon, Aaron & Zach, Tzachi, 2025. "Sell-side analysts’ assessment of ESG risk," Journal of Accounting and Economics, Elsevier, vol. 79(2).
  10. Kothari, S. P., 2001. "Capital markets research in accounting," Journal of Accounting and Economics, Elsevier, vol. 31(1-3), pages 105-231, September.
  11. Nicola Gennaioli & Yueran Ma & Andrei Shleifer, 2016. "Expectations and Investment," NBER Macroeconomics Annual, University of Chicago Press, vol. 30(1), pages 379-431.
  12. Julie Cotter & Irem Tuna & Peter D. Wysocki, 2006. "Expectations Management and Beatable Targets: How Do Analysts React to Explicit Earnings Guidance?," Contemporary Accounting Research, John Wiley & Sons, vol. 23(3), pages 593-624, September.
  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, John Wiley & Sons, Ltd., vol. 53(1), pages 1-47, March.
  14. Vamossy, Domonkos F., 2021. "Investor emotions and earnings announcements," Journal of Behavioral and Experimental Finance, Elsevier, vol. 30(C).
  15. Stephannie A. Larocque & Melissa A. Martin & Beverly R. Walther, 2020. "Are Earnings Forecasts Informed by Proxy Statement Compensation Disclosures?†," Contemporary Accounting Research, John Wiley & Sons, vol. 37(2), pages 741-772, June.
  16. Mark T. Bradshaw & Michael S. Drake & James N. Myers & Linda A. Myers, 2012. "A re-examination of analysts’ superiority over time-series forecasts of annual earnings," Review of Accounting Studies, Springer, vol. 17(4), pages 944-968, December.
  17. Jing Liu, 2004. "Discussion of “The Role of Expectations in Explaining the Cross-Section of Stock Returns”," Review of Accounting Studies, Springer, vol. 9(2), pages 189-196, June.
  18. 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).
  19. Stanimir Markov & Ane Tamayo, 2006. "Predictability in Financial Analyst Forecast Errors: Learning or Irrationality?," Journal of Accounting Research, John Wiley & Sons, Ltd., vol. 44(4), pages 725-761, September.
  20. Jeffery Abarbanell & Reuven Lehavy, 2003. "Can Stock Recommendations Predict Earnings Management and Analysts’ Earnings Forecast Errors?," Journal of Accounting Research, John Wiley & Sons, Ltd., vol. 41(1), pages 1-31, March.
  21. Hollander, S., 2007. "The merits and economic consequences of reputation : Three essays," Other publications TiSEM d9932a90-7aac-4b23-bf99-6, Tilburg University, School of Economics and Management.
  22. Athanasakou, Vasiliki & Simpson, Ana, 2016. "Investor attention to rounding as a salient forecast feature," International Journal of Forecasting, Elsevier, vol. 32(4), pages 1212-1233.
  23. Lau, Sie Ting & Ng, Lilian & Zhang, Bohui, 2010. "The world price of home bias," Journal of Financial Economics, Elsevier, vol. 97(2), pages 191-217, August.
  24. repec:ebl:ecbull:v:7:y:2008:i:11:p:1-20 is not listed on IDEAS
  25. 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.
  26. Jaimin Goh & Jaehong Lee & Wonchang Hur & Yunchang Ju, 2019. "Do Analysts Fully Reflect Information in Patents about Future Earnings?," Sustainability, MDPI, vol. 11(10), pages 1-17, May.
  27. Kerry Xiao & Amy Zang, 2025. "Vague Knowledge: Evidence from Analyst Reports," Papers 2505.12269, arXiv.org, revised May 2025.
  28. Bruno Deschamps, 2015. "Are aggregate corporate earnings forecasts unbiased and efficient?," Review of Quantitative Finance and Accounting, Springer, vol. 45(4), pages 803-818, November.
  29. Basu, Sudipta & Markov, Stanimir, 2004. "Loss function assumptions in rational expectations tests on financial analysts' earnings forecasts," Journal of Accounting and Economics, Elsevier, vol. 38(1), pages 171-203, December.
  30. S. P. Kothari & Charles Wasley, 2019. "Commemorating the 50‐Year Anniversary of Ball and Brown (1968): The Evolution of Capital Market Research over the Past 50 Years," Journal of Accounting Research, John Wiley & Sons, Ltd., vol. 57(5), pages 1117-1159, December.
  31. Espahbodi, Reza & Dugar, Amitabh & Tehranian, Hassan, 2001. "Further evidence on optimism and underreaction in analysts' forecasts," Review of Financial Economics, Elsevier, vol. 10(1), pages 1-21.
  32. Xia, Hui & Min, Xinyu & Deng, Shijie, 2015. "Effectiveness of earnings forecasts in efficient global portfolio construction," International Journal of Forecasting, Elsevier, vol. 31(2), pages 568-574.
  33. Patricia M. Dechow & Amy P. Hutton & Richard G. Sloan, 2000. "The Relation between Analysts' Forecasts of Long†Term Earnings Growth and Stock Price Performance Following Equity Offerings," Contemporary Accounting Research, John Wiley & Sons, vol. 17(1), pages 1-32, March.
  34. K. C. Kenneth Chu & W. H. Sophia Zhai, 2021. "Distress risk puzzle and analyst forecast optimism," Review of Quantitative Finance and Accounting, Springer, vol. 57(2), pages 429-460, August.
  35. Jon Kerr & Gil Sadka & Ronnie Sadka, 2020. "Illiquidity and Price Informativeness," Management Science, INFORMS, vol. 66(1), pages 334-351, January.
  36. Cao, Sean & Jiang, Wei & Wang, Junbo & Yang, Baozhong, 2024. "From Man vs. Machine to Man + Machine: The art and AI of stock analyses," Journal of Financial Economics, Elsevier, vol. 160(C).
  37. Somnath Das & Philipp D. Schaberl & Pradyot K. Sen, 2024. "Analysts’ use of dividends in earnings forecasts," Review of Accounting Studies, Springer, vol. 29(2), pages 1192-1234, June.
  38. Douglas Stevens & Arlington Williams, 2004. "Inefficiency in Earnings Forecasts: Experimental Evidence of Reactions to Positive vs. Negative Information," Experimental Economics, Springer;Economic Science Association, vol. 7(1), pages 75-92, February.
  39. Shivaram Rajgopal & Terry Shevlin & Mohan Venkatachalam, 2003. "Does the Stock Market Fully Appreciate the Implications of Leading Indicators for Future Earnings? Evidence from Order Backlog," Review of Accounting Studies, Springer, vol. 8(4), pages 461-492, December.
  40. Wayne Guay & SP Kothari & Susan Shu, 2011. "Properties of implied cost of capital using analysts’ forecasts," Australian Journal of Management, Australian School of Business, vol. 36(2), pages 125-149, August.
  41. Terry Shevlin & D. Shores, 1993. "Firm Size, Security Returns, and Unexpected Earnings: The Anomalous Signed†Size Effect," Contemporary Accounting Research, John Wiley & Sons, vol. 10(1), pages 1-30, September.
  42. Abarbanell, Jeffery & Lehavy, Reuven, 2003. "Biased forecasts or biased earnings? The role of reported earnings in explaining apparent bias and over/underreaction in analysts' earnings forecasts," Journal of Accounting and Economics, Elsevier, vol. 36(1-3), pages 105-146, December.
  43. Konrad Lang, 2018. "Voluntary Disclosure and Analyst Forecast," European Accounting Review, Taylor & Francis Journals, vol. 27(1), pages 23-36, January.
  44. Stephannie Larocque, 2013. "Analysts’ earnings forecast errors and cost of equity capital estimates," Review of Accounting Studies, Springer, vol. 18(1), pages 135-166, March.
  45. Liu, Yang & Blankenburg, Martin & Wang, Mei, 2023. "Earnings expectations of grey and green energy firms: Analysis against the background of global climate change mitigation," Energy Economics, Elsevier, vol. 121(C).
  46. Choi, Hae Mi & Gupta-Mukherjee, Swasti, 2022. "Analysts’ reliance on industry-level versus firm-specific information: Implications for information production," Journal of Banking & Finance, Elsevier, vol. 143(C).
  47. Choi, Hae Mi, 2018. "Short selling and the rounding of analysts’ forecasts," Finance Research Letters, Elsevier, vol. 25(C), pages 47-54.
  48. 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.
  49. Jonathan A. Milian, 2015. "Unsophisticated Arbitrageurs and Market Efficiency: Overreacting to a History of Underreaction?," Journal of Accounting Research, John Wiley & Sons, Ltd., vol. 53(1), pages 175-220, March.
  50. Amir, Eli & Ganzach, Yoav, 1998. "Overreaction and underreaction in analysts' forecasts," Journal of Economic Behavior & Organization, Elsevier, vol. 37(3), pages 333-347, November.
  51. Alexander Ljungqvist & Felicia Marston & William J. Wilhelm, 2006. "Competing for Securities Underwriting Mandates: Banking Relationships and Analyst Recommendations," Journal of Finance, American Finance Association, vol. 61(1), pages 301-340, February.
  52. Jie Hao & Viet Tuan Pham, 2023. "The ASC 606 standard, revenue informativeness, and analysts forecast quality," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 63(2), pages 2621-2652, June.
  53. Domonkos F. Vamossy, 2020. "Investor Emotions and Earnings Announcements," Papers 2006.13934, arXiv.org, revised Jun 2020.
  54. Ghysels, Eric & Ball, Ryan, 2017. "Automated Earnings Forecasts:- Beat Analysts or Combine and Conquer?," CEPR Discussion Papers 12179, C.E.P.R. Discussion Papers.
  55. 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.
  56. Beyer, Anne, 2008. "Financial analysts' forecast revisions and managers' reporting behavior," Journal of Accounting and Economics, Elsevier, vol. 46(2-3), pages 334-348, December.
  57. 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.
  58. Henderson, Brian J. & Marks, Joseph M., 2013. "Predicting forecast errors through joint observation of earnings and revenue forecasts," Journal of Banking & Finance, Elsevier, vol. 37(11), pages 4265-4277.
  59. Bosquet, K. & de Goeij, P. C. & Smedts, K., 2009. "Coexistence and Dynamics of Overconfidence and Strategic Incentives," Other publications TiSEM 53ae604c-8815-418c-8101-6, Tilburg University, School of Economics and Management.
  60. John R. M. Hand & Wayne R. Landsman, 2005. "The Pricing of Dividends in Equity Valuation," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 32(3-4), pages 435-469.
  61. Nilabhra Bhattacharya & Bidisha Chakrabarty & Xu (Frank) Wang, 2020. "High-frequency traders and price informativeness during earnings announcements," Review of Accounting Studies, Springer, vol. 25(3), pages 1156-1199, September.
  62. Richard Barker, 1998. "The market for information—evidence from finance directors, analysts and fund managers," Accounting and Business Research, Taylor & Francis Journals, vol. 29(1), pages 3-20.
  63. Shapiro, Joel & Piccolo, Alessio, 2017. "Credit Ratings and Market Information," CEPR Discussion Papers 11961, C.E.P.R. Discussion Papers.
  64. Julio Segura, 2004. "Competencia, disciplina de mercado y regulación en presencia de conflictos de interés en las empresas," Hacienda Pública Española / Review of Public Economics, IEF, vol. 169(2), pages 135-170, June.
  65. Wu, Yanran & Zhang, Chao, 2022. "Hard to arbitrage, hard for analysts to forecast," The North American Journal of Economics and Finance, Elsevier, vol. 62(C).
  66. Chahine, Salim, 2004. "Long-run abnormal return after IPOs and optimistic analysts' forecasts," International Review of Financial Analysis, Elsevier, vol. 13(1), pages 83-103.
  67. Robert G. Biscontri, 2012. "A Radial Basis Function Approach To Earnings Forecast," Intelligent Systems in Accounting, Finance and Management, John Wiley & Sons, Ltd., vol. 19(1), pages 1-18, January.
  68. Bosquet, K. & de Goeij, P. C. & Smedts, K., 2009. "Coexistence and Dynamics of Overconfidence and Strategic Incentives," Discussion Paper 2009-81, Tilburg University, Center for Economic Research.
  69. Leppin, Julian Sebstian, 2014. "The Relation Between Overreaction in Forecasts and Uncertainty: A Nonlinear Approach," VfS Annual Conference 2014 (Hamburg): Evidence-based Economic Policy 100284, Verein für Socialpolitik / German Economic Association.
  70. Fernando Rubio, 2005. "Estrategias Cuantitativas De Valor Y Retornos Por Accion De Largo," Finance 0503029, University Library of Munich, Germany.
  71. Azevedo, Vitor, 2023. "Analysts’ underreaction and momentum strategies," Journal of Economic Dynamics and Control, Elsevier, vol. 146(C).
  72. Brown, Lawrence D. & Zhou, Ling, 2015. "Interactions between analysts’ and managers’ earnings forecasts," International Journal of Forecasting, Elsevier, vol. 31(2), pages 501-514.
  73. Theodore E. Christensen & Enrique Gomez & Matthew Ma & Jing Pan, 2021. "Analysts’ role in shaping non-GAAP reporting: evidence from a natural experiment," Review of Accounting Studies, Springer, vol. 26(1), pages 172-217, March.
  74. Kryzanowski, Lawrence & Mohsni, Sana, 2015. "Earnings forecasts and idiosyncratic volatilities," International Review of Financial Analysis, Elsevier, vol. 41(C), pages 107-123.
  75. Mak, Chun Yu, 2017. "How do financial analysts interpret industrial firms' corporate refocusing announcements?," The British Accounting Review, Elsevier, vol. 49(5), pages 493-511.
  76. Choi, Jung Ho & Kalay, Alon & Sadka, Gil, 2016. "Earnings news, expected earnings, and aggregate stock returns," Journal of Financial Markets, Elsevier, vol. 29(C), pages 110-143.
  77. Vitor Azevedo & Patrick Bielstein & Manuel Gerhart, 2021. "Earnings forecasts: the case for combining analysts’ estimates with a cross-sectional model," Review of Quantitative Finance and Accounting, Springer, vol. 56(2), pages 545-579, February.
  78. Pathiranage, Nandana P.W. & Jubb, Christine A., 2018. "Does IFRS make analysts more efficient in using fundamental information included in financial statements?," Journal of Contemporary Accounting and Economics, Elsevier, vol. 14(3), pages 373-385.
  79. Leppin, Julian Sebastian, 2014. "The relation between overreaction in forecasts and uncertainty: A nonlinear approachvon," HWWI Research Papers 158, Hamburg Institute of International Economics (HWWI).
  80. Seung-Woog Kwag & Kenneth Small, 2007. "The impact of regulation fair disclosure on earnings management and analyst forecast bias," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 31(1), pages 87-98, March.
  81. Beverly R. Walther & Richard H. Willis, 2013. "Do investor expectations affect sell-side analysts’ forecast bias and forecast accuracy?," Review of Accounting Studies, Springer, vol. 18(1), pages 207-227, March.
  82. Michael Ettredge & Richard Toolson & Steve Hall & Chongkil Na, 1996. "Behavior of earnings, stock returns, accruals, and analysts' forecasts following negative annual earnings," Review of Financial Economics, John Wiley & Sons, vol. 5(2), pages 147-162.
  83. Jana Smith Raedy & Philip Shane & Yanhua Yang, 2006. "Horizon†Dependent Underreaction in Financial Analysts' Earnings Forecasts," Contemporary Accounting Research, John Wiley & Sons, vol. 23(1), pages 291-322, March.
  84. Anolli, Mario & Beccalli, Elena & Molyneux, Philip, 2014. "Bank earnings forecasts, risk and the crisis," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 29(C), pages 309-335.
  85. Le, Cao Hoang Anh & Shan, Yaowen & Taylor, Stephen, 2024. "International economic policy uncertainty and analysts' earnings forecasts," Pacific-Basin Finance Journal, Elsevier, vol. 85(C).
  86. Ham, Charles G. & Kaplan, Zachary R. & Leary, Mark T., 2020. "Do dividends convey information about future earnings?," Journal of Financial Economics, Elsevier, vol. 136(2), pages 547-570.
  87. Loffler, Gunter, 1998. "Biases in analyst forecasts: cognitive, strategic or second-best?," International Journal of Forecasting, Elsevier, vol. 14(2), pages 261-275, June.
  88. Weihong Xu, 2009. "Evidence That Management Earnings Forecasts Do Not Fully Incorporate Information in Prior Forecast Errors," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 36(7-8), pages 822-837.
  89. Partha Mohanram & Dan Gode, 2013. "Removing predictable analyst forecast errors to improve implied cost of equity estimates," Review of Accounting Studies, Springer, vol. 18(2), pages 443-478, June.
  90. Wu, Liuren, 2018. "Estimating risk-return relations with analysts price targets," Journal of Banking & Finance, Elsevier, vol. 93(C), pages 183-197.
  91. John Hughes & Jing Liu & Wei Su, 2008. "On the relation between predictable market returns and predictable analyst forecast errors," Review of Accounting Studies, Springer, vol. 13(2), pages 266-291, September.
  92. Chetan, Dave, 2004. "Are Investment Expectations Rational?," Analytical Studies Branch Research Paper Series 2004208e, Statistics Canada, Analytical Studies Branch.
  93. Fernando Rubio, 2005. "Eficiencia De Mercado, Administracion De Carteras De Fondos Y Behavioural Finance," Finance 0503028, University Library of Munich, Germany, revised 23 Jul 2005.
  94. Reza Espahbodi & Amitabh Dugar & Hassan Tehranian, 2001. "Further evidence on optimism and underreaction in analysts' forecasts," Review of Financial Economics, John Wiley & Sons, vol. 10(1), pages 1-21, March.
  95. Machado, André & Lima, Fabiano Guasti, 2021. "Sell-side analyst reports and decision-maker reactions: Role of heuristics," Journal of Behavioral and Experimental Finance, Elsevier, vol. 32(C).
  96. Qazi Ghulam Mustafa Qureshi & Yves Mard & Francois Aubert, 2024. "Do analysts predict managed or unmanaged earnings?," Eurasian Business Review, Springer;Eurasia Business and Economics Society, vol. 14(2), pages 527-545, June.
  97. Ron Kasznik, 2004. "Discussion of “The Effect of Accounting Restatements on Earnings Revisions and the Estimated Cost of Capital”," Review of Accounting Studies, Springer, vol. 9(2), pages 357-367, June.
  98. Kothari, S. P. & Sabino, Jowell S. & Zach, Tzachi, 2005. "Implications of survival and data trimming for tests of market efficiency," Journal of Accounting and Economics, Elsevier, vol. 39(1), pages 129-161, February.
  99. Gus De Franco & Hai Lu & Florin P. Vasvari, 2007. "Wealth Transfer Effects of Analysts' Misleading Behavior," Journal of Accounting Research, John Wiley & Sons, Ltd., vol. 45(1), pages 71-110, March.
  100. Guojin Gong & Laura Y. Li & Jeff J. Wang, 2011. "Serial Correlation in Management Earnings Forecast Errors," Journal of Accounting Research, John Wiley & Sons, Ltd., vol. 49(3), pages 677-720, June.
  101. X. Frank Zhang, 2006. "Information Uncertainty and Analyst Forecast Behavior," Contemporary Accounting Research, John Wiley & Sons, vol. 23(2), pages 565-590, June.
  102. Chaudhry, Aditya, 2025. "The impact of prices on analyst cash flow expectations: Reconciling subjective beliefs data with rational discount rate variation," Journal of Financial Economics, Elsevier, vol. 171(C).
  103. Jeffery Abarbanell & Hyungshin Park, 2017. "Do Bright-Line Earnings Surprises Really Affect Stock Price Reactions?," Management Science, INFORMS, vol. 63(4), pages 1063-1084, April.
  104. Moritz Scherrmann & Ralf Elsas, 2023. "Earnings Prediction Using Recurrent Neural Networks," Papers 2311.10756, arXiv.org.
  105. Alan Gregory & Walid Saleh & Jon Tucker, 2005. "A UK Test of an Inflation-Adjusted Ohlson Model," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 32(3-4), pages 487-534.
  106. 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.
  107. Lucy F. Ackert & Bryan K. Church & Ping Zhang, 1999. "The effect of forecast bias on market behavior: evidence from experimental asset markets," FRB Atlanta Working Paper 99-4, Federal Reserve Bank of Atlanta.
  108. Echterling, F. & Eierle, B. & Ketterer, S., 2015. "A review of the literature on methods of computing the implied cost of capital," International Review of Financial Analysis, Elsevier, vol. 42(C), pages 235-252.
  109. John R. M. Hand & Wayne R. Landsman, 2005. "The Pricing of Dividends in Equity Valuation," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 32(3‐4), pages 435-469, April.
  110. Lin, Wen-Chun & Chang, Shao-Chi & Chen, Sheng-Syan & Liao, Tsai-Ling, 2013. "The over-optimism of financial analysts and the long-run performance of firms following private placements of equity," Finance Research Letters, Elsevier, vol. 10(2), pages 82-92.
  111. Paul A. Griffin & David H. Lont, 2021. "Evidence of an increasing trend in earnings surprises over the past two decades: The role of positive manager‐initiated non‐GAAP adjustments," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 48(9-10), pages 1525-1559, October.
  112. 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.
  113. Ahmed, Anwer S. & Nainar, S.M. Khalid & Zhang, X. Frank, 2006. "Further evidence on analyst and investor misweighting of prior period cash flows and accruals," The International Journal of Accounting, Elsevier, vol. 41(1), pages 51-74.
  114. 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.
  115. 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.
  116. Yu, Susana & Lord, Richard A. & Webb, Gwendolyn, 2010. "The hot-growth companies: How well do analysts predict their performance?," Journal of Economics and Business, Elsevier, vol. 62(3), pages 195-219, May.
  117. Mikhail, Michael B. & Walther, Beverly R. & Willis, Richard H., 2003. "The effect of experience on security analyst underreaction," Journal of Accounting and Economics, Elsevier, vol. 35(1), pages 101-116, April.
  118. Konchitchki, Yaniv & Patatoukas, Panos N., 2014. "Accounting earnings and gross domestic product," Journal of Accounting and Economics, Elsevier, vol. 57(1), pages 76-88.
  119. Dong, Xiaobo & Lin, K.C. & Kuang, Yingxu, 2014. "Are inter-segment revenues informative about future performance?," Advances in accounting, Elsevier, vol. 30(2), pages 298-308.
  120. Ruan, Qingsong & Wang, Zilin & Zhou, Yaping & Lv, Dayong, 2020. "A new investor sentiment indicator (ISI) based on artificial intelligence: A powerful return predictor in China," Economic Modelling, Elsevier, vol. 88(C), pages 47-58.
  121. Johnston, Rick & Leone, Andrew J. & Ramnath, Sundaresh & Yang, Ya-wen, 2012. "14-Week quarters," Journal of Accounting and Economics, Elsevier, vol. 53(1), pages 271-289.
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  123. Yun Ke & Kin Lo & Jinfei Sheng & Jenny Li Zhang, 2023. "Do investors affect financial analysts’ behavior? Evidence from short sellers," Financial Management, Financial Management Association International, vol. 52(1), pages 199-224, March.
  124. Daniel Bryan & M. H. Carol Liu & Samuel L. Tiras & Zili Zhuang, 2013. "Optimal versus suboptimal choices of accounting expertise on audit committees and earnings quality," Review of Accounting Studies, Springer, vol. 18(4), pages 1123-1158, December.
  125. Yaniv Konchitchki, 2013. "Accounting and the Macroeconomy: The Case of Aggregate Price-Level Effects on Individual Stocks," Financial Analysts Journal, Taylor & Francis Journals, vol. 69(6), pages 40-54, November.
  126. Frankel, Richard & Lee, Charles M. C., 1998. "Accounting valuation, market expectation, and cross-sectional stock returns," Journal of Accounting and Economics, Elsevier, vol. 25(3), pages 283-319, June.
  127. Heinrichs, Nicolas & Hess, Dieter & Homburg, Carsten & Lorenz, Michael & Sievers, Soenke, 2011. "Extended dividend, cash flow and residual income valuation models: Accounting for deviations from ideal conditions," CFR Working Papers 11-11, University of Cologne, Centre for Financial Research (CFR).
  128. Athanasakou, Vasiliki E. & Simpson, Ana, 2016. "Investor attention to salient features of analyst forecasts," LSE Research Online Documents on Economics 65745, London School of Economics and Political Science, LSE Library.
  129. Sandrine LARDIC & Karine MICHALON & François DOSSOU, 2008. "Can earnings forecasts be improved by taking into account the forecast bias?," Economics Bulletin, AccessEcon, vol. 7(11), pages 1-20.
  130. Brian Gibbons & Peter Iliev & Jonathan Kalodimos, 2021. "Analyst Information Acquisition via EDGAR," Management Science, INFORMS, vol. 67(2), pages 769-793, February.
  131. Ran Barniv & Mark Myring, 2006. "An International Analysis of Historical and Forecast Earnings in Accounting‐Based Valuation Models," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 33(7‐8), pages 1087-1109, September.
  132. Daniel, Kent & Hirshleifer, David & Teoh, Siew Hong, 2002. "Investor psychology in capital markets: evidence and policy implications," Journal of Monetary Economics, Elsevier, vol. 49(1), pages 139-209, January.
  133. 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.
  134. Ramnath, Sundaresh & Rock, Steve & Shane, Philip, 2005. "Value Line and I/B/E/S earnings forecasts," International Journal of Forecasting, Elsevier, vol. 21(1), pages 185-198.
  135. Weihong Xu, 2009. "Evidence That Management Earnings Forecasts Do Not Fully Incorporate Information in Prior Forecast Errors," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 36(7‐8), pages 822-837, September.
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