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The timing and value of forecast and recommendation revisions

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Cited by:

  1. Gu, Chen & Guo, Xu & Zhang, Chengping, 2022. "Analyst target price revisions and institutional herding," International Review of Financial Analysis, Elsevier, vol. 82(C).
  2. Leonardo Fernandez, 2012. "Price Discovery, Investor Distraction and Analyst Recommendations Under Continuous Disclosure Requirements in Australia," PhD Thesis, Finance Discipline Group, UTS Business School, University of Technology, Sydney, number 1-2012.
  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. Savor, Pavel G., 2012. "Stock returns after major price shocks: The impact of information," Journal of Financial Economics, Elsevier, vol. 106(3), pages 635-659.
  5. Jin, Han & Mazouz, Khelifa & Wu, Yuliang & Xu, Bin, 2023. "Can star analysts make superior coverage decisions in poor information environment?," Journal of Banking & Finance, Elsevier, vol. 146(C).
  6. 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.
  7. Jonathan Clarke & Ajay Khorana & Ajay Patel & P. Rau, 2011. "Independents’ day? Analyst behavior surrounding the Global Settlement," Annals of Finance, Springer, vol. 7(4), pages 529-547, November.
  8. AltInkIlIç, Oya & Hansen, Robert S., 2009. "On the information role of stock recommendation revisions," Journal of Accounting and Economics, Elsevier, vol. 48(1), pages 17-36, October.
  9. Jagjeev Dosanjh, 2017. "Exchange Initiatives and Market Efficiency: Evidence from the Australian Securities Exchange," PhD Thesis, Finance Discipline Group, UTS Business School, University of Technology, Sydney, number 1-2017.
  10. 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).
  11. Chan, Kin Wai & Chang, Charles & Wang, Albert, 2009. "Put your money where your mouth is: Do financial firms follow their own recommendations?," The Quarterly Review of Economics and Finance, Elsevier, vol. 49(3), pages 1095-1112, August.
  12. 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.
  13. Medovikov, Ivan, 2014. "Can analysts predict rallies better than crashes?," Finance Research Letters, Elsevier, vol. 11(4), pages 319-325.
  14. Cowan, Arnold R. & Salotti, Valentina, 2020. "Anti-selective disclosure regulation and analyst forecast accuracy and usefulness," Journal of Corporate Finance, Elsevier, vol. 64(C).
  15. Zhi Da & Ravi Jagannathan & Jianfeng Shen, 2014. "Growth Expectations, Dividend Yields, and Future Stock Returns," NBER Working Papers 20651, National Bureau of Economic Research, Inc.
  16. Will J. Armstrong & Egemen Genc & Marno Verbeek, 2019. "Going for Gold: An Analysis of Morningstar Analyst Ratings," Management Science, INFORMS, vol. 67(5), pages 2310-2327, May.
  17. Daniel Bradley & Xi Liu & Christos Pantzalis, 2014. "Bucking the Trend: The Informativeness of Analyst Contrarian Recommendations," Financial Management, Financial Management Association International, vol. 43(2), pages 391-414, June.
  18. Khrystyna Bochkay & Stan Markov & Musa Subasi & Eric Weisbrod, 2022. "The Roles of Data Providers and Analysts in the Production, Dissemination, and Pricing of Street Earnings," Journal of Accounting Research, Wiley Blackwell, vol. 60(5), pages 1695-1740, December.
  19. 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.
  20. Nerissa C. Brown & Kelsey D. Wei & Russ Wermers, 2014. "Analyst Recommendations, Mutual Fund Herding, and Overreaction in Stock Prices," Management Science, INFORMS, vol. 60(1), pages 1-20, January.
  21. Nathan Swem, 2017. "Information in Financial Markets : Who Gets It First?," Finance and Economics Discussion Series 2017-023, Board of Governors of the Federal Reserve System (U.S.).
  22. Devos, Erik & Hao, Wei & Prevost, Andrew K. & Wongchoti, Udomsak, 2015. "Stock return synchronicity and the market response to analyst recommendation revisions," Journal of Banking & Finance, Elsevier, vol. 58(C), pages 376-389.
  23. Roger K. Loh & René M. Stulz, 2011. "When Are Analyst Recommendation Changes Influential?," Review of Financial Studies, Society for Financial Studies, vol. 24(2), pages 593-627.
  24. Constantinos Antoniou & Emilios C. Galariotis & Daniel Read, 2014. "Ambiguity Aversion, Company Size and the Pricing of Earnings Forecasts," European Financial Management, European Financial Management Association, vol. 20(3), pages 633-651, June.
  25. Low, Rand Kwong Yew & Tan, Enoch, 2016. "The role of analyst forecasts in the momentum effect," International Review of Financial Analysis, Elsevier, vol. 48(C), pages 67-84.
  26. Allen H. Huang & Reuven Lehavy & Amy Y. Zang & Rong Zheng, 2018. "Analyst Information Discovery and Interpretation Roles: A Topic Modeling Approach," Management Science, INFORMS, vol. 64(6), pages 2833-2855, June.
  27. Saravanan Kesavan & Vishal Gaur & Ananth Raman, 2010. "Do Inventory and Gross Margin Data Improve Sales Forecasts for U.S. Public Retailers?," Management Science, INFORMS, vol. 56(9), pages 1519-1533, September.
  28. Narasimhan Jegadeesh & Woojin Kim, 2010. "Do Analysts Herd? An Analysis of Recommendations and Market Reactions," Review of Financial Studies, Society for Financial Studies, vol. 23(2), pages 901-937, February.
  29. Kui Wang & Wei Jiang, 2019. "Brand Equity and Firm Sustainable Performance: The Mediating Role of Analysts’ Recommendations," Sustainability, MDPI, vol. 11(4), pages 1-24, February.
  30. Jiang, George J. & Zhu, Kevin X., 2017. "Information Shocks and Short-Term Market Underreaction," Journal of Financial Economics, Elsevier, vol. 124(1), pages 43-64.
  31. Mei-Chen Lin, 2020. "When analysts encounter lottery-like stocks: lottery-like stocks and analyst stock recommendations," Review of Quantitative Finance and Accounting, Springer, vol. 55(1), pages 327-353, July.
  32. Wagner, Alexander F. & Glossner, Simon & Matos, Pedro Pinto & Ramelli, Stefano, 2022. "Do institutional investors stabilize equity markets in crisis periods? Evidence from COVID-19," CEPR Discussion Papers 15070, C.E.P.R. Discussion Papers.
  33. Swem, Nathan, 2022. "Information in financial markets: Who gets it first?," Journal of Banking & Finance, Elsevier, vol. 140(C).
  34. Chen Su & Hanxiong Zhang & Kenbata Bangassa & Nathan Lael Joseph, 2019. "On the investment value of sell-side analyst recommendation revisions in the UK," Review of Quantitative Finance and Accounting, Springer, vol. 53(1), pages 257-293, July.
  35. Veress, Aron & Kaiser, Lars, 2017. "Forecasting quality of professionals: Does affiliation matter?," The Quarterly Review of Economics and Finance, Elsevier, vol. 66(C), pages 159-168.
  36. Qiang Cheng & Fei Du & Xin Wang & Yutao Wang, 2016. "Seeing is believing: analysts’ corporate site visits," Review of Accounting Studies, Springer, vol. 21(4), pages 1245-1286, December.
  37. Oya Altınkılıç & Vadim S. Balashov & Robert S. Hansen, 2013. "Are Analysts' Forecasts Informative to the General Public?," Management Science, INFORMS, vol. 59(11), pages 2550-2565, November.
  38. Kross, William J. & Suk, Inho, 2012. "Does Regulation FD work? Evidence from analysts' reliance on public disclosure," Journal of Accounting and Economics, Elsevier, vol. 53(1), pages 225-248.
  39. Ed Dehaan & Joshua Madsen & Joseph D. Piotroski, 2017. "Do Weather‐Induced Moods Affect the Processing of Earnings News?," Journal of Accounting Research, Wiley Blackwell, vol. 55(3), pages 509-550, June.
  40. Du, Ding & Osmonbekov, Talai, 2020. "Direct effect of advertising spending on firm value: Moderating role of financial analyst coverage," International Journal of Research in Marketing, Elsevier, vol. 37(1), pages 196-212.
  41. T. Clifton Green & Narasimhan Jegadeesh & Yue Tang, 2007. "Gender and Job Performance: Evidence from Wall Street," NBER Working Papers 12897, National Bureau of Economic Research, Inc.
  42. Ruben M.T. Peixinho & Richard J. Taffler, 2011. "Are analysts misleading investors? The case of goingconcern opinions," CEFAGE-UE Working Papers 2011_22, University of Evora, CEFAGE-UE (Portugal).
  43. Russell Lundholm & Rafael Rogo, 2020. "Do excessively volatile forecasts impact investors?," Review of Accounting Studies, Springer, vol. 25(2), pages 636-671, June.
  44. Kostyantyn MALYSHENKO & Vadim MALYSHENKO & Elena Yu. PONOMAREVA & Marina ANASHKINA, 2019. "Analysis of the stock market anomalies in the context of changing the information paradigm," Eastern Journal of European Studies, Centre for European Studies, Alexandru Ioan Cuza University, vol. 10, pages 239-270, June.
  45. Justin Birru & Sinan Gokkaya & Xi Liu & René M. Stulz, 2022. "Are Analyst Short‐Term Trade Ideas Valuable?," Journal of Finance, American Finance Association, vol. 77(3), pages 1829-1875, June.
  46. Bailey, Warren & Andrew Karolyi, G. & Salva, Carolina, 2006. "The economic consequences of increased disclosure: Evidence from international cross-listings," Journal of Financial Economics, Elsevier, vol. 81(1), pages 175-213, July.
  47. Vafaeimehr, Ahmadreza & Schulmerich, Marcus & Paterlini, Sandra, 2023. "Top investment banks, confirmation Bias, and the market pricing of forecast revisions," International Review of Financial Analysis, Elsevier, vol. 88(C).
  48. Kotaro Miwa & Kazuhiro Ueda, 2014. "Slow price reactions to analysts' recommendation revisions," Quantitative Finance, Taylor & Francis Journals, vol. 14(6), pages 993-1004, June.
  49. Hansen, Robert S., 2015. "What is the value of sell-side analysts? Evidence from coverage changes – A discussion," Journal of Accounting and Economics, Elsevier, vol. 60(2), pages 58-64.
  50. Frey, Stefan & Herbst, Patrick, 2014. "The influence of buy-side analysts on mutual fund trading," Journal of Banking & Finance, Elsevier, vol. 49(C), pages 442-458.
  51. Jiang, George J. & Lu, Liangliang & Zhu, Dongming, 2014. "The information content of analyst recommendation revisions — Evidence from the Chinese stock market," Pacific-Basin Finance Journal, Elsevier, vol. 29(C), pages 1-17.
  52. Chen, An-Sing & Hong, Bi-Shia, 2006. "Institutional ownership changes and returns around analysts' earnings forecast release events: Evidence from Taiwan," Journal of Banking & Finance, Elsevier, vol. 30(9), pages 2471-2488, September.
  53. Wei-Da Chen & Chin-Te Yu, 2022. "The information value of interim accounting disclosures: evidence from mandatory monthly revenue reports," Review of Quantitative Finance and Accounting, Springer, vol. 58(1), pages 245-295, January.
  54. Minkwan Ahn & Michael Drake & Hangsoo Kyung & Han Stice, 2019. "The role of the business press in the pricing of analysts’ recommendation revisions," Review of Accounting Studies, Springer, vol. 24(1), pages 341-392, March.
  55. Chen Su & Hanxiong Zhang & Nathan Lael Joseph, 2022. "The performance of UK stock recommendation revisions: Does brokerage house reputation matter?," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 27(3), pages 3051-3070, July.
  56. Chen Su, 2023. "The price impact of analyst revisions and the state of the economy: Evidence around the world," The Financial Review, Eastern Finance Association, vol. 58(4), pages 887-930, November.
  57. Yuan Zhang, 2019. "Information in excess analyst coverage: Evidence from China’s stock market," Journal of Applied Finance & Banking, SCIENPRESS Ltd, vol. 9(6), pages 1-12.
  58. Akbas, Ferhat & Markov, Stanimir & Subasi, Musa & Weisbrod, Eric, 2018. "Determinants and consequences of information processing delay: Evidence from the Thomson Reuters Institutional Brokers’ Estimate System," Journal of Financial Economics, Elsevier, vol. 127(2), pages 366-388.
  59. Agata Kliber & Blanka Let & Aleksandra Rutkowska, 2016. "Socio-demographic characteristics of investors in the Warsaw Stock Exchange – How they influence the investment decision," Bank i Kredyt, Narodowy Bank Polski, vol. 47(2), pages 91-118.
  60. Pawel Bilinski, 2014. "Do Analysts Disclose Cash Flow Forecasts with Earnings Estimates when Earnings Quality is Low?," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 41(3-4), pages 401-434, April.
  61. 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.
  62. Jegadeesh, Narasimhan & Kim, Woojin, 2006. "Value of analyst recommendations: International evidence," Journal of Financial Markets, Elsevier, vol. 9(3), pages 274-309, August.
  63. Gus De Franco & Florin P. Vasvari & Regina Wittenberg‐Moerman, 2009. "The Informational Role of Bond Analysts," Journal of Accounting Research, Wiley Blackwell, vol. 47(5), pages 1201-1248, December.
  64. Mao, Ruiqi & Segara, Reuben & Westerholm, Joakim, 2019. "Analyst tipping: Evidence on Finnish stocks," International Review of Financial Analysis, Elsevier, vol. 66(C).
  65. Zhang, Yuan, 2008. "Analyst responsiveness and the post-earnings-announcement drift," Journal of Accounting and Economics, Elsevier, vol. 46(1), pages 201-215, September.
  66. Gregoire, Philippe & Huang, Hui, 2008. "Informed trading, noise trading and the cost of equity," International Review of Economics & Finance, Elsevier, vol. 17(1), pages 13-32.
  67. repec:uts:finphd:34 is not listed on IDEAS
  68. T. Bourveau & A. Garel & P. Peter Joos & A. Petit-Romec, 2024. "When attention is away, analysts misplay: distraction and analyst forecast performance," Post-Print hal-03844012, HAL.
  69. Ramnath, Sundaresh & Rock, Steve & Shane, Philip, 2008. "The financial analyst forecasting literature: A taxonomy with suggestions for further research," International Journal of Forecasting, Elsevier, vol. 24(1), pages 34-75.
  70. Sourav Medya & Mohammad Rasoolinejad & Yang Yang & Brian Uzzi, 2022. "An Exploratory Study of Stock Price Movements from Earnings Calls," Papers 2203.12460, arXiv.org.
  71. Li, Fengfei & Lin, Chen & Lin, Tse-Chun, 2021. "Salient anchor and analyst recommendation downgrade," Journal of Corporate Finance, Elsevier, vol. 69(C).
  72. 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.
  73. Kim, Yongtae & Lobo, Gerald J. & Song, Minsup, 2011. "Analyst characteristics, timing of forecast revisions, and analyst forecasting ability," Journal of Banking & Finance, Elsevier, vol. 35(8), pages 2158-2168, August.
  74. Wu, Ming-Hung & Tsai, Wei-Che & Lu, Chia-Chi & Zhang, Hang, 2022. "Google searches around analyst recommendation revision announcements: Evidence from the Taiwan stock market," International Review of Economics & Finance, Elsevier, vol. 81(C), pages 75-97.
  75. Yezegel, Ari, 2015. "Why do analysts revise their stock recommendations after earnings announcements?," Journal of Accounting and Economics, Elsevier, vol. 59(2), pages 163-181.
  76. Kim, Hayoung, 2022. "Heterogeneous effects of information disclosure: Evidence from housing markets," Journal of Economic Behavior & Organization, Elsevier, vol. 195(C), pages 359-380.
  77. Rosella Castellano & Annalisa Ferrari, 2019. "Are stock price dynamics affected by financial analysts recommendations? Evidence from Italian green energy stocks," Quality & Quantity: International Journal of Methodology, Springer, vol. 53(5), pages 2535-2544, September.
  78. Hur, Jungshik & Singh, Vivek, 2019. "How do disposition effect and anchoring bias interact to impact momentum in stock returns?," Journal of Empirical Finance, Elsevier, vol. 53(C), pages 238-256.
  79. Tsung-Yu Hsieh & Tsai-Yin Lin & Fangjhy Li & Yi-Ting Huang, 2023. "Analyst’s Target Price Revision and Dealer’s Trading Behavior Analysis: Evidence from Taiwanese Stock Market," Sustainability, MDPI, vol. 15(4), pages 1-9, February.
  80. Charitou, Andreas & Karamanou, Irene & Lambertides, Neophytos, 2019. "Analysts to the rescue?," Journal of Corporate Finance, Elsevier, vol. 56(C), pages 108-128.
  81. William Forbes, 2013. "No conflict, no interest: on the economics of conflicts of interest faced by analysts," European Journal of Law and Economics, Springer, vol. 35(3), pages 327-348, June.
  82. Leonardo Fernandez, 2012. "Price Discovery, Investor Distraction and Analyst Recommendations Under Continuous Disclosure Requirements in Australia," PhD Thesis, Finance Discipline Group, UTS Business School, University of Technology, Sydney, number 3, July-Dece.
  83. Chen, Xia & Cheng, Qiang & Lo, Kin, 2010. "On the relationship between analyst reports and corporate disclosures: Exploring the roles of information discovery and interpretation," Journal of Accounting and Economics, Elsevier, vol. 49(3), pages 206-226, April.
  84. Sandip Dhole & Ferdinand A. Gul & Sagarika Mishra & Ananda M. Pal, 2021. "The joint information role of analysts’ cash flow and earnings forecasts," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 61(1), pages 499-541, March.
  85. Dan Bernhardt & Chi Wan & Zhijie Xiao, 2016. "The Reluctant Analyst," Journal of Accounting Research, Wiley Blackwell, vol. 54(4), pages 987-1040, September.
  86. Juwon Jang & Eunju Lee, 2021. "Do record earnings affect market reactions to earnings news?," Review of Quantitative Finance and Accounting, Springer, vol. 56(4), pages 1259-1287, May.
  87. Tristan Roger, 2018. "The coverage assignments of financial analysts," Accounting and Business Research, Taylor & Francis Journals, vol. 48(6), pages 651-673, September.
  88. Pawel Bilinski, 2023. "Analyst Research Activity During the COVID‐19 Pandemic," Abacus, Accounting Foundation, University of Sydney, vol. 59(4), pages 1041-1073, December.
  89. Alok Kumar, 2010. "Self‐Selection and the Forecasting Abilities of Female Equity Analysts," Journal of Accounting Research, Wiley Blackwell, vol. 48(2), pages 393-435, May.
  90. Ergungor, Ozgur E. & Madureira, Leonardo & Nayar, Nandkumar & Singh, Ajai K., 2015. "Lending relationships and analysts’ forecasts," Journal of Financial Intermediation, Elsevier, vol. 24(1), pages 71-88.
  91. 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.
  92. Li, Chao Kevin & Luo, Jin-hui & Soderstrom, Naomi S., 2020. "Air pollution and analyst information production," Journal of Corporate Finance, Elsevier, vol. 60(C).
  93. Dambra, Michael & Field, Laura Casares & Gustafson, Matthew T. & Pisciotta, Kevin, 2018. "The consequences to analyst involvement in the IPO process: Evidence surrounding the JOBS Act," Journal of Accounting and Economics, Elsevier, vol. 65(2), pages 302-330.
  94. Koji Ota, 2012. "Information Content of Analysts' Stock Ratings and Earnings Forecasts in the Presence of Management Earnings Forecasts," The Japanese Accounting Review, Research Institute for Economics & Business Administration, Kobe University, vol. 2, pages 87-116, December.
  95. O. Emre Ergungor & Leonardo Madureira & Nandkumar Nayar & Ajai K. Singh, 2011. "Banking relationships and sell-side research," Working Papers (Old Series) 1114, Federal Reserve Bank of Cleveland.
  96. Yongtae Kim & Minsup Song, 2015. "Management Earnings Forecasts and Value of Analyst Forecast Revisions," Management Science, INFORMS, vol. 61(7), pages 1663-1683, July.
  97. Guo, Li & Li, Frank Weikai & John Wei, K.C., 2020. "Security analysts and capital market anomalies," Journal of Financial Economics, Elsevier, vol. 137(1), pages 204-230.
  98. 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.
  99. Philippot, Aurélien, 2018. "Analysts’ reinitiations of coverage and market underreaction," Journal of Banking & Finance, Elsevier, vol. 94(C), pages 208-220.
  100. Abdul Wahab, Effiezal Aswadi & How, Janice & Park, Jason & Verhoeven, Peter, 2018. "Political patronage and analysts’ forecast precision," Journal of Contemporary Accounting and Economics, Elsevier, vol. 14(3), pages 307-320.
  101. Abdulsamad Alazzani & Wan Nordin Wan-Hussin & Michael Jones & Ahmed Al-hadi, 2021. "ESG Reporting and Analysts’ Recommendations in GCC: The Moderation Role of Royal Family Directors," JRFM, MDPI, vol. 14(2), pages 1-21, February.
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