Analyst forecasting ability and the stock price reaction to forecast revisions

被引：12

作者：

Park C.W. ^{[1
]}

Stice E.K. ^{[2
]}

机构：

[1] The Hong Kong University of Science & Technology,

[2] Brigham Young University,undefined

来源：

Review of Accounting Studies | 2000年 / 5卷 / 3期

关键词：

Earnings forecasts; Financial analysts; Reputation;

D O I：

10.1023/A:1009668711298

中图分类号：

学科分类号：

摘要：

We empirically identify superior analysts using their past forecasting track record for a specific firm's earnings and demonstrate that subsequent forecast announcements by these superior analysts have a greater impact on security prices than do the forecasts of other analysts. We find that, in our sample, the price effects of this firm-specific forecasting ability do not spill over to other firms followed by the same analyst. We also demonstrate that an analyst's forecasting ability with respect to the earnings of a certain firm is relatively more important in the period immediately preceding an earnings announcement by that firm. © 2000 Kluwer Academic Publishers.

引用

页码：259 / 272

页数：13

共 10 条

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