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Article: Analyst forecasting ability and the stock price reaction to forecast revisions

TitleAnalyst forecasting ability and the stock price reaction to forecast revisions
Authors
KeywordsEarnings Forecasts
Financial Analysts
Reputation
Issue Date2000
PublisherSpringer New York LLC. The Journal's web site is located at http://springerlink.metapress.com/openurl.asp?genre=journal&issn=1380-6653
Citation
Review Of Accounting Studies, 2000, v. 5 n. 3, p. 259-272 How to Cite?
AbstractWe 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.
Persistent Identifierhttp://hdl.handle.net/10722/177815
ISSN
2015 Impact Factor: 1.513
2015 SCImago Journal Rankings: 2.039
References

 

DC FieldValueLanguage
dc.contributor.authorPark, CWen_US
dc.contributor.authorStice, EKen_US
dc.date.accessioned2012-12-19T09:40:26Z-
dc.date.available2012-12-19T09:40:26Z-
dc.date.issued2000en_US
dc.identifier.citationReview Of Accounting Studies, 2000, v. 5 n. 3, p. 259-272en_US
dc.identifier.issn1380-6653en_US
dc.identifier.urihttp://hdl.handle.net/10722/177815-
dc.description.abstractWe 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.en_US
dc.languageengen_US
dc.publisherSpringer New York LLC. The Journal's web site is located at http://springerlink.metapress.com/openurl.asp?genre=journal&issn=1380-6653en_US
dc.relation.ispartofReview of Accounting Studiesen_US
dc.subjectEarnings Forecastsen_US
dc.subjectFinancial Analystsen_US
dc.subjectReputationen_US
dc.titleAnalyst forecasting ability and the stock price reaction to forecast revisionsen_US
dc.typeArticleen_US
dc.identifier.emailPark, CW: acparkc@hku.hken_US
dc.identifier.authorityPark, CW=rp01090en_US
dc.description.naturelink_to_subscribed_fulltexten_US
dc.identifier.doi10.1023/A:1009668711298-
dc.identifier.scopuseid_2-s2.0-0001082086en_US
dc.relation.referenceshttp://www.scopus.com/mlt/select.url?eid=2-s2.0-0001082086&selection=ref&src=s&origin=recordpageen_US
dc.identifier.volume5en_US
dc.identifier.issue3en_US
dc.identifier.spage259en_US
dc.identifier.epage272en_US
dc.publisher.placeUnited Statesen_US
dc.identifier.scopusauthoridPark, CW=37062708100en_US
dc.identifier.scopusauthoridStice, EK=7005899020en_US

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