Analyst estimation revision clusters and corporate events, Part I

被引：12

作者：

Bagnoli M. ^{[1
]}

Levine S. ^{[2
]}

Watts S.G. ^{[1
]}

机构：

[1] Krannert Graduate School of Management, Purdue University, West Lafayette

[2] QED International Associates, Inc., New York

来源：

Annals of Finance | 2005年 / 1卷 / 3期

关键词：

Analyst; Analyst forecasts; Earnings announcements; Earnings forecast; Forecast; Home bias; Market efficiency; Strategic information; Valuation; Visibility;

D O I：

10.1007/s10436-005-0014-y

中图分类号：

学科分类号：

摘要：

This paper uses periods of unusually heavy earnings estimate revision activity by analysts to assess the relative usefulness of corporate information events (CIEs) in firm valuation. Because accounting information is more readily available, newsworthy and accessible, we hypothesize that CIEs that focus on financial statement information trigger greater analyst revision activity over a shorter period of time than CIEs that offer strategic or "soft" information. Our results are consistent with this hypothesis. In Part II, we examine investor response to revision clusters that accompany different CIEs. © Springer-Verlag Berlin Heidelberg 2005.

引用

页码：245 / 265

页数：20

共 35 条

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[2]

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