Access the full text.
Sign up today, get DeepDyve free for 14 days.
H. Mozes (2003)
Accuracy, usefulness and the evaluation of analysts’ forecastsInternational Journal of Forecasting, 19
J. Thomas (1993)
Comments on ‘Earnings forecasting research: Its implications for capital markets research’, by Brown, LInternational Journal of Forecasting, 9
M. Clement (1999)
Analyst forecast accuracy: Do ability, resources, and portfolio complexity matter?Journal of Accounting & Economics, 27
H. Hong, J. Kubik (2003)
Analyzing the analysts: career concerns and biased earnings forecastsThe Journal of Finance, 58
C. Gleason, C. Lee (2003)
Analyst forecast revisions and market price discoveryThe Accounting Review, 78
S. Bonner, B. Walther, S. Young (2003)
Sophistication-related differences in investors’ models of the relative accuracy of analysts’ forecast revisionsThe Accounting Review, 78
L. Brown (1993)
Earnings forecasting research: Its implications for capital markets researchInternational Journal of Forecasting, 9
M. Mikhail, B. Walther, R. Willis (1999)
Does forecast accuracy matter to security analysts?The Accounting Review, 74
H. Einhorn, R. Hogarth, E. Klempner (1977)
Quality of group judgmentPsychological Bulletin, 84
S. Ramnath, S. Rock, P. Shane (2005)
Value line and I/B/E/S earnings forecastsInternational Journal of Forecasting, 21
S. Stickel (1992)
Reputation and performance among security analystsThe Journal of Finance, 47
S. Bonner, A. Hugon, B. Walther (2007)
Investor reaction to celebrity analysts: The case of earnings forecast revisionsJournal of Accounting Research, 45
S. Hillegeist, E. Keating, D. Cram, K. Lundstedt (2004)
Assessing the probability of bankruptcyReview of Accounting Studies, 9
E. Altman (1968)
Financial ratios, discriminant analysis and the prediction of corporate bankruptcyThe Journal of Finance, 23
S. Bandyopadhyay, L. Brown, G. Richardson (1995)
Analysts’ use of earnings forecasts in predicting stock returns: forecast horizon effectsInternational Journal of Forecasting, 11
M. Clement, S. Tse (2003)
Do investors respond to analysts’ forecast revisions as if forecast accuracy is all that matters?The Accounting Review, 78
S. Stickel (1995)
The anatomy of the performance of buy and sell recommendationsFinancial Analysts Journal, 51
J. Jacob, T. Lys, M. Neale (1999)
Expertise in forecasting performance of security analystsJournal of Accounting & Economics, 28
M. Mikhail, B. Walther, R. Willis (1997)
Do security analysts improve their performance with experience?Journal of Accounting Research, 35
W. Newey, K. West (1987)
A simple, positive semi-definite, heteroskedasticity and autocorrelation consistent covariance matrixEconometrica, 55
R. Cooper, T. Day, C. Lewis (2001)
Following the leader: A study of individual analysts’ earnings forecastsJournal of Financial Economics, 61
S. Cohen, D. Bailey (1997)
What makes teams work: Group effectiveness research from the shop floor to the executive suiteJournal of Management, 23
R. Loh, G. Mian (2006)
Do accurate earnings forecasts facilitate superior investment recommendations?Journal of Financial Economics, 80
T. Crichfield, T. Dyckman, J. Lakonishok (1978)
An evaluation of security analysts’ forecastsThe Accounting Review, 53
D. Givoly, J. Lakonishok (1979)
The information content of financial analysts’ forecasts of earningsJournal of Accounting & Economics, 1
D. Shores (1990)
The association between interim information and security returns surrounding earnings announcementsJournal of Accounting Research, 28
I. Steiner (1972)
Group processes and productivity
L. Brown, K. Kim (1991)
Timely aggregate analyst forecasts as better proxies for market earnings expectationsJournal of Accounting Research, 29
K. Liang, S. Zeger (1986)
Longitudinal data analysis using generalized linear modelsBiometrika, 73
E. Imhoff, G. Lobo (1984)
Information content of analysts’ composite forecast revisionsJournal of Accounting Research, 22
S. Bonner (2007)
Judgment and decision-making in accounting
W. Rogers (1993)
Regression standard errors in clustered samplesStata Technical Bulletin, 13
H. White (1980)
A heteroskedasticity-consistent covariance matrix estimator and a direct test for heteroskedasticityEconometrica, 48
P. Williams (1996)
The relation between a prior earnings forecast by management and analyst response to a current management forecastThe Accounting Review, 71
A. Hahn (2004)
Analyst pay hit by soft-dollar flap eliminating or reducing soft dollars could have a profound effectThe Investment Dealers’ Digest, 70
C. Park, E. Stice (2000)
Analyst forecasting ability and the stock price reaction to forecast revisionsReview of Accounting Studies, 5
D. Devine, L. Clayton, J. Philips, B. Dunford, S. Melner (1999)
Teams in organizations prevalence, characteristics and effectivenessSmall Group Research, 30
S. Kothari (2001)
Capital markets research in accountingJournal of Accounting & Economics, 31
S. Stickel (1991)
Common stock returns surrounding earnings forecast revisions: more puzzling evidenceThe Accounting Review, 66
P. O’Brien (1988)
Analysts’ forecasts as earnings expectationsJournal of Accounting & Economics, 10
While brokerage houses use both teams of sell-side analysts and individual analysts to conduct earnings research, there is no empirical research examining whether teams and individuals differ with regard to their forecasting performance or purpose. We first examine the most-often researched dimension of forecasting performance, earnings forecast accuracy, and show that teams are less accurate than individual analysts in general and their own individual team members in particular. We conjecture that teams focus their efforts on an alternative dimension of forecasting performance, timeliness, and show that team forecasts are timelier than those of individual analysts in general and their own individual team members in particular. Consistent with the notion that teams trade-off forecast accuracy for timeliness to comply with a market research demand, we show that team forecast revisions are associated with larger market responses than those of individuals. Finally, we illuminate the nature of team assignments by documenting that the firms that teams follow are in greater financial distress and larger in size.
Review of Accounting Studies – Springer Journals
Published: Mar 14, 2008
Read and print from thousands of top scholarly journals.
Already have an account? Log in
Bookmark this article. You can see your Bookmarks on your DeepDyve Library.
To save an article, log in first, or sign up for a DeepDyve account if you don’t already have one.
Copy and paste the desired citation format or use the link below to download a file formatted for EndNote
Access the full text.
Sign up today, get DeepDyve free for 14 days.
All DeepDyve websites use cookies to improve your online experience. They were placed on your computer when you launched this website. You can change your cookie settings through your browser.