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E. Elton, M. Gruber, M. Gultekin (1984)
Professional Expectations: Accurary and Diagonosis of ErrorsJournal of Financial and Quantitative Analysis, 19
E. Imhoff, Gerald Lobo (1984)
Information-Content Of Analysts Composite Forecast RevisionsJournal of Accounting Research, 22
George Foster (1981)
Intra-industry information transfers associated with earnings releasesJournal of Accounting and Economics, 3
E. Elton, M. Gruber, M. Gultekin (1981)
Expectations and Share PricesManagement Science, 27
Gregory Waymire (1984)
ADDITIONAL EVIDENCE ON THE INFORMATION-CONTENT OF MANAGEMENT EARNINGS FORECASTSJournal of Accounting Research, 22
Dov Fried, Dan Givoly (1982)
Financial analysts' forecasts of earnings: A better surrogate for market expectationsJournal of Accounting and Economics, 4
Although managers frequently release earnings forecasts, little is known about how this information affects investor beliefs. This study compares changes in analyst earnings forecasts following the release of management forecasts: (1) to changes in analyst forecasts of a control sample of nonforecasting firms; and (2) between management forecasts with differing degrees of accuracy. The forecasting error of analyst estimates for firms releasing management forecasts decreases more rapidly than the errors associated with the control firms, which implies that management forecasts are useful. Analysts apparently are capable of determining which management forecasts are most accurate and responding appropriately.
The Journal of Financial Research – Wiley
Published: Dec 1, 1988
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