Analyst Forecasting Ability and the Stock Price Reaction to Forecast Revisions

Analyst Forecasting Ability and the Stock Price Reaction to Forecast Revisions We empirically identifysuperior analysts using their past forecasting track record fora specific firm's earnings and demonstrate that subsequent forecastannouncements by these superior analysts have a greater impacton security prices than do the forecasts of other analysts. Wefind that, in our sample, the price effects of this firm-specificforecasting ability do not spill over to other firms followedby the same analyst. We also demonstrate that an analyst's forecastingability with respect to the earnings of a certain firm is relativelymore important in the period immediately preceding an earningsannouncement by that firm. Review of Accounting Studies Springer Journals

Analyst Forecasting Ability and the Stock Price Reaction to Forecast Revisions

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Kluwer Academic Publishers
Copyright © 2000 by Kluwer Academic Publishers
Business and Management; Accounting/Auditing; Corporate Finance; Public Finance
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