Format:
1 Online-Ressource (circa 57 Seiten)
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Series Statement:
Research paper series / Swiss Finance Institute no 19, 06
Content:
We find that investors are fixated on analysts' consensus outputs (earnings forecasts, recommendations, and forecast dispersion), which can be inferior signals compared to the corresponding outputs provided by high-quality analysts, especially when a large number of high-quality analysts follow the firm. This result, which holds at the firm and market level, implies inefficient use of the information contained in analysts' outputs. Further, the post-earnings announcement drift (PEAD) phenomenon occurs only when high-quality analysts are more uncertain about the firm's performance than all analysts following the firm. We conclude that the market's fixation on consensus measures has significant negative economic implications
Language:
English
Keywords:
Graue Literatur
DOI:
10.2139/ssrn.3128734
URL:
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