메뉴 건너뛰기




Volumn 26, Issue 5-6, 1999, Pages 725-755

The accuracy, bias and efficiency of analysts' long run earnings growth forecasts

Author keywords

[No Author keywords available]

Indexed keywords


EID: 0007195998     PISSN: 0306686X     EISSN: 14685957     Source Type: Journal    
DOI: 10.1111/1468-5957.00273     Document Type: Article
Times cited : (23)

References (35)
  • 1
    • 0000790309 scopus 로고
    • Do analysts' earnings forecasts incorporate information in prior stock price changes?
    • Abarbanell, J. (1991), 'Do Analysts' Earnings Forecasts Incorporate Information in Prior Stock Price Changes?' Journal of Accounting and Economics, Vol. 14, pp. 147-66.
    • (1991) Journal of Accounting and Economics , vol.14 , pp. 147-166
    • Abarbanell, J.1
  • 2
    • 0000230872 scopus 로고
    • Extensions and violations of the statutory SEC form 10-K filing requirements
    • Alford, A., J. Jones and M. Zmijewski (1994), 'Extensions and Violations of the Statutory SEC Form 10-K Filing Requirements', Journal of Accounting and Economics, Vol. 17, pp. 229-54.
    • (1994) Journal of Accounting and Economics , vol.17 , pp. 229-254
    • Alford, A.1    Jones, J.2    Zmijewski, M.3
  • 3
    • 0001748799 scopus 로고
    • Further evidence on the time series properties of accounting income
    • Brooks, L. and D. Buckmaster (1976), 'Further Evidence on the Time Series Properties of Accounting Income', Journal of Finance, Vol. 31, pp. 1359-73.
    • (1976) Journal of Finance , vol.31 , pp. 1359-1373
    • Brooks, L.1    Buckmaster, D.2
  • 4
    • 0000337650 scopus 로고
    • Earnings forecasting research: Its implications for capital markets research
    • Brown, L. (1993), 'Earnings Forecasting Research: Its Implications for Capital Markets Research', International Journal of Forecasting, Vol. 9, pp. 295-320.
    • (1993) International Journal of Forecasting , vol.9 , pp. 295-320
    • Brown, L.1
  • 5
    • 77951614107 scopus 로고    scopus 로고
    • Analyst forecasting errors: Additional evidence
    • - (1997), 'Analyst Forecasting Errors: Additional Evidence', Working Paper (University at Buffalo).
    • (1997) Working Paper, University at Buffalo
  • 6
    • 84977386241 scopus 로고
    • The superiority of analysts' forecasts as measures of expectations: Evidence from earnings
    • - and M. Rozeff (1978), 'The Superiority of Analysts' Forecasts as Measures of Expectations: Evidence from Earnings', Journal of Finance, Vol. 33, pp. 1-16.
    • (1978) Journal of Finance , vol.33 , pp. 1-16
    • Rozeff, M.1
  • 7
    • 45949121023 scopus 로고
    • Security analyst superiority relative to univariate time-series models in forecasting quarterly earnings
    • - R. Hagerman, P. Griffin and M. Zmijewski (1987a), 'Security Analyst Superiority Relative to Univariate Time-Series Models in Forecasting Quarterly Earnings', Journal of Accounting and Economics, Vol. 9, pp. 61-87.
    • (1987) Journal of Accounting and Economics , vol.9 , pp. 61-87
    • Hagerman, R.1    Griffin, P.2    Zmijewski, M.3
  • 8
    • 45949122046 scopus 로고
    • An evaluation of alternative proxies for the market's assessment of unexpected earnings
    • - - - - (1987b), 'An Evaluation of Alternative Proxies for the Market's Assessment of Unexpected Earnings', Journal of Accounting and Economics, Vol. 9, pp. 159-93.
    • (1987) Journal of Accounting and Economics , vol.9 , pp. 159-193
  • 10
    • 0042335151 scopus 로고    scopus 로고
    • Irrational analysts' expectations as a cause of excess volatility in stock prices
    • Bulkley, G. and R. Harris (1997), 'Irrational Analysts' Expectations as a Cause of Excess Volatility in Stock Prices', Economic Journal, Vol. 107, pp. 359-71.
    • (1997) Economic Journal , vol.107 , pp. 359-371
    • Bulkley, G.1    Harris, R.2
  • 13
    • 38249033644 scopus 로고
    • On cross-sectional analysis in accounting research
    • Christie, A. (1987), 'On Cross-Sectional Analysis in Accounting Research', Journal of Accounting and Economics, Vol. 9, pp. 231-58.
    • (1987) Journal of Accounting and Economics , vol.9 , pp. 231-258
    • Christie, A.1
  • 14
    • 0001567301 scopus 로고
    • A multivariate analysis of annual earnings forecasts generated from quarterly forecasts of financial analysts and univariate time-series models
    • Collins, W. and W. Hopwood (1980), 'A Multivariate Analysis of Annual Earnings Forecasts Generated from Quarterly Forecasts of Financial Analysts and Univariate Time-Series Models', Journal of Accounting Research Vol. 18, pp. 390-406.
    • (1980) Journal of Accounting Research , vol.18 , pp. 390-406
    • Collins, W.1    Hopwood, W.2
  • 15
  • 16
    • 0002393150 scopus 로고
    • Do security analysts overreact?
    • - and R. Thaler (1990), 'Do Security Analysts Overreact?' American Economic Review, Vol. 80, pp. 52-57.
    • (1990) American Economic Review , vol.80 , pp. 52-57
    • Thaler, R.1
  • 17
    • 0030637317 scopus 로고    scopus 로고
    • Returns to contrarian investment strategies: Tests of naive expectations hypotheses
    • Dechow, P. and R. Sloan (1997), 'Returns to Contrarian Investment Strategies: Tests of Naive Expectations Hypotheses', Journal of Financial Economics, Vol. 43, pp. 3-27.
    • (1997) Journal of Financial Economics , vol.43 , pp. 3-27
    • Dechow, P.1    Sloan, R.2
  • 18
    • 38249012671 scopus 로고
    • The relative and complementary performance of analyst and security-price based measures of expected earnings
    • Elgers, P., and D. Murray (1992), 'The Relative and Complementary Performance of Analyst and Security-Price Based Measures of Expected Earnings', Journal of Accounting and Economics, Vol. 15, No. 303-16.
    • (1992) Journal of Accounting and Economics , vol.15 , pp. 303-316
    • Elgers, P.1    Murray, D.2
  • 20
    • 0002758163 scopus 로고
    • Quarterly accounting data: Time series properties and predictive-ability results
    • Foster, G. (1977), 'Quarterly Accounting Data: Time Series Properties and Predictive-Ability Results', Accounting Review, Vol. 52, pp. 1-21.
    • (1977) Accounting Review , vol.52 , pp. 1-21
    • Foster, G.1
  • 21
    • 21344493717 scopus 로고
    • Analysts' decisions as products of a multi-task environment
    • Francis, J. and D. Philbrick (1993), 'Analysts' Decisions as Products of a Multi- Task Environment', Journal of Accounting Research, Vol. 31, pp. 216-30.
    • (1993) Journal of Accounting Research , vol.31 , pp. 216-230
    • Francis, J.1    Philbrick, D.2
  • 22
    • 77951594432 scopus 로고    scopus 로고
    • Accounting valuation, market expectation, and the book-to-market effect
    • Frankel, R. and C. Lee (1996), 'Accounting Valuation, Market Expectation, and the Book-to-Market Effect', Journal of Finance, Vol. 51, pp. 1040-41.
    • (1996) Journal of Finance , vol.51 , pp. 1040-1041
    • Frankel, R.1    Lee, C.2
  • 24
    • 84974465990 scopus 로고
    • Consistent covariance matrix estimation with cross-sectional dependence and heteroskedasticity in financial data
    • Froot, K. (1989), 'Consistent Covariance Matrix Estimation with Cross-Sectional Dependence and Heteroskedasticity in Financial Data', Journal of Financial and Quantitative Analysis, Vol. 24, pp. 333-55.
    • (1989) Journal of Financial and Quantitative Analysis , vol.24 , pp. 333-355
    • Froot, K.1
  • 25
    • 0000531068 scopus 로고
    • The formation of earnings expectations
    • Givoly, D. (1985), 'The Formation of Earnings Expectations', Accounting Review, Vol. 60, pp. 372-86.
    • (1985) Accounting Review , vol.60 , pp. 372-386
    • Givoly, D.1
  • 26
    • 84993869066 scopus 로고
    • Contrarian investment, extrapolation, and risk
    • Lakonishok, J., A. Schleifer and R. Vishny, (1994), 'Contrarian Investment, Extrapolation, and Risk', Journal of Finance, Vol. 49, pp. 1541-78.
    • (1994) Journal of Finance , vol.49 , pp. 1541-1578
    • Lakonishok, J.1    Schleifer, A.2    Vishny, R.3
  • 27
    • 0039470462 scopus 로고    scopus 로고
    • Expectations and the cross-section of stock returns
    • La Porta, R. (1996), 'Expectations and the Cross-Section of Stock Returns', Journal of Finance, Vol. 51, pp. 1715-42.
    • (1996) Journal of Finance , vol.51 , pp. 1715-1742
    • La Porta, R.1
  • 28
    • 0002254780 scopus 로고
    • The valuation of economic forecasts
    • J. Mincer (ed.), (National Bureau of Economic Research)
    • Mincer, J. and V. Zarnovitz (1969), 'The Valuation of Economic Forecasts', in J. Mincer (ed.), Economic Forecasts and Expectations (National Bureau of Economic Research).
    • (1969) Economic Forecasts and Expectations
    • Mincer, J.1    Zarnovitz, V.2
  • 29
    • 0000706085 scopus 로고
    • A simple positive semi-definite, heteroscedasticity and autocorrelation consistent covariance matrix
    • Newey, W. and K. West (1987), 'A Simple Positive Semi-Definite, Heteroscedasticity and Autocorrelation Consistent Covariance Matrix', Econometrica, Vol. 55, pp. 703-8.
    • (1987) Econometrica , vol.55 , pp. 703-708
    • Newey, W.1    West, K.2
  • 30
    • 39149126416 scopus 로고
    • Analysts' forecasts as earnings expectations
    • O'Brien, P. (1988), 'Analysts' Forecasts as Earnings Expectations', Journal of Accounting and Economics, Vol. 10, pp. 53-83.
    • (1988) Journal of Accounting and Economics , vol.10 , pp. 53-83
    • O'Brien, P.1
  • 31
    • 0000070375 scopus 로고
    • Financial statement analysis and the prediction of stock returns
    • Ou, J. and S. Penman (1987), 'Financial Statement Analysis and the Prediction of Stock Returns', Journal of Accounting and Economics, Vol. 11, pp. 295-330.
    • (1987) Journal of Accounting and Economics , vol.11 , pp. 295-330
    • Ou, J.1    Penman, S.2
  • 32
    • 84965740537 scopus 로고
    • What matters from the past: Market value, book value or earnings? Earnings valuation and sufficient statistics for prior information
    • Ramakrishnan, R. and J. Thomas (1992), 'What Matters from the Past: Market Value, Book Value or Earnings? Earnings Valuation and Sufficient Statistics for Prior Information', Journal of Accounting, Auditing and Finance, Vol. 7, pp. 423-64.
    • (1992) Journal of Accounting, Auditing and Finance , vol.7 , pp. 423-464
    • Ramakrishnan, R.1    Thomas, J.2
  • 33
    • 0000098990 scopus 로고
    • Commentary on analysts' forecasts
    • Schipper, K. (1991), 'Commentary on Analysts' Forecasts', Accounting Horizons, Vol. 5, pp. 105-21.
    • (1991) Accounting Horizons , vol.5 , pp. 105-121
    • Schipper, K.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.