Does forecast accuracy matter to security analysts?

Accounting Review

Volumn 74, Issue 2, 1999, Pages 185-200

  Mikhail, Michael B ^a   Walther, Beverly R ^a   Willis, Richard H ^a  

^a NONE

Author keywords

Forecast accuracy; Performance evaluation; Recommendation profitability; Security analysts

Indexed keywords

EID: 0033240446     PISSN: 00014826     EISSN: None     Source Type: Journal    
DOI: 10.2308/accr.1999.74.2.185     Document Type: Article

References (16)

1. Brown, L., L. Hagerman, P. Griffin, and M. Zmijewski. 1987. Security analyst superiority relative to univariate time-series models in forecasting quarterly earnings. Journal of Accounting and Economics 9: 61-87.
2. Clement, M. 1998. Analyst forecast accuracy: Do ability, resources, and portfolio complexity matter? Working paper, University of Texas at Austin, TX.
3. Dechow, P., A. Hutton, and R. Sloan. 1997. The relation between analysts' long-term earnings growth forecasts and stock price performance following equity offerings. Working paper, University of Michigan, Ann Arbor, MI and Harvard University, Boston, MA.
4. Dorfman, J. 1991. Analysts devote more time to selling as firms keep scorecard on performance. Wall Street Journal (October 29): C1.
5. -. 1997. For stock-picking, "New York, New York" is drowned by regional brokers' chorus. Wall Street Journal (February 12): C1.
6. Dugar, A., and S. Nathan. 1995. The effect of investment banking relationships on financial analysts' earnings forecasts and investment recommendations. Contemporary Accounting Research 12: 131-160.
7. Eccles, R., and D. Crane. 1988. Doing Deals: Investment Banks at Work. Boston, MA: Harvard Business School Press.
8. Francis, J., and D. Philbrick. 1993. Analysts' decisions as products of a multi-task environment. Journal of Accounting Research 31: 216-230.
9. Heitner, P. 1991. Isn't it time to measure analysts' track records? Financial Analysts Journal 47: 5-6.
10. Holmstrom, B. 1979. Moral hazard and observability. Bell Journal of Economics 10: 74-91.
11. -. 1982. Moral hazard in teams. Bell Journal of Economics 13: 324-340.
12. Jacob, J., T. Lys, and M. Neale. 1998. Experience, expertise and the forecasting performance of security analysts. Working paper, University of Colorado, Denver, CO, Northwestern University, Evanston, IL, and Stanford University, Stanford, CA.
13. Mikhail, M., B. Walther, and R. Willis. 1997. Do security analysts improve their performance with experience? Journal of Accounting Research 35: 131-157.
14. Morgenson, G. 1997. See no evil; speak no evil. Forbes (December 15): 162-167.
15. O'Brien, P. 1988. Analysts' forecasts as earnings expectations. Journal of Accounting and Economics 10: 53-83.
16. Wiegold, C. 1998. Industry by industry: A talk with the top stock pickers. Wall Street Journal (June 30): R2.