메뉴 건너뛰기




Volumn 59, Issue 3, 2004, Pages 1083-1124

Analyzing the analysts: When do recommendations add value?

Author keywords

[No Author keywords available]

Indexed keywords


EID: 2942703989     PISSN: 00221082     EISSN: None     Source Type: Journal    
DOI: 10.1111/j.1540-6261.2004.00657.x     Document Type: Article
Times cited : (565)

References (34)
  • 1
    • 0010023511 scopus 로고
    • The relationship between returns and market value of common stocks
    • Banz, Rolf W., 1981, The relationship between returns and market value of common stocks, Journal of Financial Economics 9, 3-18.
    • (1981) Journal of Financial Economics , vol.9 , pp. 3-18
    • Banz, R.W.1
  • 2
    • 0040884261 scopus 로고    scopus 로고
    • Can investors profit from the prophets? Security analyst recommendations and stock returns
    • Barber, Brad, Reuven Lehavy, Maureen MCNichols, and Brett Trueman, 2001a, Can investors profit from the prophets? Security analyst recommendations and stock returns, Journal of Finance 56, 531-563.
    • (2001) Journal of Finance , vol.56 , pp. 531-563
    • Barber, B.1    Lehavy, R.2    McNichols, M.3    Trueman, B.4
  • 3
    • 2942710430 scopus 로고    scopus 로고
    • Prophets and losses: Reassessing the returns to analysts' stock recommendations
    • UC-Davis, UC-Berkeley, and Stanford University
    • Barber, Brad, Reuven Lehavy, Maureen McNichols, and Brett Trueman, 2001b, Prophets and losses: Reassessing the returns to analysts' stock recommendations, Working paper, UC-Davis, UC-Berkeley, and Stanford University.
    • (2001) Working Paper
    • Barber, B.1    Lehavy, R.2    McNichols, M.3    Trueman, B.4
  • 4
    • 84916936900 scopus 로고
    • Investment performance of common stocks in relation to their price earnings ratios: A test of the efficient market hypothesis
    • Basu, Sanjoy, 1977, Investment performance of common stocks in relation to their price earnings ratios: A test of the efficient market hypothesis, Journal of Finance 32, 663-682.
    • (1977) Journal of Finance , vol.32 , pp. 663-682
    • Basu, S.1
  • 5
    • 0007066688 scopus 로고    scopus 로고
    • The detection of earnings manipulation
    • Beneish, M. Daniel, 1999, The detection of earnings manipulation, Financial Analysts Journal 55(5), 24-36.
    • (1999) Financial Analysts Journal , vol.55 , Issue.5 , pp. 24-36
    • Beneish, M.D.1
  • 6
    • 0013352698 scopus 로고    scopus 로고
    • Contextual fundamental analysis through the prediction of extreme returns
    • Beneish, M. Daniel, Charles M. C. Lee, and Robin L. Tarpley, 2001, Contextual fundamental analysis through the prediction of extreme returns, Review of Accounting Studies 6, 165-189.
    • (2001) Review of Accounting Studies , vol.6 , pp. 165-189
    • Beneish, M.D.1    Lee, C.M.C.2    Tarpley, R.L.3
  • 7
    • 0001819765 scopus 로고
    • Post-earnings-announcement drift: Delayed price response or risk premium?
    • Bernard, Victor L., and Jacob K. Thomas, 1989, Post-earnings-announcement drift: Delayed price response or risk premium? Journal of Accounting Research (Supplement) 27, 1-36.
    • (1989) Journal of Accounting Research (Supplement) , vol.27 , pp. 1-36
    • Bernard, V.L.1    Thomas, J.K.2
  • 8
    • 0001166456 scopus 로고
    • Database models and managerial intuition: 50% model and 50% manager
    • Blattberg, Robert C., and Stephen J. Hoch, 1990, Database models and managerial intuition: 50% model and 50% manager, Management Science 36, 887-899.
    • (1990) Management Science , vol.36 , pp. 887-899
    • Blattberg, R.C.1    Hoch, S.J.2
  • 9
    • 0013407950 scopus 로고    scopus 로고
    • How do analysts use their earnings forecasts in generating stock recommendations?
    • University of Michigan
    • Bradshaw, Mark, 2000, How do analysts use their earnings forecasts in generating stock recommendations? Working paper, University of Michigan.
    • (2000) Working Paper
    • Bradshaw, M.1
  • 11
    • 0002624840 scopus 로고    scopus 로고
    • On persistence in mutual fund performance
    • Carhart, Mark, 1997, On persistence in mutual fund performance, Journal of Finance 52, 57-82.
    • (1997) Journal of Finance , vol.52 , pp. 57-82
    • Carhart, M.1
  • 12
  • 14
    • 0000321422 scopus 로고    scopus 로고
    • Earnings-based and accrual-based market anomalies: One effect or two?
    • Collins, Daniel W., and Paul Hribar, 2000, Earnings-based and accrual-based market anomalies: One effect or two? Journal of Accounting and Economics 29, 101-124.
    • (2000) Journal of Accounting and Economics , vol.29 , pp. 101-124
    • Collins, D.W.1    Hribar, P.2
  • 15
    • 0002014264 scopus 로고    scopus 로고
    • Evidence on the characteristics of cross sectional variation in stock returns
    • Daniel, Kent, and Sheridan Titman, 1997, Evidence on the characteristics of cross sectional variation in stock returns, Journal of Finance 52, 1-33.
    • (1997) Journal of Finance , vol.52 , pp. 1-33
    • Daniel, K.1    Titman, S.2
  • 16
    • 2942745316 scopus 로고    scopus 로고
    • A definite 'sell'? Gimme 100 shares
    • Der Hovanesian, Mara, 2001, A definite 'sell'? Gimme 100 shares, Business Week 3726, 66-67.
    • (2001) Business Week , vol.3726 , pp. 66-67
    • Der Hovanesian, M.1
  • 17
    • 0000880130 scopus 로고
    • Discrete expectational data and portfolio performance
    • Elton, J. Edwin, Martin J. Gruber, and Seth Grossman, 1986, Discrete expectational data and portfolio performance, Journal of Finance 41, 699-713.
    • (1986) Journal of Finance , vol.41 , pp. 699-713
    • Elton, J.E.1    Gruber, M.J.2    Grossman, S.3
  • 18
    • 84977737676 scopus 로고
    • The cross-section of expected stock returns
    • Fama, Eugene F., and Kenneth R. French, 1992, The cross-section of expected stock returns, Journal of Finance 47, 427-465.
    • (1992) Journal of Finance , vol.47 , pp. 427-465
    • Fama, E.F.1    French, K.R.2
  • 19
    • 2942750960 scopus 로고    scopus 로고
    • What do analysts' stock recommendations really mean?
    • University of Illinois and U.N.C., Chapel Hill
    • Finger, Catherine A., and Wayne R. Landsman, 1999, What do analysts' stock recommendations really mean? Working paper, University of Illinois and U.N.C., Chapel Hill.
    • (1999) Working Paper
    • Finger, C.A.1    Landsman, W.R.2
  • 20
    • 0037288662 scopus 로고    scopus 로고
    • Analyst forecast revisions and market price discovery
    • Gleason, Cristi A., and Charles M. C. Lee, 2003, Analyst forecast revisions and market price discovery, The Accounting Review 78, 193-225.
    • (2003) The Accounting Review , vol.78 , pp. 193-225
    • Gleason, C.A.1    Lee, C.M.C.2
  • 21
    • 84993907227 scopus 로고
    • Returns to buying winners and selling losers: Implications for stock market efficiency
    • Jegadeesh, Narasimhan, and Sheridan Titman, 1993, Returns to buying winners and selling losers: Implications for stock market efficiency, Journal of Finance 48, 65-91.
    • (1993) Journal of Finance , vol.48 , pp. 65-91
    • Jegadeesh, N.1    Titman, S.2
  • 22
    • 0039470462 scopus 로고    scopus 로고
    • Expectations and the cross-section of stock returns
    • La Porta, Raphael, 1996, Expectations and the cross-section of stock returns, Journal of Finance 51, 1715-1742.
    • (1996) Journal of Finance , vol.51 , pp. 1715-1742
    • La Porta, R.1
  • 23
    • 84993869066 scopus 로고
    • Contrarian investment, extrapolation, and risk
    • Lakonishok, Josef, Andrei Shleifer, and Robert W. Vishny, 1994, Contrarian investment, extrapolation, and risk, Journal of Finance 49, 1541-1578.
    • (1994) Journal of Finance , vol.49 , pp. 1541-1578
    • Lakonishok, J.1    Shleifer, A.2    Vishny, R.W.3
  • 24
    • 0010734388 scopus 로고    scopus 로고
    • Price momentum and trading volume
    • Lee, Charles M. C., and Bhaskaran Swaminathan, 2000, Price momentum and trading volume, Journal of Finance 55, 2017-2070.
    • (2000) Journal of Finance , vol.55 , pp. 2017-2070
    • Lee, C.M.C.1    Swaminathan, B.2
  • 25
    • 0001250001 scopus 로고    scopus 로고
    • Underwriting relationships, analysts' earnings forecasts and investment recommendations
    • Lin, Hsiou-wei, and Maureen F. McNichols, 1998, Underwriting relationships, analysts' earnings forecasts and investment recommendations, Journal of Accounting and Economics 25, 101-127.
    • (1998) Journal of Accounting and Economics , vol.25 , pp. 101-127
    • Lin, H.-W.1    McNichols, M.F.2
  • 26
    • 2942723254 scopus 로고
    • Discussion: Discrete expectational data and portfolio performance
    • Logue, Dennis E., 1986, Discussion: Discrete expectational data and portfolio performance, Journal of Finance 41, 713-714.
    • (1986) Journal of Finance , vol.41 , pp. 713-714
    • Logue, D.E.1
  • 27
    • 0033442404 scopus 로고    scopus 로고
    • Conflict of interest and the credibility of underwriter analyst recommendations
    • Michaely, Roni, and Kent L. Womack, 1999, Conflict of interest and the credibility of underwriter analyst recommendations, Review of Financial Studies 12, 653-686.
    • (1999) Review of Financial Studies , vol.12 , pp. 653-686
    • Michaely, R.1    Womack, K.L.2
  • 28
    • 0038519948 scopus 로고    scopus 로고
    • Confidence and investors' reliance on disciplined trading strategies
    • Nelson, Mark W., Susan D. Krische, and Robert J. Bloomfield, 2003, Confidence and investors' reliance on disciplined trading strategies, Journal of Accounting Research 41, 503-523.
    • (2003) Journal of Accounting Research , vol.41 , pp. 503-523
    • Nelson, M.W.1    Krische, S.D.2    Bloomfield, R.J.3
  • 29
    • 34248494199 scopus 로고
    • Misspecification of Capital Asset Pricing: Empirical anomalies based on earnings' yield and market values
    • Reinganum, Marc R., 1981, Misspecification of Capital Asset Pricing: Empirical anomalies based on earnings' yield and market values, Journal of Financial Economics 9, 19-46.
    • (1981) Journal of Financial Economics , vol.9 , pp. 19-46
    • Reinganum, M.R.1
  • 30
    • 0000098990 scopus 로고
    • Analysts' forecasts
    • Schipper, Katherine, 1991, Analysts' forecasts, Accounting Horizons 5, 105-121.
    • (1991) Accounting Horizons , vol.5 , pp. 105-121
    • Schipper, K.1
  • 31
    • 0030305172 scopus 로고    scopus 로고
    • Do stock prices fully reflect information in accruals and cash flows about future earnings?
    • Sloan, Richard G., 1996, Do stock prices fully reflect information in accruals and cash flows about future earnings? The Accounting Review 71, 289-315.
    • (1996) The Accounting Review , vol.71 , pp. 289-315
    • Sloan, R.G.1
  • 32
    • 0000675751 scopus 로고
    • Common stock returns surrounding earnings forecast revisions: More puzzling evidence
    • Stickel, Scott E., 1991, Common stock returns surrounding earnings forecast revisions: More puzzling evidence, The Accounting Review 66, 402-416.
    • (1991) The Accounting Review , vol.66 , pp. 402-416
    • Stickel, S.E.1
  • 33
    • 0345401801 scopus 로고    scopus 로고
    • Analyst incentives and the financial characteristics of Wall Street darlings and dogs
    • La Salle University
    • Stickel, Scott E., 1999, Analyst incentives and the financial characteristics of Wall Street darlings and dogs, Working paper, La Salle University.
    • (1999) Working Paper
    • Stickel, S.E.1
  • 34
    • 0011183261 scopus 로고    scopus 로고
    • Do brokerage analysts' recommendations have investment value?
    • Womack, Kent, 1996, Do brokerage analysts' recommendations have investment value? Journal of Finance 51, 137-167.
    • (1996) Journal of Finance , vol.51 , pp. 137-167
    • Womack, K.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.