메뉴 건너뛰기




Volumn 30, Issue 7-8, 2003, Pages 1017-1042

A simultaneous equations analysis of analysts' forecast bias, analyst following, and institutional ownership

Author keywords

[No Author keywords available]

Indexed keywords


EID: 33845459287     PISSN: 0306686X     EISSN: 14685957     Source Type: Journal    
DOI: 10.1111/1468-5957.05452     Document Type: Article
Times cited : (55)

References (41)
  • 1
    • 84930863513 scopus 로고    scopus 로고
    • Prior uncertainty, analyst bias, and subsequent abnormal returns
    • Ackert, L.F. and G. Athanassakos (1997), 'Prior Uncertainty, Analyst Bias, and Subsequent Abnormal Returns', Journal of Financial Research, Vol. 20, No. 2 (Summer), pp. 263-73.
    • (1997) Journal of Financial Research , vol.20 , Issue.2 SUMMER , pp. 263-273
    • Ackert, L.F.1    Athanassakos, G.2
  • 2
    • 38549172604 scopus 로고    scopus 로고
    • Visibility, institutional preferences, and agency considerations
    • -(2001), 'Visibility, Institutional Preferences, and Agency Considerations', Journal of Psychology and Financial Markets, Vol. 2, No. 4, pp. 201-9.
    • (2001) Journal of Psychology and Financial Markets , vol.2 , Issue.4 , pp. 201-209
  • 3
    • 84986431754 scopus 로고
    • Rational expectations and the dynamic adjustment of security analysts' forecasts to new information
    • -and W.C. Hunter (1994), 'Rational Expectations and the Dynamic Adjustment of Security Analysts' Forecasts to New Information'. Journal of Financial Research, Vol. 17, No. 3 (Fall), pp. 387-401.
    • (1994) Journal of Financial Research , vol.17 , Issue.3 FALL , pp. 387-401
    • Hunter, W.C.1
  • 4
    • 0031285988 scopus 로고    scopus 로고
    • An experimental examination of the effects of forecast bias on individuals' use of forecasted information
    • -, B.K. Church and M. Shehata (1997), 'An Experimental Examination of the Effects of Forecast Bias on Individuals' Use of Forecasted Information', Journal of Accounting Research, Vol. 35, No. 1 (Spring), pp. 25-42.
    • (1997) Journal of Accounting Research , vol.35 , Issue.1 SPRING , pp. 25-42
    • Church, B.K.1    Shehata, M.2
  • 5
    • 77951615504 scopus 로고    scopus 로고
    • The effect of forecast bias on market behavior: Evidence from experimental asset markets
    • -and P. Zhang (1999), The Effect of Forecast Bias on Market Behavior: Evidence from Experimental Asset Markets, Working Paper (Federal Reserve Bank of Atlanta).
    • (1999) Working Paper (Federal Reserve Bank of Atlanta)
    • Zhang, P.1
  • 6
    • 84990394373 scopus 로고    scopus 로고
    • A simultaneous equations analysis of forecast accuracy, analyst following, and trading volume
    • (New Series)
    • Alford, A.W. and P.G. Berger (1999), 'A Simultaneous Equations Analysis of Forecast Accuracy, Analyst Following, and Trading Volume', Journal of Accounting, Auditing, and Finance (New Series), Vol. 14, No. 3 (Summer), pp. 219-40.
    • (1999) Journal of Accounting, Auditing, and Finance , vol.14 , Issue.3 SUMMER , pp. 219-240
    • Alford, A.W.1    Berger, P.G.2
  • 7
    • 0003373103 scopus 로고
    • Analysts' use of information about permanent and transitory earnings components in forecasting annual EPS
    • Ali, A., A. Klein and J. Rosenfeld (1992), 'Analysts' Use of Information about Permanent and Transitory Earnings Components in Forecasting Annual EPS, Accounting Review, Vol. 67, No. 1 (January), pp. 183-98.
    • (1992) Accounting Review , vol.67 , Issue.1 JANUARY , pp. 183-198
    • Ali, A.1    Klein, A.2    Rosenfeld, J.3
  • 8
    • 0031138993 scopus 로고    scopus 로고
    • The information content of earnings and prices: A simultaneous equations approach
    • Beaver, W.H., M.L. McAnally and C.H. Stinson (1997), 'The Information Content of Earnings and Prices: A Simultaneous Equations Approach', Journal of Accounting and Economics, Vol. 23, pp. 53-81.
    • (1997) Journal of Accounting and Economics , vol.23 , pp. 53-81
    • Beaver, W.H.1    Mcanally, M.L.2    Stinson, C.H.3
  • 9
    • 0010697284 scopus 로고
    • Firm characteristics and analyst following
    • Bhushan, R. (1989), 'Firm Characteristics and Analyst Following', Journal of Accounting and Economics, Vol. 11, Nos. 2-3 (July), pp. 255-74.
    • (1989) Journal of Accounting and Economics , vol.11 , Issue.2-3 JULY , pp. 255-274
    • Bhushan, R.1
  • 10
    • 0010659335 scopus 로고
    • Investment analysis and price formation in securities markets
    • Brennan, M.J. and A. Subrahmanyam (1995), 'Investment Analysis and Price Formation in Securities Markets', Journal of Financial Economics, Vol. 38, No. 3 (July), pp. 361-81.
    • (1995) Journal of Financial Economics , vol.38 , Issue.3 JULY , pp. 361-381
    • Brennan, M.J.1    Subrahmanyam, A.2
  • 11
    • 0003323223 scopus 로고    scopus 로고
    • Analyst forecasting errors: Additional evidence
    • November/December
    • Brown, L.D. (1997), 'Analyst Forecasting Errors: Additional Evidence', Financial Analysts Journal, Vol. 53 (November/December), pp. 81-88.
    • (1997) Financial Analysts Journal , vol.53 , pp. 81-88
    • Brown, L.D.1
  • 12
    • 0002323772 scopus 로고    scopus 로고
    • Improving Analysts' negative earnings forecasts
    • Butler, K.C. and H. Saraoglu (1999), 'Improving Analysts' Negative Earnings Forecasts', Financial Analysts Journal, pp. 48-56.
    • (1999) Financial Analysts Journal , pp. 48-56
    • Butler, K.C.1    Saraoglu, H.2
  • 13
    • 85006310242 scopus 로고
    • The accuracy and rationality of earnings forecasts by UK analysts
    • Capstaff, J., K. Paudyal and W. Rees (1995), 'The Accuracy and Rationality of Earnings Forecasts by UK Analysts', Journal of Business Finance & Accounting, Vol. 22, No. 1, pp. 67-85.
    • (1995) Journal of Business Finance & Accounting , vol.22 , Issue.1 , pp. 67-85
    • Capstaff, J.1    Paudyal, K.2    Rees, W.3
  • 14
    • 0030362919 scopus 로고    scopus 로고
    • The Impact of Security Analysts' monitoring and marketing functions on the market value of firms
    • Chung, K.H. and H. Jo (1996), 'The Impact of Security Analysts' Monitoring and Marketing Functions on the Market Value of Firms', Journal of Financial and Quantitative Analysis, Vol. 31, No. 4, pp. 493-512.
    • (1996) Journal of Financial and Quantitative Analysis , vol.31 , Issue.4 , pp. 493-512
    • Chung, K.H.1    Jo, H.2
  • 15
    • 0032220238 scopus 로고    scopus 로고
    • Earnings predictability and bias in analysts' earnings forecasts
    • Das, S., C.B. Levine and K. Sivaramakrishnanm (1998), 'Earnings Predictability and Bias in Analysts' Earnings Forecasts', Accounting Review, Vol. 73, No. 2, pp. 277-94.
    • (1998) Accounting Review , vol.73 , Issue.2 , pp. 277-294
    • Das, S.1    Levine, C.B.2    Sivaramakrishnanm, K.3
  • 16
    • 0002393150 scopus 로고
    • Do security analysts overreact?
    • De Bondt, W.F.M. and R.H. Thaler (1990), 'Do Security Analysts Overreact?' American Economic Review, Vol. 80, No. 2 (May), pp. 52-57.
    • (1990) American Economic Review , vol.80 , Issue.2 MAY , pp. 52-57
    • De Bondt, M.W.F.1    Thaler, R.H.2
  • 17
    • 0030639979 scopus 로고    scopus 로고
    • Analyst reaction to negative earnings for large well-known firms
    • Dowen, R.J. (1996), 'Analyst Reaction to Negative Earnings for Large Well-Known Firms', Journal of Portfolio Management, pp. 49-55.
    • (1996) Journal of Portfolio Management , pp. 49-55
    • Dowen, R.J.1
  • 18
    • 84984198819 scopus 로고
    • The effect of investment banking relationships on financial analysts', earnings forecasts and investment recommendations
    • Dugar, A. and S. Nathan (1995), 'The Effect of Investment Banking Relationships on Financial Analysts' Earnings Forecasts and Investment Recommendations', Contemporary Accounting Research, Vol. 12 (Fall), pp. 131-60.
    • (1995) Contemporary Accounting Research , vol.12 , Issue.FALL , pp. 131-160
    • Dugar, A.1    Nathan, S.2
  • 19
    • 0011183797 scopus 로고    scopus 로고
    • Preferences for stock characteristics as revealed by mutual fund portfolio holdings
    • Falkenstein, E.G. (1996), 'Preferences for Stock Characteristics as Revealed by Mutual Fund Portfolio Holdings, ' Journal of Finance, Vol. 51, No. 1 (March), pp. 111-35.
    • (1996) Journal of Finance , vol.51 , Issue.1 MARCH , pp. 111-135
    • Falkenstein, E.G.1
  • 21
    • 21344493717 scopus 로고
    • Analysts' decisions as products of a multi- task environment
    • -and D. Philbrick (1993), 'Analysts' Decisions as Products of a Multi- Task Environment, ' Journal of Accounting Research, Vol. 31, No. 2 (Autumn), pp. 216-30.
    • (1993) Journal of Accounting Research , vol.31 , Issue.2 AUTUMN , pp. 216-230
    • Philbrick, D.1
  • 22
    • 0000531068 scopus 로고
    • The formation of earnings expectations
    • Givoly, D. (1985), 'The Formation of Earnings Expectations, ' Accounting Review, Vol. 60, No. 3 (July), pp. 372-86.
    • (1985) Accounting Review , vol.60 , Issue.3 JULY , pp. 372-386
    • Givoly, D.1
  • 24
    • 0000250716 scopus 로고
    • Specification tests in econometrics
    • Hausman, J. (1978), 'Specification Tests in Econometrics, ' Econometrica, Vol. 46, pp. 1251-71.
    • (1978) Econometrica , vol.46 , pp. 1251-1271
    • Hausman, J.1
  • 25
    • 70350105428 scopus 로고
    • Specification and estimation of simultaneous equations models
    • Z. Griliches and M. Intriligator (eds), (Horth-Holland, Amsterdam)
    • -(1983), 'Specification and Estimation of Simultaneous Equations Models, ' in Z. Griliches and M. Intriligator (eds), Handbook of Econometrics (Horth-Holland, Amsterdam).
    • (1983) Handbook of Econometrics
  • 27
    • 33645667009 scopus 로고    scopus 로고
    • Over-reaction by security market analysts: The impact of broker status and firm size
    • Hussain, S. (1996), 'Over-Reaction by Security Market Analysts: The Impact of Broker Status and Firm Size', Journal of Business Finance & Accounting, Vol. 23, Nos 9/10, pp. 1223-44.
    • (1996) Journal of Business Finance & Accounting , vol.23 , Issue.9-10 , pp. 1223-1244
    • Hussain, S.1
  • 28
    • 11244284785 scopus 로고    scopus 로고
    • Simultaneous determination of UK analyst following and institutional ownership
    • -(2000), 'Simultaneous Determination of UK Analyst Following and Institutional Ownership', Accounting and Business Research, Vol. 30, No. 2, pp. 111-24.
    • (2000) Accounting and Business Research , vol.30 , Issue.2 , pp. 111-124
  • 29
    • 44649197264 scopus 로고
    • Theory of the firm: Managerial behavior, agency costs, and ownership structure
    • Jensen, M.C. and W.H. Meckling (1976), 'Theory of the Firm: Managerial Behavior, Agency Costs, and Ownership Structure, ' Journal of Financial Economics, Vol. 3, No. 4 (October), pp. 305-60.
    • (1976) Journal of Financial Economics , vol.3 , Issue.4 OCTOBER , pp. 305-360
    • Jensen, M.C.1    Meckling, W.H.2
  • 30
    • 0003997107 scopus 로고
    • (3rd ed. The MIT Press, Cambridge, Massachusetts)
    • Kennedy, P. (1992), A Guide to Econometrics (3rd ed., The MIT Press, Cambridge, Massachusetts).
    • (1992) A Guide to Econometrics
    • Kennedy, P.1
  • 33
    • 0031542136 scopus 로고    scopus 로고
    • Firm characteristics and analysts following in the UK
    • Marston, C. (1996), 'Firm Characteristics and Analysts Following in the UK, ' The British Accounting Review, Vol. 29, No. 2 (December), pp. 335-47.
    • (1996) The British Accounting Review , vol.29 , Issue.2 DECEMBER , pp. 335-347
    • Marston, C.1
  • 34
    • 0005167586 scopus 로고
    • On bankruptcy indicators from analysts' earnings forecasts
    • Auditing, and Finance
    • Moses, O.D. (1990), 'On Bankruptcy Indicators From Analysts' Earnings Forecasts', Journal of Accounting, Auditing, and Finance, pp. 379-404.
    • (1990) Journal of Accounting , pp. 379-404
    • Moses, O.D.1
  • 35
    • 84990345012 scopus 로고    scopus 로고
    • Discussion: A simultaneous equations analysis of forecast accuracy, analyst following, and trading volume
    • (New Series)
    • O'Brien, P.C. (1999), 'Discussion: A Simultaneous Equations Analysis of Forecast Accuracy, Analyst Following, and Trading Volume, ' Journal of Accounting, Auditing, and Finance (New Series), Vol. 14, No. 3 (Summer), pp. 241-46.
    • (1999) Journal of Accounting, Auditing, and Finance , vol.14 , Issue.3 SUMMER , pp. 241-246
    • O'Brien, P.C.1
  • 36
    • 0002932137 scopus 로고
    • Analyst following and institutional ownership
    • -and R. Bhushan (1990), 'Analyst Following and Institutional Ownership, ' Journal of Accounting Research, Vol. 28, pp. 55-76.
    • (1990) Journal of Accounting Research , vol.28 , pp. 55-76
    • Bhushan, R.1
  • 37
    • 0003429037 scopus 로고    scopus 로고
    • Tracking analysts' forecasts over the annual earnings horizon: Are analysts' forecasts optimistic or pessimistic?
    • Richardson, S., S.H. Teoh and P. Wysocki (1999), 'Tracking Analysts' Forecasts Over the Annual Earnings Horizon: Are Analysts' Forecasts Optimistic or Pessimistic?, ' Working Paper (University of Michigan).
    • (1999) Working Paper (University of Michigan)
    • Richardson, S.1    Teoh, S.H.2    Wysocki, P.3
  • 39
    • 0000098990 scopus 로고
    • Analysts' forecasts
    • December
    • Schipper, K. (1991), 'Analysts' Forecasts, ' Accounting Horizons, Vol. 5 (December), pp. 105-21.
    • (1991) Accounting Horizons , vol.5 , pp. 105-121
    • Schipper, K.1
  • 40
    • 0004179594 scopus 로고    scopus 로고
    • Princeton University Press, Princeton, New Jersey
    • Shiller, R.J. (2000), Irrational Exuberance (Princeton University Press, Princeton, New Jersey).
    • (2000) Irrational Exuberance
    • Shiller, R.J.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.