메뉴 건너뛰기




Volumn 23, Issue 1, 2008, Pages 23-61

Do non-investment bank analysts make better earnings forecasts?

Author keywords

Conflicts of interest; Earnings forecasts; Financial analysts; Forecast accuracy

Indexed keywords


EID: 39049101084     PISSN: 0148558X     EISSN: None     Source Type: Journal    
DOI: 10.1177/0148558X0802300104     Document Type: Article
Times cited : (72)

References (39)
  • 2
    • 0038113755 scopus 로고    scopus 로고
    • Wall Street's Credibility Problem: Misaligned Incentives and Dubious Fixes?
    • Boni, L., and K. Womack. 2002. "Wall Street's Credibility Problem: Misaligned Incentives and Dubious Fixes?" Brookings-Wharton Papers on Financial Services: 93-128.
    • (2002) Brookings-Wharton Papers on Financial Services , pp. 93-128
    • Boni, L.1    Womack, K.2
  • 3
    • 1342330579 scopus 로고    scopus 로고
    • How Do Analysts Use Their Earnings Forecasts in Generating Stock Recommendations?
    • January
    • Bradshaw, M. 2004. "How Do Analysts Use Their Earnings Forecasts in Generating Stock Recommendations?" The Accounting Review 79 (January): 25-50.
    • (2004) The Accounting Review , vol.79 , pp. 25-50
    • Bradshaw, M.1
  • 4
    • 33746883582 scopus 로고    scopus 로고
    • The Relation between Corporate Financing Activities, Analysts' Forecasts and Stock Returns
    • October
    • Bradshaw, M. T., S. A. Richardson, and R. G. Sloan. 2006. "The Relation between Corporate Financing Activities, Analysts' Forecasts and Stock Returns." Journal of Accounting and Economics 42 (October): 53-85.
    • (2006) Journal of Accounting and Economics , vol.42 , pp. 53-85
    • Bradshaw, M.T.1    Richardson, S.A.2    Sloan, R.G.3
  • 5
    • 0000337650 scopus 로고
    • Earnings Forecasting Research: Its Implications for Capital Markets Research
    • Brown., L. D. 1993. "Earnings Forecasting Research: Its Implications for Capital Markets Research." International Journal of Forecasting 9 (3): 295-320.
    • (1993) International Journal of Forecasting , vol.9 , Issue.3 , pp. 295-320
    • Brown, L.D.1
  • 6
    • 45949121023 scopus 로고
    • Security Analyst Superiority Relative to Univariate Time-Series Models in Forecasting Quarterly Earnings
    • April
    • Brown, L. D., R. L. Hagerman, P. A. Griffin, and M. E. Zmijewski. 1987. "Security Analyst Superiority Relative to Univariate Time-Series Models in Forecasting Quarterly Earnings." Journal of Accounting and Economics 9 (April): 61-87.
    • (1987) Journal of Accounting and Economics , vol.9 , pp. 61-87
    • Brown, L.D.1    Hagerman, R.L.2    Griffin, P.A.3    Zmijewski, M.E.4
  • 7
    • 0032370641 scopus 로고    scopus 로고
    • Optimism Biases among Brokerage and Non-Brokerage Firms' Equity Recommendations: Agency Costs in the Investment Industry
    • Spring
    • Carleton, W. T., C. R. Chen, and T. L. Steiner. 1998. "Optimism Biases among Brokerage and Non-Brokerage Firms' Equity Recommendations: Agency Costs in the Investment Industry." Financial Management 27 (Spring): 17-30.
    • (1998) Financial Management , vol.27 , pp. 17-30
    • Carleton, W.T.1    Chen, C.R.2    Steiner, T.L.3
  • 9
    • 0033162044 scopus 로고    scopus 로고
    • Analyst Forecast Accuracy: Do Ability, Resources, and Portfolio Complexity Matter?
    • June
    • Clement, M. B. 1999. "Analyst Forecast Accuracy: Do Ability, Resources, and Portfolio Complexity Matter?" Journal of Accounting and Economics 27 (June): 285-303.
    • (1999) Journal of Accounting and Economics , vol.27 , pp. 285-303
    • Clement, M.B.1
  • 10
    • 12344331830 scopus 로고    scopus 로고
    • Financial Analyst Characteristics and Herding Behavior in Forecasting
    • February
    • Clement, M. B., and S. Tse. 2005. "Financial Analyst Characteristics and Herding Behavior in Forecasting." Journal of Finance 60 (February): 307-341.
    • (2005) Journal of Finance , vol.60 , pp. 307-341
    • Clement, M.B.1    Tse, S.2
  • 12
    • 39049170634 scopus 로고    scopus 로고
    • Though Pay Is Down, Elite Stock Analysts Are Hot Commodity
    • March 29, C1
    • Craig, S., and K. Brown. 2004. "Though Pay Is Down, Elite Stock Analysts Are Hot Commodity." The Wall Street Journal (March 29): C1.
    • (2004) The Wall Street Journal
    • Craig, S.1    Brown, K.2
  • 13
    • 84984198819 scopus 로고
    • The Effect of Investment Banking Relationships on Financial Analysts' Earnings Forecasts and Investment Recommendations
    • Fall
    • Dugar, A., and S. Nathan. 1995. "The Effect of Investment Banking Relationships on Financial Analysts' Earnings Forecasts and Investment Recommendations." Contemporary Accounting Research 12 (Fall): 131-160.
    • (1995) Contemporary Accounting Research , vol.12 , pp. 131-160
    • Dugar, A.1    Nathan, S.2
  • 15
    • 0031500407 scopus 로고    scopus 로고
    • The Relative Informativeness of Analysts' Stock Recommendations and Earnings Forecast Revisions
    • Autumn
    • Francis, J., and L. Soffer. 1997. "The Relative Informativeness of Analysts' Stock Recommendations and Earnings Forecast Revisions." Journal of Accounting Research 35 (Autumn): 193-211.
    • (1997) Journal of Accounting Research , vol.35 , pp. 193-211
    • Francis, J.1    Soffer, L.2
  • 16
    • 0001048384 scopus 로고
    • The Information Content of Financial Analysts' Forecasts of Earnings
    • Givoly, D., and J. Lakonishok. 1979. "The Information Content of Financial Analysts' Forecasts of Earnings." Journal of Accounting and Economics 1 (3): 165-185.
    • (1979) Journal of Accounting and Economics , vol.1 , Issue.3 , pp. 165-185
    • Givoly, D.1    Lakonishok, J.2
  • 18
    • 0013468441 scopus 로고    scopus 로고
    • Analyzing the Analysts: Career Concerns and Biased Earnings Forecasts
    • February
    • Hong, H., and J. D. Kubik. 2003. "Analyzing the Analysts: Career Concerns and Biased Earnings Forecasts." Journal of Finance 58 (February): 313-351.
    • (2003) Journal of Finance , vol.58 , pp. 313-351
    • Hong, H.1    Kubik, J.D.2
  • 19
    • 39049168010 scopus 로고    scopus 로고
    • SEC to Tackle Analyst Bullying
    • September 23
    • Hughes, S. 2005. "SEC to Tackle Analyst Bullying." Wall Street Journal (September 23): C3.
    • (2005) Wall Street Journal
    • Hughes, S.1
  • 20
    • 0001908433 scopus 로고    scopus 로고
    • Expertise in Forecasting Performance of Security Analysts
    • November
    • Jacob, J., T. Lys, and M. A. Neale. 1999. "Expertise in Forecasting Performance of Security Analysts." Journal of Accounting and Economics 28 (November): 51-82.
    • (1999) Journal of Accounting and Economics , vol.28 , pp. 51-82
    • Jacob, J.1    Lys, T.2    Neale, M.A.3
  • 21
    • 16244419382 scopus 로고    scopus 로고
    • Trade Generation, Reputation and Sell-Side Analysts
    • April
    • Jackson, A. 2005. "Trade Generation, Reputation and Sell-Side Analysts." Journal of Finance 60 (April): 673-717.
    • (2005) Journal of Finance , vol.60 , pp. 673-717
    • Jackson, A.1
  • 22
    • 21344481743 scopus 로고
    • Analysts' Interim Earnings Forecasts: Evidence on the Forecasting Process
    • Spring
    • Kang, S., J. O'Brien, and K. Sivaramakrishnan. 1994. "Analysts' Interim Earnings Forecasts: Evidence on the Forecasting Process." Journal of Accounting Research 32 (Spring): 103-112.
    • (1994) Journal of Accounting Research , vol.32 , pp. 103-112
    • Kang, S.1    O'Brien, J.2    Sivaramakrishnan, K.3
  • 23
    • 33750376696 scopus 로고    scopus 로고
    • The Effect of Issuing Biased Earnings Forecasts on Analysts' Access to Management and Survival
    • December
    • Ke, B., and Y. Yu. 2006. "The Effect of Issuing Biased Earnings Forecasts on Analysts' Access to Management and Survival." Journal of Accounting Research 44 (December): 965-999.
    • (2006) Journal of Accounting Research , vol.44 , pp. 965-999
    • Ke, B.1    Yu, Y.2
  • 24
    • 0346356093 scopus 로고    scopus 로고
    • Discussion of 'The Relation between Analysts' Forecasts of Long-Term Earnings Growth and Stock Price Performance Following Equity Offerings'. Contemporary
    • Spring
    • Kothari, S. P. 2000. "Discussion of 'The Relation between Analysts' Forecasts of Long-Term Earnings Growth and Stock Price Performance Following Equity Offerings'." Contemporary Accounting Research 17 (Spring): 33-39.
    • (2000) Accounting Research , vol.17 , pp. 33-39
    • Kothari, S.P.1
  • 26
    • 0038845431 scopus 로고    scopus 로고
    • Rationality and Analysts' Forecast Bias
    • February
    • Lim, T. 2001. "Rationality and Analysts' Forecast Bias." Journal of Finance 56 (February): 369-385.
    • (2001) Journal of Finance , vol.56 , pp. 369-385
    • Lim, T.1
  • 27
    • 0001250001 scopus 로고    scopus 로고
    • Underwriting Relationships, Analysts' Earnings Forecasts and Investment Recommendations
    • February
    • Lin, H., and M. F. McNichols. 1998. "Underwriting Relationships, Analysts' Earnings Forecasts and Investment Recommendations." Journal of Accounting and Economics 25 (February): 101-127.
    • (1998) Journal of Accounting and Economics , vol.25 , pp. 101-127
    • Lin, H.1    McNichols, M.F.2
  • 28
    • 33646475583 scopus 로고    scopus 로고
    • Do Accurate Earnings Forecasts Facilitate Superior Investment Recommendations?
    • May
    • Loh, R. K., and G. M. Mian. 2006. "Do Accurate Earnings Forecasts Facilitate Superior Investment Recommendations?" Journal of Financial Economics 80 (May): 455-483.
    • (2006) Journal of Financial Economics , vol.80 , pp. 455-483
    • Loh, R.K.1    Mian, G.M.2
  • 29
    • 84965695379 scopus 로고
    • Analysts' Forecast Precision as a Response to Competition
    • Fall
    • Lys, T., and L. G. Soo. 1995. "Analysts' Forecast Precision as a Response to Competition." Journal of Accounting, Auditing and Finance 10 (Fall): 751-765.
    • (1995) Journal of Accounting, Auditing and Finance , vol.10 , pp. 751-765
    • Lys, T.1    Soo, L.G.2
  • 31
    • 0033442404 scopus 로고    scopus 로고
    • Conflict of Interest and the Credibility of Underwriter Analyst Recommendations
    • Michaely, R., and K. 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
  • 32
    • 0043158770 scopus 로고    scopus 로고
    • The Development of Expertise: Do Security Analysts Improve Their Performance with Experience?
    • Mikhail, M. B., B. R. Walther, and R. H. Willis. 1997. "The Development of Expertise: Do Security Analysts Improve Their Performance with Experience?" Journal of Accounting Research (Supplement): 131-157.
    • (1997) Journal of Accounting Research (Supplement) , pp. 131-157
    • Mikhail, M.B.1    Walther, B.R.2    Willis, R.H.3
  • 33
    • 0033240446 scopus 로고    scopus 로고
    • Does Forecast Accuracy Matter to Security Analysts?
    • April
    • Mikhail, M. B., B. R. Walther, and R. H. Willis. 1999. "Does Forecast Accuracy Matter to Security Analysts?" The Accounting Review 74 (April): 185-200.
    • (1999) The Accounting Review , vol.74 , pp. 185-200
    • Mikhail, M.B.1    Walther, B.R.2    Willis, R.H.3
  • 34
    • 39149126416 scopus 로고
    • Analysts' Forecasts as Earnings Expectations
    • January
    • O'Brien, P. C. 1988. "Analysts' Forecasts as Earnings Expectations." Journal of Accounting and Economics 10 (January): 53-83.
    • (1988) Journal of Accounting and Economics , vol.10 , pp. 53-83
    • O'Brien, P.C.1
  • 35
    • 23944516241 scopus 로고    scopus 로고
    • Analyst Impartiality and Investment Banking Relationships
    • September
    • O'Brien, P. C., M. F. McNichols, and H. Lin. 2005. "Analyst Impartiality and Investment Banking Relationships." Journal of Accounting Research 43 (September): 623-650.
    • (2005) Journal of Accounting Research , vol.43 , pp. 623-650
    • O'Brien, P.C.1    McNichols, M.F.2    Lin, H.3
  • 36
    • 36749021333 scopus 로고    scopus 로고
    • Should You Trust Wall Street's New Ratings?
    • July 17
    • Opdyke, J. D. 2002. "Should You Trust Wall Street's New Ratings?" Wall Street Journal (July 17): D1.
    • (2002) Wall Street Journal
    • Opdyke, J.D.1
  • 37
    • 11244287728 scopus 로고    scopus 로고
    • The Walk-Down to Beatable Analyst Forecasts: The Role of Equity Issuance and Insider Trading Incentives
    • Winter
    • Richardson, S., S. H. Teoh, and P. Wysocki. 2004. "The Walk-Down to Beatable Analyst Forecasts: The Role of Equity Issuance and Insider Trading Incentives." Contemporary Accounting Research 21 (Winter): 885-924.
    • (2004) Contemporary Accounting Research , vol.21 , pp. 885-924
    • Richardson, S.1    Teoh, S.H.2    Wysocki, P.3
  • 38
    • 84920288415 scopus 로고    scopus 로고
    • Big Firms Had Research Ploy: Quiet Payments
    • April 30, C1
    • Smith, R. 2003. "Big Firms Had Research Ploy: Quiet Payments." Wall Street Journal (April 30): C1.
    • (2003) Wall Street Journal
    • Smith, R.1
  • 39
    • 39049100809 scopus 로고    scopus 로고
    • The Myth of Independence
    • September 8
    • Vickers, M. 2003. "The Myth of Independence." Business Week (September 8): 86-87.
    • (2003) Business Week , pp. 86-87
    • Vickers, M.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.