메뉴 건너뛰기




Volumn 48, Issue 1, 2009, Pages 17-36

On the information role of stock recommendation revisions

Author keywords

Analysts' recommendations; Brokerage research; Capital markets; Investment banking; Market efficiency; Security analysts

Indexed keywords


EID: 70249098801     PISSN: 01654101     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jacceco.2009.04.005     Document Type: Article
Times cited : (176)

References (108)
  • 1
    • 33847064630 scopus 로고    scopus 로고
    • Who is afraid of Reg FD? The behavior and performance of sell-side analysts following the SEC's fair disclosure rules
    • Agrawal A., Chadha S., and Chen M.A. Who is afraid of Reg FD? The behavior and performance of sell-side analysts following the SEC's fair disclosure rules. Journal of Business 79 (2006) 2811-2834
    • (2006) Journal of Business , vol.79 , pp. 2811-2834
    • Agrawal, A.1    Chadha, S.2    Chen, M.A.3
  • 2
    • 0013068840 scopus 로고    scopus 로고
    • Illiquidity and stock returns: cross-section and time-series effects
    • Amihud Y. Illiquidity and stock returns: cross-section and time-series effects. Journal of Financial Markets 5 (2002) 31-56
    • (2002) Journal of Financial Markets , vol.5 , pp. 31-56
    • Amihud, Y.1
  • 3
    • 34547135932 scopus 로고    scopus 로고
    • Does earnings guidance affect market returns? The nature and information content of aggregate earnings guidance
    • Anilowski C., Feng M., and Skinner D.J. Does earnings guidance affect market returns? The nature and information content of aggregate earnings guidance. Journal of Accounting and Economics 44 (2007) 36-63
    • (2007) Journal of Accounting and Economics , vol.44 , pp. 36-63
    • Anilowski, C.1    Feng, M.2    Skinner, D.J.3
  • 6
    • 0345447646 scopus 로고    scopus 로고
    • Regulation fair disclosure and earnings information: market, analyst, and corporate responses
    • Bailey B., Li H., Mao C., and Zhong R. Regulation fair disclosure and earnings information: market, analyst, and corporate responses. Journal of Finance 58 (2003) 2,487-2,514
    • (2003) Journal of Finance , vol.58
    • Bailey, B.1    Li, H.2    Mao, C.3    Zhong, R.4
  • 7
    • 0041672312 scopus 로고    scopus 로고
    • Market timing and capital structure
    • Baker M., and Wurgler J. Market timing and capital structure. Journal of Finance 57 (2002) 1-32
    • (2002) Journal of Finance , vol.57 , pp. 1-32
    • Baker, M.1    Wurgler, J.2
  • 8
    • 0002742759 scopus 로고
    • An empirical evaluation of accounting numbers
    • Ball R., and Brown R. An empirical evaluation of accounting numbers. Journal of Accounting Research 6 (1968) 159-178
    • (1968) Journal of Accounting Research , vol.6 , pp. 159-178
    • Ball, R.1    Brown, R.2
  • 9
    • 0000801724 scopus 로고
    • Economic determinants of the relation between earnings changes and stock returns
    • Ball R., Kothare S.P., and Watts R. Economic determinants of the relation between earnings changes and stock returns. Accounting Review 68 (1993) 622-638
    • (1993) Accounting Review , vol.68 , pp. 622-638
    • Ball, R.1    Kothare, S.P.2    Watts, R.3
  • 10
    • 0040884261 scopus 로고    scopus 로고
    • Can investors profit from the prophets? Consensus analyst recommendations and stock returns
    • Barber B., Lehavy R., McNichols M., and Trueman B. Can investors profit from the prophets? Consensus analyst recommendations and stock returns. Journal of Finance 56 (2001) 531-563
    • (2001) Journal of Finance , vol.56 , pp. 531-563
    • Barber, B.1    Lehavy, R.2    McNichols, M.3    Trueman, B.4
  • 11
    • 34247325134 scopus 로고    scopus 로고
    • Comparing the stock recommendation performance of investment banks and independent research firms
    • Barber B., Lehavy R., and Trueman B. Comparing the stock recommendation performance of investment banks and independent research firms. Journal of Financial Economics 85 (2007) 490-517
    • (2007) Journal of Financial Economics , vol.85 , pp. 490-517
    • Barber, B.1    Lehavy, R.2    Trueman, B.3
  • 13
    • 38249032325 scopus 로고
    • Announcement effects of new equity issues and the use of intraday price data
    • Barclay M.J., and Litzenberger R. Announcement effects of new equity issues and the use of intraday price data. Journal of Financial Economics 21 (1988) 71-99
    • (1988) Journal of Financial Economics , vol.21 , pp. 71-99
    • Barclay, M.J.1    Litzenberger, R.2
  • 14
    • 33745168991 scopus 로고    scopus 로고
    • On the role of arbitrageurs in rational markets
    • Basak S., and Croitoru B. On the role of arbitrageurs in rational markets. Journal of Financial Economics 81 (2006) 143-173
    • (2006) Journal of Financial Economics , vol.81 , pp. 143-173
    • Basak, S.1    Croitoru, B.2
  • 15
    • 22144448164 scopus 로고    scopus 로고
    • Earnings expectations, investor trade size, and anomalous returns around earnings announcements
    • Battalio R.H., and Mendenhall R.R. Earnings expectations, investor trade size, and anomalous returns around earnings announcements. Journal of Financial Economics 77 (2005) 289-319
    • (2005) Journal of Financial Economics , vol.77 , pp. 289-319
    • Battalio, R.H.1    Mendenhall, R.R.2
  • 16
    • 0040212676 scopus 로고    scopus 로고
    • Foreign speculators in emerging markets
    • Bekaert G., and Harvey C. Foreign speculators in emerging markets. Journal of Finance 55 (2000) 565-613
    • (2000) Journal of Finance , vol.55 , pp. 565-613
    • Bekaert, G.1    Harvey, C.2
  • 17
    • 0007980113 scopus 로고    scopus 로고
    • Optimal investment, growth options, and security returns
    • Berk J., Green R., and Naik V. Optimal investment, growth options, and security returns. Journal of Finance 54 (1999) 1553-1607
    • (1999) Journal of Finance , vol.54 , pp. 1553-1607
    • Berk, J.1    Green, R.2    Naik, V.3
  • 18
    • 0001819765 scopus 로고
    • Post-earnings announcement drift: delayed price response or risk premium?
    • Bernard V.L., and Thomas J.K. Post-earnings announcement drift: delayed price response or risk premium?. Journal of Accounting Research 27 (1989) 1-36
    • (1989) Journal of Accounting Research , vol.27 , pp. 1-36
    • Bernard, V.L.1    Thomas, J.K.2
  • 19
    • 0000909526 scopus 로고
    • Evidence that stock prices do not fully reflect the implications of current earnings for future earnings
    • Bernard V.L., and Thomas J.K. Evidence that stock prices do not fully reflect the implications of current earnings for future earnings. Journal of Accounting and Economics 13 (1990) 305-340
    • (1990) Journal of Accounting and Economics , vol.13 , pp. 305-340
    • Bernard, V.L.1    Thomas, J.K.2
  • 20
    • 43949158099 scopus 로고
    • An informational efficiency perspective on the post-earnings announcement drift
    • Bhushan R. An informational efficiency perspective on the post-earnings announcement drift. Journal of Accounting and Economics 18 (1994) 45-65
    • (1994) Journal of Accounting and Economics , vol.18 , pp. 45-65
    • Bhushan, R.1
  • 21
    • 70350268158 scopus 로고    scopus 로고
    • Earnings announcements are full of surprises. University of Pennsylvania, Wharton School, Philadelphia, PA
    • Unpublished manuscript
    • Brandt, M.W., Kishore, R., Santa-Clara, P., Venkatachalam, M., 2008. Earnings announcements are full of surprises. University of Pennsylvania, Wharton School, Philadelphia, PA, Unpublished manuscript.
    • (2008)
    • Brandt, M.W.1    Kishore, R.2    Santa-Clara, P.3    Venkatachalam, M.4
  • 22
    • 0142219302 scopus 로고    scopus 로고
    • An empirical analysis of analysts' target prices: short-term informativeness and long-term dynamics
    • Brav A., and Lehavy R. An empirical analysis of analysts' target prices: short-term informativeness and long-term dynamics. Journal of Finance 58 (2003) 1933-1967
    • (2003) Journal of Finance , vol.58 , pp. 1933-1967
    • Brav, A.1    Lehavy, R.2
  • 23
    • 84977710683 scopus 로고
    • The reversal of large stock-price decreases
    • Bremer M.R., and Sweeny J. The reversal of large stock-price decreases. Journal of Finance 46 (1991) 747-767
    • (1991) Journal of Finance , vol.46 , pp. 747-767
    • Bremer, M.R.1    Sweeny, J.2
  • 25
    • 4344650584 scopus 로고    scopus 로고
    • Corporate investment and asset price dynamics: implications for the cross section of returns
    • Carlson M., Fisher A., and Giammarino R. Corporate investment and asset price dynamics: implications for the cross section of returns. Journal of Finance 59 (2004) 2577-2603
    • (2004) Journal of Finance , vol.59 , pp. 2577-2603
    • Carlson, M.1    Fisher, A.2    Giammarino, R.3
  • 26
    • 33745728787 scopus 로고    scopus 로고
    • Corporate investment and asset price dynamics: implications for SEO event studies and long-run performance
    • Carlson M., Fisher A., and Giammarino R. Corporate investment and asset price dynamics: implications for SEO event studies and long-run performance. Journal of Finance 61 (2006) 1009-1034
    • (2006) Journal of Finance , vol.61 , pp. 1009-1034
    • Carlson, M.1    Fisher, A.2    Giammarino, R.3
  • 27
    • 40449136322 scopus 로고    scopus 로고
    • Financial analysts' stock recommendation revisions and stock price changes
    • Chang Y., and Chan C. Financial analysts' stock recommendation revisions and stock price changes. Applied Financial Economics 18 (2008) 309-325
    • (2008) Applied Financial Economics , vol.18 , pp. 309-325
    • Chang, Y.1    Chan, C.2
  • 28
    • 70249129824 scopus 로고    scopus 로고
    • The applicability of the fraud on the market presumption to analysts' forecast. Duke University, Durham, NC
    • Unpublished manuscript
    • Chen, Q., Francis, J., Schipper, K., 2005. The applicability of the fraud on the market presumption to analysts' forecast. Duke University, Durham, NC, Unpublished manuscript.
    • (2005)
    • Chen, Q.1    Francis, J.2    Schipper, K.3
  • 31
    • 0037289353 scopus 로고    scopus 로고
    • Do investors respond to analysts' forecast revisions as if forecast accuracy is all that matters?
    • Clement M.B., and Tse S. Do investors respond to analysts' forecast revisions as if forecast accuracy is all that matters?. Accounting Review 78 January (2003) 227-249
    • (2003) Accounting Review , vol.78 , Issue.January , pp. 227-249
    • Clement, M.B.1    Tse, S.2
  • 33
    • 70249136964 scopus 로고
    • Volume and autocovariances in short-horizon security returns
    • Conrad J.S., Hameed A., and Niden C. Volume and autocovariances in short-horizon security returns. Journal of Financial Economics 29 (1994) 365-384
    • (1994) Journal of Financial Economics , vol.29 , pp. 365-384
    • Conrad, J.S.1    Hameed, A.2    Niden, C.3
  • 34
    • 70249094034 scopus 로고
    • Components of short-horizon individual security returns
    • Conrad J.S., Kaul G., and Nimalendren M. Components of short-horizon individual security returns. Journal of Finance 49 (1991) 1305-1330
    • (1991) Journal of Finance , vol.49 , pp. 1305-1330
    • Conrad, J.S.1    Kaul, G.2    Nimalendren, M.3
  • 35
    • 33645065356 scopus 로고    scopus 로고
    • Asset pricing implications of non-convex adjustment costs and irreversibility of investment
    • Cooper I. Asset pricing implications of non-convex adjustment costs and irreversibility of investment. Journal of Finance 61 (2006) 139-170
    • (2006) Journal of Finance , vol.61 , pp. 139-170
    • Cooper, I.1
  • 36
    • 84993865637 scopus 로고
    • Stock returns following one-day declines: evidence on short-term reversals and longer-term performance
    • Cox D.R., and Peterson D.R. Stock returns following one-day declines: evidence on short-term reversals and longer-term performance. Journal of Finance 49 (1994) 255-267
    • (1994) Journal of Finance , vol.49 , pp. 255-267
    • Cox, D.R.1    Peterson, D.R.2
  • 37
    • 8744258405 scopus 로고    scopus 로고
    • Investor psychology and security market under- and over-reactions
    • Daniel K., Hirshleifer D., and Subrahmanyam A. Investor psychology and security market under- and over-reactions. Journal of Finance 53 (1998) 1839-1886
    • (1998) Journal of Finance , vol.53 , pp. 1839-1886
    • Daniel, K.1    Hirshleifer, D.2    Subrahmanyam, A.3
  • 38
    • 0002901012 scopus 로고
    • Trading rules, large blocks, and the speed of adjustment
    • Dann L., Mayers D., and Raab R. Trading rules, large blocks, and the speed of adjustment. Journal of Financial Economics 4 (1977) 3-22
    • (1977) Journal of Financial Economics , vol.4 , pp. 3-22
    • Dann, L.1    Mayers, D.2    Raab, R.3
  • 39
    • 70249111920 scopus 로고    scopus 로고
    • Momentum is not an anomaly. University of Michigan, MI
    • Unpublished manuscript
    • Ditmar, R.F., Kaul, G., Lei, Q., 2007. Momentum is not an anomaly. University of Michigan, MI, Unpublished manuscript.
    • (2007)
    • Ditmar, R.F.1    Kaul, G.2    Lei, Q.3
  • 40
    • 0003313336 scopus 로고    scopus 로고
    • Is information risk a determinant of asset returns?
    • Easley D., Hvidkjaer S., and O'Hara M. Is information risk a determinant of asset returns?. Journal of Finance 58 (2002) 2185-2210
    • (2002) Journal of Finance , vol.58 , pp. 2185-2210
    • Easley, D.1    Hvidkjaer, S.2    O'Hara, M.3
  • 41
    • 0000880130 scopus 로고
    • Discrete expectational data and portfolio performance
    • Elton J.E., Gruber M.J., and Grossman S. Discrete expectational data and portfolio performance. Journal of Finance 41 (1986) 699-713
    • (1986) Journal of Finance , vol.41 , pp. 699-713
    • Elton, J.E.1    Gruber, M.J.2    Grossman, S.3
  • 43
    • 0346207692 scopus 로고    scopus 로고
    • Market efficiency, long-term returns, and behavioral finance
    • Fama E.F. Market efficiency, long-term returns, and behavioral finance. Journal of Financial Economics 49 (1998) 283-306
    • (1998) Journal of Financial Economics , vol.49 , pp. 283-306
    • Fama, E.F.1
  • 44
    • 34247369773 scopus 로고    scopus 로고
    • Are stars' opinions worth more? The relation between analyst reputation and recommendation values. University of Pennsylvania, Philadelphia, PA
    • Unpublished manuscript
    • Fang, L., Yasuda, A., 2008. Are stars' opinions worth more? The relation between analyst reputation and recommendation values. University of Pennsylvania, Philadelphia, PA, Unpublished manuscript.
    • (2008)
    • Fang, L.1    Yasuda, A.2
  • 45
    • 0001085867 scopus 로고
    • Earnings releases, anomalies, and the behavior of security returns
    • Foster G., Olsen C., and Shevlin T. Earnings releases, anomalies, and the behavior of security returns. Accounting Review 59 (1984) 574-603
    • (1984) Accounting Review , vol.59 , pp. 574-603
    • Foster, G.1    Olsen, C.2    Shevlin, T.3
  • 46
    • 21344493717 scopus 로고
    • Analysts' decisions as products of a multi-task environment
    • Francis J., and Philbrick R. Analysts' decisions as products of a multi-task environment. Journal of Accounting Research 31 (1993) 216-230
    • (1993) Journal of Accounting Research , vol.31 , pp. 216-230
    • Francis, J.1    Philbrick, R.2
  • 47
    • 0031500407 scopus 로고    scopus 로고
    • The relative informativeness of analysts' stock recommendations and earnings forecast revisions
    • Francis J., and Soffer L. The relative informativeness of analysts' stock recommendations and earnings forecast revisions. Journal of Accounting Research 35 (1997) 193-211
    • (1997) Journal of Accounting Research , vol.35 , pp. 193-211
    • Francis, J.1    Soffer, L.2
  • 48
    • 33645154704 scopus 로고    scopus 로고
    • Volume, opinion divergence, and returns: a study of post-earnings announcement drift
    • Garfinkel J.A., and Sokobin J. Volume, opinion divergence, and returns: a study of post-earnings announcement drift. Journal of Accounting Research 44 (2006) 85-112
    • (2006) Journal of Accounting Research , vol.44 , pp. 85-112
    • Garfinkel, J.A.1    Sokobin, J.2
  • 51
    • 0040531752 scopus 로고    scopus 로고
    • Herding among investment newsletters: theory and evidence
    • Graham J.R. Herding among investment newsletters: theory and evidence. Journal of Finance 54 (1999) 237-268
    • (1999) Journal of Finance , vol.54 , pp. 237-268
    • Graham, J.R.1
  • 52
    • 33846013267 scopus 로고    scopus 로고
    • Information flow and liquidity around anticipated and unanticipated dividend announcements
    • Graham J.R., Koski J., and Loewenstein U. Information flow and liquidity around anticipated and unanticipated dividend announcements. Journal of Business 79 (2006) 2301-2336
    • (2006) Journal of Business , vol.79 , pp. 2301-2336
    • Graham, J.R.1    Koski, J.2    Loewenstein, U.3
  • 53
    • 0037288662 scopus 로고    scopus 로고
    • Analyst forecast revisions and market price discovery
    • Gleason C.A., and Lee C.M.C. Analyst forecast revisions and market price discovery. Accounting Review 78 (2003) 193-225
    • (2003) Accounting Review , vol.78 , pp. 193-225
    • Gleason, C.A.1    Lee, C.M.C.2
  • 54
    • 85008460508 scopus 로고    scopus 로고
    • Isolating the information content of equity analysts' recommendation changes, post Reg FD
    • Goff D.C., Hulbert H., Keasler T.R., and Walsh J. Isolating the information content of equity analysts' recommendation changes, post Reg FD. Financial Review 43 (2008) 303-321
    • (2008) Financial Review , vol.43 , pp. 303-321
    • Goff, D.C.1    Hulbert, H.2    Keasler, T.R.3    Walsh, J.4
  • 56
    • 84944832265 scopus 로고
    • On the efficiency of competitive stock markets where trades have diverse information
    • Grossman S.J. On the efficiency of competitive stock markets where trades have diverse information. Journal of Finance 31 (1976) 573-585
    • (1976) Journal of Finance , vol.31 , pp. 573-585
    • Grossman, S.J.1
  • 57
    • 84993839775 scopus 로고
    • Dynamic asset allocation and the informationally efficiency of markets
    • Grossman S.J. Dynamic asset allocation and the informationally efficiency of markets. Journal of Finance 50 (1995) 773-788
    • (1995) Journal of Finance , vol.50 , pp. 773-788
    • Grossman, S.J.1
  • 58
    • 0001188867 scopus 로고
    • On the impossibility of informationally efficient markets
    • Grossman S.J., and Stiglitz J.E. On the impossibility of informationally efficient markets. American Economic Review 70 (1980) 393-408
    • (1980) American Economic Review , vol.70 , pp. 393-408
    • Grossman, S.J.1    Stiglitz, J.E.2
  • 59
    • 70249137691 scopus 로고    scopus 로고
    • Are analysts' recommendations always informative? Tulane University
    • Unpublished manuscript
    • Hansen, R.S., Zhou, X., 2005. Are analysts' recommendations always informative? Tulane University, Unpublished manuscript.
    • (2005)
    • Hansen, R.S.1    Zhou, X.2
  • 60
    • 0013468441 scopus 로고    scopus 로고
    • Analyzing the analysts: career concerns and biased forecasts
    • Hong H., and Kubik J.D. Analyzing the analysts: career concerns and biased forecasts. Journal of Finance 58 (2003) 313-351
    • (2003) Journal of Finance , vol.58 , pp. 313-351
    • Hong, H.1    Kubik, J.D.2
  • 61
    • 0034372684 scopus 로고    scopus 로고
    • Security analysts' career concerns and herding of earnings forecasts
    • Hong H., Kubik J.D., and Solomon A. Security analysts' career concerns and herding of earnings forecasts. RAND Journal of Economics 31 (2000) 121-144
    • (2000) RAND Journal of Economics , vol.31 , pp. 121-144
    • Hong, H.1    Kubik, J.D.2    Solomon, A.3
  • 62
    • 0043228967 scopus 로고    scopus 로고
    • Do analysts generate trade for their firms? Evidence from the Toronto stock exchange
    • Irvine P.J. Do analysts generate trade for their firms? Evidence from the Toronto stock exchange. Journal of Accounting and Economics 30 (2000) 209-226
    • (2000) Journal of Accounting and Economics , vol.30 , pp. 209-226
    • Irvine, P.J.1
  • 64
    • 4344634164 scopus 로고    scopus 로고
    • The timing and value of forecast and recommendation revisions
    • Ivkovic Z., and Jegadeesh N. The timing and value of forecast and recommendation revisions. Journal of Financial Economics 73 (2004) 433-463
    • (2004) Journal of Financial Economics , vol.73 , pp. 433-463
    • Ivkovic, Z.1    Jegadeesh, N.2
  • 65
    • 16244419382 scopus 로고    scopus 로고
    • Trade generation, reputation and sell-side analysts
    • Jackson A. Trade generation, reputation and sell-side analysts. Journal of Finance 60 (2005) 673-717
    • (2005) Journal of Finance , vol.60 , pp. 673-717
    • Jackson, A.1
  • 66
    • 2942703989 scopus 로고    scopus 로고
    • Analyzing the analysts: when do recommendations add value?
    • Jegadeesh N., Kim J., Krische S.D., and Lee C.M.C. Analyzing the analysts: when do recommendations add value?. Journal of Finance 59 (2004) 1083-1124
    • (2004) Journal of Finance , vol.59 , pp. 1083-1124
    • Jegadeesh, N.1    Kim, J.2    Krische, S.D.3    Lee, C.M.C.4
  • 67
    • 84993907227 scopus 로고
    • Returns to buying winners and selling losers: implications for stock market efficiency
    • Jegadeesh N., and Titman S. Returns to buying winners and selling losers: implications for stock market efficiency. Journal of Finance 48 (1993) 65-91
    • (1993) Journal of Finance , vol.48 , pp. 65-91
    • Jegadeesh, N.1    Titman, S.2
  • 68
    • 0041075295 scopus 로고    scopus 로고
    • Profitability of momentum strategies: an evaluation of alternative explanations
    • Jegadeesh N., and Titman S. Profitability of momentum strategies: an evaluation of alternative explanations. Journal of Finance 56 (2001) 699-720
    • (2001) Journal of Finance , vol.56 , pp. 699-720
    • Jegadeesh, N.1    Titman, S.2
  • 69
    • 0001810790 scopus 로고
    • Unsystematic security price movements, management earnings guidance, and revisions in consensus analyst earnings guidance
    • Jennings R. Unsystematic security price movements, management earnings guidance, and revisions in consensus analyst earnings guidance. Journal of Accounting Research 25 (1987) 90-110
    • (1987) Journal of Accounting Research , vol.25 , pp. 90-110
    • Jennings, R.1
  • 70
    • 0004118339 scopus 로고    scopus 로고
    • How Do Stock Markets Process Analysts' Recommendations? An intra-daily analysis. Pennsylvania State University, State College, PA
    • Unpublished manuscript
    • Juergens, J.L., 1999. How Do Stock Markets Process Analysts' Recommendations? An intra-daily analysis. Pennsylvania State University, State College, PA, Unpublished manuscript.
    • (1999)
    • Juergens, J.L.1
  • 71
    • 70249118625 scopus 로고    scopus 로고
    • Upgrades, downgrades, and trading: Do analysts generate business for their market makers? Arizona State University
    • unpublished manuscript
    • Juergens, J.L., Lindsey, L.A., 2006. Upgrades, downgrades, and trading: do analysts generate business for their market makers? Arizona State University, unpublished manuscript.
    • (2006)
    • Juergens, J.L.1    Lindsey, L.A.2
  • 73
    • 4344709999 scopus 로고    scopus 로고
    • Asset prices and real investment
    • Kogan L. Asset prices and real investment. Journal of Financial Economics 73 (2004) 411-431
    • (2004) Journal of Financial Economics , vol.73 , pp. 411-431
    • Kogan, L.1
  • 74
    • 62149120596 scopus 로고    scopus 로고
    • Investment banking and analyst objectivity: evidence from analysts affiliated with M&A advisors
    • Kolasinski A.C., and Kothari S.P. Investment banking and analyst objectivity: evidence from analysts affiliated with M&A advisors. Journal of Financial and Quantitative Analysis 43 (2008) 817-842
    • (2008) Journal of Financial and Quantitative Analysis , vol.43 , pp. 817-842
    • Kolasinski, A.C.1    Kothari, S.P.2
  • 76
    • 0000859303 scopus 로고
    • Continuous auctions and insider trading
    • Kyle A. Continuous auctions and insider trading. Econometrica 53 (1985) 1315-1336
    • (1985) Econometrica , vol.53 , pp. 1315-1336
    • Kyle, A.1
  • 78
    • 84963088616 scopus 로고
    • Fads, martingales, and market efficiency
    • Lehmann B.C. Fads, martingales, and market efficiency. Quarterly Journal of Economics 105 (1990) 1-28
    • (1990) Quarterly Journal of Economics , vol.105 , pp. 1-28
    • Lehmann, B.C.1
  • 79
    • 70249126244 scopus 로고    scopus 로고
    • What does it take to become a superstar? University of Rochester, Rochester, NY
    • Unpublished manuscript
    • Leon, A.J., Wu, J.S., 2007. What does it take to become a superstar? University of Rochester, Rochester, NY, Unpublished manuscript.
    • (2007)
    • Leon, A.J.1    Wu, J.S.2
  • 80
    • 0001250001 scopus 로고    scopus 로고
    • Underwriting relationships, analysts' earnings guidance, and investment recommendations
    • Lin H., and McNichols M. Underwriting relationships, analysts' earnings guidance, and investment recommendations. Journal of Accounting and Economics 25 (1998) 101-127
    • (1998) Journal of Accounting and Economics , vol.25 , pp. 101-127
    • Lin, H.1    McNichols, M.2
  • 82
    • 29344444221 scopus 로고    scopus 로고
    • Competing for securities mandates: banking relationships and analyst recommendations
    • Ljungqvist A., Marston F.C., and Wilhelm Jr. W.J. Competing for securities mandates: banking relationships and analyst recommendations. Journal of Finance 61 (2006) 301-340
    • (2006) Journal of Finance , vol.61 , pp. 301-340
    • Ljungqvist, A.1    Marston, F.C.2    Wilhelm Jr., W.J.3
  • 83
    • 0001173683 scopus 로고
    • When are contrarian profits due to stock market overreaction?
    • Lo A.W., and MacKinlay A.C. When are contrarian profits due to stock market overreaction?. Review of Financial Studies 3 (1990) 175-205
    • (1990) Review of Financial Studies , vol.3 , pp. 175-205
    • Lo, A.W.1    MacKinlay, A.C.2
  • 84
    • 33646475583 scopus 로고    scopus 로고
    • Do accurate earnings forecasts facilitate superior investment recommendations?
    • Loh R.K., and Mian G.M. Do accurate earnings forecasts facilitate superior investment recommendations?. Journal of Financial Economics 80 (2006) 455-483
    • (2006) Journal of Financial Economics , vol.80 , pp. 455-483
    • Loh, R.K.1    Mian, G.M.2
  • 85
    • 84977738336 scopus 로고
    • Equity issues and stock price dynamics
    • Lucas D., and McDonald R.D. Equity issues and stock price dynamics. Journal of Finance 45 (1990) 1019-1043
    • (1990) Journal of Finance , vol.45 , pp. 1019-1043
    • Lucas, D.1    McDonald, R.D.2
  • 86
    • 0000704002 scopus 로고
    • Investment and the valuation of firms when there is an option to shut down
    • McDonald R., and Siegel D. Investment and the valuation of firms when there is an option to shut down. International Economic Review 26 (1985) 331-349
    • (1985) International Economic Review , vol.26 , pp. 331-349
    • McDonald, R.1    Siegel, D.2
  • 87
    • 0033442404 scopus 로고    scopus 로고
    • Conflict of interest and the credibility of underwriter analyst recommendations
    • Michaely R., and Womack K.L. Conflict of interest and the credibility of underwriter analyst recommendations. Review of Financial Studies 12 (1999) 573-608
    • (1999) Review of Financial Studies , vol.12 , pp. 573-608
    • Michaely, R.1    Womack, K.L.2
  • 88
    • 9944250830 scopus 로고    scopus 로고
    • Do security analysts exhibit persistent differences in stock picking ability?
    • Mikhail M.B., Walther B.R., and Willis R.H. Do security analysts exhibit persistent differences in stock picking ability?. Journal of Financial Economics 74 (2004) 67-91
    • (2004) Journal of Financial Economics , vol.74 , pp. 67-91
    • Mikhail, M.B.1    Walther, B.R.2    Willis, R.H.3
  • 89
    • 70249083869 scopus 로고    scopus 로고
    • Information vs. Liquidity: Evidence from portfolio transition trades. University of Maryland, College Park, MD
    • Unpublished manuscript
    • Obizhaeva, A., 2007. Information vs. Liquidity: evidence from portfolio transition trades. University of Maryland, College Park, MD, Unpublished manuscript.
    • (2007)
    • Obizhaeva, A.1
  • 90
    • 33745146175 scopus 로고    scopus 로고
    • Was there a Nasdaq bubble in the late 1990s?
    • Pástor L., and Veronesi. Was there a Nasdaq bubble in the late 1990s?. Journal of Financial Economics 81 (2005) 61-100
    • (2005) Journal of Financial Economics , vol.81 , pp. 61-100
    • Pástor, L.1    Veronesi2
  • 91
    • 0000027140 scopus 로고
    • Corporate forecasts of earnings per share and stock price behavior: empirical tests
    • Patell J.M. Corporate forecasts of earnings per share and stock price behavior: empirical tests. Journal of Accounting Research 14 (1976) 246-276
    • (1976) Journal of Accounting Research , vol.14 , pp. 246-276
    • Patell, J.M.1
  • 92
    • 0000849668 scopus 로고
    • An empirical investigation of the voluntary disclosure of corporate earnings guidance
    • Penman S.H. An empirical investigation of the voluntary disclosure of corporate earnings guidance. Journal of Accounting Research 18 (1980) 132-160
    • (1980) Journal of Accounting Research , vol.18 , pp. 132-160
    • Penman, S.H.1
  • 93
    • 84987480065 scopus 로고
    • Further insight into the standardized unexpected earnings anomaly: size and serial correlation effects
    • Rendelman R.J., Jones Jr. C.P., and Latane H.A. Further insight into the standardized unexpected earnings anomaly: size and serial correlation effects. Financial Review 22 (1987) 131-144
    • (1987) Financial Review , vol.22 , pp. 131-144
    • Rendelman, R.J.1    Jones Jr., C.P.2    Latane, H.A.3
  • 94
    • 27844536188 scopus 로고    scopus 로고
    • Credibility of management forecasts
    • Rogers J.L., and Stocken P.C. Credibility of management forecasts. Accounting Review 80 (2005) 1233-1260
    • (2005) Accounting Review , vol.80 , pp. 1233-1260
    • Rogers, J.L.1    Stocken, P.C.2
  • 95
    • 33645958547 scopus 로고    scopus 로고
    • Momentum and post-earnings announcement drift anomalies: the role of liquidity risk
    • Sadka R. Momentum and post-earnings announcement drift anomalies: the role of liquidity risk. Journal of Financial Economics 80 (2006) 309-349
    • (2006) Journal of Financial Economics , vol.80 , pp. 309-349
    • Sadka, R.1
  • 98
  • 99
    • 84993865999 scopus 로고
    • Reputation and performance among security analysts
    • Stickel S.E. Reputation and performance among security analysts. Journal of Finance 47 (1992) 811-836
    • (1992) Journal of Finance , vol.47 , pp. 811-836
    • Stickel, S.E.1
  • 100
    • 0002028716 scopus 로고
    • The anatomy of the performance of buy and sell recommendations
    • Stickel S.E. The anatomy of the performance of buy and sell recommendations. Financial Analysts Journal 51 (1995) 25-39
    • (1995) Financial Analysts Journal , vol.51 , pp. 25-39
    • Stickel, S.E.1
  • 101
    • 4844228063 scopus 로고
    • Analyst earnings forecasts and herding behavior
    • Trueman B. Analyst earnings forecasts and herding behavior. Review of Financial Studies 7 (1994) 97-124
    • (1994) Review of Financial Studies , vol.7 , pp. 97-124
    • Trueman, B.1
  • 102
    • 70249136963 scopus 로고    scopus 로고
    • All-star analysts survey: How the survey was conducted. C.F. Wiegold
    • June 29, R6
    • Wall Street Journal, 1999. All-star analysts survey: how the survey was conducted. C.F. Wiegold, June 29, R6.
    • (1999) Wall Street Journal
  • 103
    • 70249149381 scopus 로고    scopus 로고
    • Best on the street: 2001 analysts survey: how the survey was conducted. C.F. Wiegold
    • June 26, R4
    • Wall Street Journal, 2001. Best on the street: 2001 analysts survey: how the survey was conducted. C.F. Wiegold, June 26, R4.
    • (2001) Wall Street Journal
  • 104
    • 70249093338 scopus 로고    scopus 로고
    • Wall Street Journal, 2003. Best on the street (a special report): 2003 analysts review: how the survey was conducted. May 12, R3.
    • Wall Street Journal, 2003. Best on the street (a special report): 2003 analysts review: how the survey was conducted. May 12, R3.
  • 105
    • 0002627678 scopus 로고
    • Systematic 'abnormal' returns after quarterly earnings announcements
    • Watts R.L. Systematic 'abnormal' returns after quarterly earnings announcements. Journal of Financial Economics 6 (1978) 127-150
    • (1978) Journal of Financial Economics , vol.6 , pp. 127-150
    • Watts, R.L.1
  • 106
    • 0034367589 scopus 로고    scopus 로고
    • Herding among security analysts
    • Welch I. Herding among security analysts. Journal of Financial Economics 58 (2000) 369-396
    • (2000) Journal of Financial Economics , vol.58 , pp. 369-396
    • Welch, I.1
  • 107
    • 0011183261 scopus 로고    scopus 로고
    • Do brokerage analysts' recommendations have investment value?
    • Womack K.L. Do brokerage analysts' recommendations have investment value?. Journal of Finance 51 (1996) 137-167
    • (1996) Journal of Finance , vol.51 , pp. 137-167
    • Womack, K.L.1
  • 108
    • 12344316275 scopus 로고    scopus 로고
    • The value premium
    • Zhang L. The value premium. Journal of Finance 60 (2005) 67-103
    • (2005) Journal of Finance , vol.60 , pp. 67-103
    • Zhang, L.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.