| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w9246 |
| 来源ID | Working Paper 9246 |
| Information Content of Equity Analyst Reports | |
| Paul Asquith; Michael B. Mikhail; Andrea S. Au | |
| 发表日期 | 2002-10-03 |
| 出版年 | 2002 |
| 语种 | 英语 |
| 摘要 | This paper investigates the market reaction to the information released in security analyst reports. It shows that the market reacts significantly and positively to changes in recommendation levels, earnings forecasts, and price targets. While changes in price targets and earnings forecasts both provide information to the market, revisions in price targets have a larger and more significant impact than comparable revisions in earnings forecasts. The text of the report is also a significant source of information as it provides the justifications supporting an analyst's summary opinion. When all of this information is considered simultaneously, some of it, notably the earnings forecasts, is subsumed. The results further show that analysts correctly predict price targets slightly over 50% of the time. Finally, the valuation methodology used does not seem to be correlated with either the market's reaction or the analyst's accuracy. |
| 主题 | Financial Economics ; Portfolio Selection and Asset Pricing ; Financial Markets |
| URL | https://www.nber.org/papers/w9246 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/566859 |
| 推荐引用方式 GB/T 7714 | Paul Asquith,Michael B. Mikhail,Andrea S. Au. Information Content of Equity Analyst Reports. 2002. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w9246.pdf（260KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
