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| Author: | Dische, A. |
| Title: | Dispersion in Analyst Forecasts and the Profitability of Earnings Momentum Strategies |
| Journal: | European Financial Management
2002 : JUN, VOL. 8:2, p. 211-228 |
| Index terms: | FORECASTING INVESTMENT INVESTORS FINANCE |
| Language: | eng |
| Abstract: | Asset managers largely base their investment decisions on estimates of firms' future earnings. This study examines empirically whether earnings expectations published by financial analysts contain valuable information and offers new evidence on how these forecasts can be employed in a stock selection process. A growing number of European portfolio managers use consensus forecasts of brokerage analysts from data provider; such as IBES and seek to understand how best to employ them. Today sufficient data is available to examine analyst earnings forecasts for the German market. The intention of this article is twofold. First, new investment rules for the use of analysts' consensus forecasts are found and empirically quantified. |
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