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| Author: | Clement, M.B. Hales, J. Xue, Y. |
| Title: | Understanding analysts' use of stock returns and other analysts' revisions when forecasting earnings |
| Journal: | Journal of Accounting & Economics
2011 : APR, VOL. 51:3, p. 279-299 |
| Index terms: | financial analysis earnings forecasting market efficiency learning |
| Language: | eng |
| Abstract: | This paper explores analysts' use of stock returns and other analysts' forecast revisions in revising the forecasts of their own after an earnings announcement. It is found among others that analysts respond more strongly to these signals when those are more informative about future earnings changes. etc. It is suggested that the ability to filter information from the actions of others serves as one source of analyst expertise. |
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