search query: @author Walther, B. R. / total: 3
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| Author: | Walther, B. R. |
| Title: | Investor sophistication and market earnings expectations |
| Journal: | Journal of Accounting Research
1997 : AUTUMN, VOL. 35:2, p. 157-179 |
| Index terms: | INVESTORS METHODOLOGY MARKET FORECASTING TIME SERIES EARNINGS |
| Language: | eng |
| Abstract: | This article examines whether sophisticated investors rely more on analyst forecasts than on time-series model forecasts in forming expected earnings. Although analyst forecasts are more accurate than time-series model forecasts , analyst forecasts are not clearly superior to time-series model forecasts as a proxy for expected earnings. The results are consistent with market participants placing more weight on the analyst forecast relative to the SRW forecast as institutional ownership and analyst following increase. These characteristics capture the degree of sophistication of marginal investor. |
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