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Author: | Ciccone, S. |
Title: | Does analyst optimism about future earnings distort stock prices? |
Journal: | Journal of behavioral finance
2003 : VOL. 4:2, p. 59-64 |
Index terms: | Earnings Expectations Financial forecasting Share prices |
Language: | eng |
Abstract: | Monthly returns to companies with optimistic expectations are 1,5% lower versus companies with pessimistic expectations, while annual buy-and-hold returns to companies with optimistic expectations are 20% lower. The optimistic component of stock prices lingers months after the optimism is revealed to the market. It also exists separately from the component related to analyst forecast dispersion. |
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