haku: @author Runkle, D. / yhteensä: 2
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| Tekijä: | Keane, M. Runkle, D. |
| Otsikko: | Are financial analysts' forecasts of corporate profits rational? |
| Lehti: | Journal of Political Economy
1998 : AUG, VOL. 106:4, p. 768-805 |
| Asiasana: | POLITICAL ECONOMY FINANCE FORECASTING |
| Kieli: | eng |
| Tiivistelmä: | This paper develops generalized method-of-moments tests for the rationality of earnings per share forecasts made by individual stock analysts. The authors fail to reject the hypothesis of rationality as long as they take into account two complications: the correlation in a given period of analysts' forecast errors in predicting earnings for firms in the same industry and discretionary asset write-downs, which affect earnings but are intentionally ignored by analysts when they make earnings forecasts. |
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