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| Tekijä: | Löffler, G. |
| Otsikko: | Die Verarbeitung von Gewinnprognosen am deutschen Aktienmarkt |
| Lehti: | Schmalenbachs Zeitschrift für Betriebswirtschaftliche Forschung
1999 : VOL. 51:2, p. 128-147 |
| Asiasana: | STOCK MARKETS GERMANY FORECASTING INVESTORS |
| Kieli: | ger |
| Tiivistelmä: | This papers shows that the German stock market is inefficient with respect to publicly available analyst earnings forecasts. Possible explanations for these ineffeciencies are discussed and tested. Due to information costs, the information contained in published forecasts need not be available to all investors. In addition, some investors may fail to use the forecasts correctly. Price efficiency may then not be perfect, but rather vary with the amount of trading by well-informed traders. If informed traders are risk-averse, cross-sectional differences in the risk of informed trading should explain differences in price efficiency across stocks. This line of argument is supported by the data. I also examine whether the market under(over)-reacts to information provided by some analysts and find that this is not the case. |
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