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| Tekijä: | Brown, L. D. Richardson, G. D. Schwager, S. J. |
| Otsikko: | An information interpretation of financial analyst superiority in forecasting earnings. |
| Lehti: | Journal of Accounting Research
1987 : SPRING, VOL. 25:1, p. 49-67 |
| Asiasana: | SHARE PRICES RATE OF RETURN FINANCIAL FORECASTING FINANCIAL ANALYSIS TIME SERIES |
| Kieli: | eng |
| Tiivistelmä: | The present study relates financial analyst earnings forecast (FAF) to three attributes of the information set underlying those forecasts (with expected signs of association indicated) (i) the dimensionality of the information set (+), (ii) the variance of information observations (-) and (iii) the correlation among the information variables (-). The authors base their empirical tests on surrogates for these theoretical variables. The major findings are as follows: Ex ante FAF superiority is positively related to a) firm size and b) the extent of agreement among analysts. |
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