Why do analysts issue forecast revisions inconsistent with prior stock returns? Determinants and consequences
We examine the informativeness of analyst forecast revisions that are directionally inconsistent with prior stock price movements (sign‐inconsistent revisions). Sign‐inconsistent revisions represent approximately one‐half of the forecast revisions from 1995 through 2010. Our tests indicate that sign...
Ausführliche Beschreibung
Gespeichert in:
| Autor*in: |
Dong, Xiaobo [verfasserIn] |
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| Format: |
Artikel |
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| Sprache: |
Englisch |
| Erschienen: |
2016 |
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| Rechteinformationen: |
Nutzungsrecht: © 2015 AFAANZ © COPYRIGHT 2016 Blackwell Publishers Ltd. |
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| Schlagwörter: |
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| Übergeordnetes Werk: |
Enthalten in: Accounting and finance - Richmond, Vic. : Wiley-Blackwell, 1979, 56(2016), 2, Seite 363-391 |
|---|---|
| Übergeordnetes Werk: |
volume:56 ; year:2016 ; number:2 ; pages:363-391 |
| Links: |
|---|
| DOI / URN: |
10.1111/acfi.12101 |
|---|
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| 520 | |a We examine the informativeness of analyst forecast revisions that are directionally inconsistent with prior stock price movements (sign‐inconsistent revisions). Sign‐inconsistent revisions represent approximately one‐half of the forecast revisions from 1995 through 2010. Our tests indicate that sign‐inconsistent revisions are less informative than are sign‐consistent revisions. Sign‐inconsistent revisions are less likely to be closer to actual earnings realizations and they generate smaller stock price reactions. We also find evidence that sign‐inconsistent revisions are associated with analysts' economic incentives to generate trading volume and their behavioural limitations related to information uncertainty. These results suggest that sign‐inconsistent revisions do not necessarily benefit investors. | ||
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10.1111/acfi.12101 doi PQ20160719 (DE-627)OLC197801306X (DE-599)GBVOLC197801306X (PRQ)c1881-6afe811198a3231e4e41e96b98dd6fe704faaf5a792489e2d92d550ca80621470 (KEY)0134456020160000056000200363whydoanalystsissueforecastrevisionsinconsistentwit DE-627 ger DE-627 rakwb eng 650 ZDB Dong, Xiaobo verfasserin aut Why do analysts issue forecast revisions inconsistent with prior stock returns? Determinants and consequences 2016 Text txt rdacontent ohne Hilfsmittel zu benutzen n rdamedia Band nc rdacarrier We examine the informativeness of analyst forecast revisions that are directionally inconsistent with prior stock price movements (sign‐inconsistent revisions). Sign‐inconsistent revisions represent approximately one‐half of the forecast revisions from 1995 through 2010. Our tests indicate that sign‐inconsistent revisions are less informative than are sign‐consistent revisions. Sign‐inconsistent revisions are less likely to be closer to actual earnings realizations and they generate smaller stock price reactions. We also find evidence that sign‐inconsistent revisions are associated with analysts' economic incentives to generate trading volume and their behavioural limitations related to information uncertainty. These results suggest that sign‐inconsistent revisions do not necessarily benefit investors. Nutzungsrecht: © 2015 AFAANZ © COPYRIGHT 2016 Blackwell Publishers Ltd. Forecast inconsistency Forecast informativeness Analyst forecast revision Revisions Return on investment Forecasting Lin, Kuan‐Chen oth Graham, Roger oth Wyatt, Anne oth Enthalten in Accounting and finance Richmond, Vic. : Wiley-Blackwell, 1979 56(2016), 2, Seite 363-391 (DE-627)168842378 (DE-600)852471-3 (DE-576)026318717 0810-5391 nnns volume:56 year:2016 number:2 pages:363-391 http://dx.doi.org/10.1111/acfi.12101 Volltext http://onlinelibrary.wiley.com/doi/10.1111/acfi.12101/abstract http://search.proquest.com/docview/1792798825 GBV_USEFLAG_A SYSFLAG_A GBV_OLC SSG-OLC-WIW GBV_ILN_26 GBV_ILN_285 GBV_ILN_4012 GBV_ILN_4125 AR 56 2016 2 363-391 |
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10.1111/acfi.12101 doi PQ20160719 (DE-627)OLC197801306X (DE-599)GBVOLC197801306X (PRQ)c1881-6afe811198a3231e4e41e96b98dd6fe704faaf5a792489e2d92d550ca80621470 (KEY)0134456020160000056000200363whydoanalystsissueforecastrevisionsinconsistentwit DE-627 ger DE-627 rakwb eng 650 ZDB Dong, Xiaobo verfasserin aut Why do analysts issue forecast revisions inconsistent with prior stock returns? Determinants and consequences 2016 Text txt rdacontent ohne Hilfsmittel zu benutzen n rdamedia Band nc rdacarrier We examine the informativeness of analyst forecast revisions that are directionally inconsistent with prior stock price movements (sign‐inconsistent revisions). Sign‐inconsistent revisions represent approximately one‐half of the forecast revisions from 1995 through 2010. Our tests indicate that sign‐inconsistent revisions are less informative than are sign‐consistent revisions. Sign‐inconsistent revisions are less likely to be closer to actual earnings realizations and they generate smaller stock price reactions. We also find evidence that sign‐inconsistent revisions are associated with analysts' economic incentives to generate trading volume and their behavioural limitations related to information uncertainty. These results suggest that sign‐inconsistent revisions do not necessarily benefit investors. Nutzungsrecht: © 2015 AFAANZ © COPYRIGHT 2016 Blackwell Publishers Ltd. Forecast inconsistency Forecast informativeness Analyst forecast revision Revisions Return on investment Forecasting Lin, Kuan‐Chen oth Graham, Roger oth Wyatt, Anne oth Enthalten in Accounting and finance Richmond, Vic. : Wiley-Blackwell, 1979 56(2016), 2, Seite 363-391 (DE-627)168842378 (DE-600)852471-3 (DE-576)026318717 0810-5391 nnns volume:56 year:2016 number:2 pages:363-391 http://dx.doi.org/10.1111/acfi.12101 Volltext http://onlinelibrary.wiley.com/doi/10.1111/acfi.12101/abstract http://search.proquest.com/docview/1792798825 GBV_USEFLAG_A SYSFLAG_A GBV_OLC SSG-OLC-WIW GBV_ILN_26 GBV_ILN_285 GBV_ILN_4012 GBV_ILN_4125 AR 56 2016 2 363-391 |
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10.1111/acfi.12101 doi PQ20160719 (DE-627)OLC197801306X (DE-599)GBVOLC197801306X (PRQ)c1881-6afe811198a3231e4e41e96b98dd6fe704faaf5a792489e2d92d550ca80621470 (KEY)0134456020160000056000200363whydoanalystsissueforecastrevisionsinconsistentwit DE-627 ger DE-627 rakwb eng 650 ZDB Dong, Xiaobo verfasserin aut Why do analysts issue forecast revisions inconsistent with prior stock returns? Determinants and consequences 2016 Text txt rdacontent ohne Hilfsmittel zu benutzen n rdamedia Band nc rdacarrier We examine the informativeness of analyst forecast revisions that are directionally inconsistent with prior stock price movements (sign‐inconsistent revisions). Sign‐inconsistent revisions represent approximately one‐half of the forecast revisions from 1995 through 2010. Our tests indicate that sign‐inconsistent revisions are less informative than are sign‐consistent revisions. Sign‐inconsistent revisions are less likely to be closer to actual earnings realizations and they generate smaller stock price reactions. We also find evidence that sign‐inconsistent revisions are associated with analysts' economic incentives to generate trading volume and their behavioural limitations related to information uncertainty. These results suggest that sign‐inconsistent revisions do not necessarily benefit investors. Nutzungsrecht: © 2015 AFAANZ © COPYRIGHT 2016 Blackwell Publishers Ltd. Forecast inconsistency Forecast informativeness Analyst forecast revision Revisions Return on investment Forecasting Lin, Kuan‐Chen oth Graham, Roger oth Wyatt, Anne oth Enthalten in Accounting and finance Richmond, Vic. : Wiley-Blackwell, 1979 56(2016), 2, Seite 363-391 (DE-627)168842378 (DE-600)852471-3 (DE-576)026318717 0810-5391 nnns volume:56 year:2016 number:2 pages:363-391 http://dx.doi.org/10.1111/acfi.12101 Volltext http://onlinelibrary.wiley.com/doi/10.1111/acfi.12101/abstract http://search.proquest.com/docview/1792798825 GBV_USEFLAG_A SYSFLAG_A GBV_OLC SSG-OLC-WIW GBV_ILN_26 GBV_ILN_285 GBV_ILN_4012 GBV_ILN_4125 AR 56 2016 2 363-391 |
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10.1111/acfi.12101 doi PQ20160719 (DE-627)OLC197801306X (DE-599)GBVOLC197801306X (PRQ)c1881-6afe811198a3231e4e41e96b98dd6fe704faaf5a792489e2d92d550ca80621470 (KEY)0134456020160000056000200363whydoanalystsissueforecastrevisionsinconsistentwit DE-627 ger DE-627 rakwb eng 650 ZDB Dong, Xiaobo verfasserin aut Why do analysts issue forecast revisions inconsistent with prior stock returns? Determinants and consequences 2016 Text txt rdacontent ohne Hilfsmittel zu benutzen n rdamedia Band nc rdacarrier We examine the informativeness of analyst forecast revisions that are directionally inconsistent with prior stock price movements (sign‐inconsistent revisions). Sign‐inconsistent revisions represent approximately one‐half of the forecast revisions from 1995 through 2010. Our tests indicate that sign‐inconsistent revisions are less informative than are sign‐consistent revisions. Sign‐inconsistent revisions are less likely to be closer to actual earnings realizations and they generate smaller stock price reactions. We also find evidence that sign‐inconsistent revisions are associated with analysts' economic incentives to generate trading volume and their behavioural limitations related to information uncertainty. These results suggest that sign‐inconsistent revisions do not necessarily benefit investors. Nutzungsrecht: © 2015 AFAANZ © COPYRIGHT 2016 Blackwell Publishers Ltd. Forecast inconsistency Forecast informativeness Analyst forecast revision Revisions Return on investment Forecasting Lin, Kuan‐Chen oth Graham, Roger oth Wyatt, Anne oth Enthalten in Accounting and finance Richmond, Vic. : Wiley-Blackwell, 1979 56(2016), 2, Seite 363-391 (DE-627)168842378 (DE-600)852471-3 (DE-576)026318717 0810-5391 nnns volume:56 year:2016 number:2 pages:363-391 http://dx.doi.org/10.1111/acfi.12101 Volltext http://onlinelibrary.wiley.com/doi/10.1111/acfi.12101/abstract http://search.proquest.com/docview/1792798825 GBV_USEFLAG_A SYSFLAG_A GBV_OLC SSG-OLC-WIW GBV_ILN_26 GBV_ILN_285 GBV_ILN_4012 GBV_ILN_4125 AR 56 2016 2 363-391 |
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Why do analysts issue forecast revisions inconsistent with prior stock returns? Determinants and consequences |
| abstract |
We examine the informativeness of analyst forecast revisions that are directionally inconsistent with prior stock price movements (sign‐inconsistent revisions). Sign‐inconsistent revisions represent approximately one‐half of the forecast revisions from 1995 through 2010. Our tests indicate that sign‐inconsistent revisions are less informative than are sign‐consistent revisions. Sign‐inconsistent revisions are less likely to be closer to actual earnings realizations and they generate smaller stock price reactions. We also find evidence that sign‐inconsistent revisions are associated with analysts' economic incentives to generate trading volume and their behavioural limitations related to information uncertainty. These results suggest that sign‐inconsistent revisions do not necessarily benefit investors. |
| abstractGer |
We examine the informativeness of analyst forecast revisions that are directionally inconsistent with prior stock price movements (sign‐inconsistent revisions). Sign‐inconsistent revisions represent approximately one‐half of the forecast revisions from 1995 through 2010. Our tests indicate that sign‐inconsistent revisions are less informative than are sign‐consistent revisions. Sign‐inconsistent revisions are less likely to be closer to actual earnings realizations and they generate smaller stock price reactions. We also find evidence that sign‐inconsistent revisions are associated with analysts' economic incentives to generate trading volume and their behavioural limitations related to information uncertainty. These results suggest that sign‐inconsistent revisions do not necessarily benefit investors. |
| abstract_unstemmed |
We examine the informativeness of analyst forecast revisions that are directionally inconsistent with prior stock price movements (sign‐inconsistent revisions). Sign‐inconsistent revisions represent approximately one‐half of the forecast revisions from 1995 through 2010. Our tests indicate that sign‐inconsistent revisions are less informative than are sign‐consistent revisions. Sign‐inconsistent revisions are less likely to be closer to actual earnings realizations and they generate smaller stock price reactions. We also find evidence that sign‐inconsistent revisions are associated with analysts' economic incentives to generate trading volume and their behavioural limitations related to information uncertainty. These results suggest that sign‐inconsistent revisions do not necessarily benefit investors. |
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| title_short |
Why do analysts issue forecast revisions inconsistent with prior stock returns? Determinants and consequences |
| url |
http://dx.doi.org/10.1111/acfi.12101 http://onlinelibrary.wiley.com/doi/10.1111/acfi.12101/abstract http://search.proquest.com/docview/1792798825 |
| remote_bool |
false |
| author2 |
Lin, Kuan‐Chen Graham, Roger Wyatt, Anne |
| author2Str |
Lin, Kuan‐Chen Graham, Roger Wyatt, Anne |
| ppnlink |
168842378 |
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oth oth oth |
| doi_str |
10.1111/acfi.12101 |
| up_date |
2024-07-03T20:18:38.271Z |
| _version_ |
1803590480189980672 |
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