Analysts’ Forecasts and Asset Pricing: A Survey
نویسندگان
چکیده
منابع مشابه
Analysts’ Forecasts and Asset Pricing: A Survey
This survey reviews the literature on sell-side analysts’ forecasts and its implications for asset pricing. We review the literature on the supply and demand forces shaping analysts’ forecasting decisions as well as the implications of the information they produce for both the cash flow and the discount rate components of security returns. Analysts’ forecasts bring prices in line with the expec...
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The interaction between the various departments of a full-service brokerage firm can have positive effects. An asset management department operates the firm’s mutual funds and has a need for high-quality information. Thus, the firm’s sell-side analysts in the research department are motivated to gather information about particular securities and to use the asset management department as an addi...
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I review the state of empirical asset pricing devoted to understanding crosssectional differences in average rates of return. Both methodologies and empirical evidence are surveyed. Tremendous progress has been made in understanding return patterns. At the same time, there is a need to synthesize the huge amount of collected evidence.
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The most relevant practical impediment to an application of the Markowitz portfolio selection approach is the problem of estimating return moments, in particular return expectations. We analyze the consequences of using return estimates implied by analysts’ dividend forecasts under the explicit notion of taxes and non-flat term structures of interest rates and achieve quite good performance res...
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ژورنال
عنوان ژورنال: Annual Review of Financial Economics
سال: 2016
ISSN: 1941-1367,1941-1375
DOI: 10.1146/annurev-financial-121415-032930