Diagnostic Expectations and Stock Returns
نویسندگان
چکیده
منابع مشابه
Expectations Management and Stock Returns
We show that proxies for firms’ incentives to manage earnings expectations toward beatable levels contain strong predictive power for earnings announcement returns. Firms with stronger incentives to manage expectations predictably underperform before, and subsequently outperform during, their expected earnings announcement months. This predictable V-shaped pattern in prices yields strategy retu...
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According to the present value model, the long-run expected return on stocks, stock yield, is the dividend yield on stocks plus a weighted average of expected future growth rates in dividends. We construct a measure of the expected stock yield using the realized dividend yield and a weighted average growth rate proxy from sell-side analysts near-term earnings forecasts. During 1977-2012, this s...
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ژورنال
عنوان ژورنال: The Journal of Finance
سال: 2019
ISSN: 0022-1082,1540-6261
DOI: 10.1111/jofi.12833