Long-Term Earnings Growth Forecasts, Limited Attention, and Return Predictability
نویسندگان
چکیده
منابع مشابه
The Earnings Term Structure of Analyst Forecasts and Return Anomalies∗
We construct term structures for expected earnings growth by indexing analyst forecasts according to their maturity. Growth stocks, large stocks, and past losers have relatively steep convex earnings term structures in comparison to value stocks, small stocks, and past winners respectively. These initial earnings term structures overestimate (underestimate) the expected earnings growth of growt...
متن کاملWhy do Analysts Issue Long-term Earnings Growth Forecasts? An Empirical Analysis
We examine analysts’ motives to issue long-term earning growth (LTG) forecasts. We find that analysts are more likely to issue LTG forecasts when their incentive to please managers is strong. In addition, analysts are more likely to choose firms that they are more optimistic about for LTG coverage. We find mixed evidence regarding whether analysts issue LTG forecasts to signal their ability or ...
متن کاملReconciling the Return Predictability Evidence In-sample Forecasts, Out-of-sample Forecasts, and Parameter Instability
Evidence of stock return predictability by financial ratios is still controversial, as documented by inconsistent results for in-sample and out-of-sample regressions and by substantial parameter instability. This paper shows that these seemingly incompatible results can be reconciled if the assumption of a fixed steady-state mean of the economy is relaxed. We find strong empirical evidence in s...
متن کاملCosearch Attention and Stock Return Predictability in Supply Chains
The ability to make prediction based on online searches in various contexts is gaining substantial interest in both research and practice. This study investigates a novel application of correlated online searches in predicting stock performance across supply chain partners. If two firms are economically dependent through supply chain relationship and if information related to both firms diffuse...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2009
ISSN: 1556-5068
DOI: 10.2139/ssrn.1107637