Analyst Forecast Revisions and Market Price Discovery

By Cristi A. Gleason, Charles M. C. Lee. 2003

762 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/03a27df937d92418a93acd19755d6189c2e3fc3d

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Citations in the corpus

Analyst Coverage and Real Earnings Management: Quasi-Experimental Evidence (2014, background): “In light of the Graham et al. (2005) survey findings that managers prefer real activities manipulation, several notable studies have emerged examining this form of earnings management and whether there is any complementary or substitute interaction with accrual-based practices.”
Home Country Tax System Characteristics and Corporate Tax Avoidance: International Evidence (2012, methodology): “Following Gleason and Lee (2003), we conduct a test of collinearity (untabulated) by regressing the dependent variable (TaxAvoid) on all of the independent variables and calculating”
The strategy of professional forecasting (2006, background): “21We refer to Gleason and Lee (2003) for a recent empirical analysis of price reactions to forecast revisions.”
Do online reviews affect product sales? The role of reviewer characteristics and temporal effects (2008, neutral): “13 Empirical research shows that security price react ions to unanticipated infor mation conveyed to the market by actual earnings and earning forecasts are more substantial for smaller firms because the amount of private pre-disclosure information is an increasing function of firm size [1, 25].”
Information Uncertainty and Analyst Forecast Behavior (2006, neutral): “Stickel (1991) and Gleason and Lee (2003), among others,”
Investor Trading and the Post Earnings Announcement Drift (2011, neutral): “In contrast, the AF drift may be explained by a longer price 3 Gleason and Lee (2003) find drift associated with analyst forecast revisions, consistent with a price discovery process.”
Information interpretation or information discovery: which role of analysts do investors value more? (2012, positive): “We measure innovativeness following Gleason and Lee (2003). Specifically, if the analyst’s revision moves away (relative to his/her previous forecast) from the consensus, we consider it an innovative forecast; otherwise we consider it a noninnovative forecast.”
Identifying Expectation Errors in Value/Glamour Strategies: A Fundamental Analysis Approach (2012, neutral): “…such as bond ratings downgrades (Dichev and Piotroski 2001), changes in analyst forecasts (Givoly and Lakonishok 1979; Stickel 1990;Chan, Jegadeesh, and Lakonishok 1996; Gleason and Lee 2003), and changes in analyst recommendations (Womack 1996; Barber et al. 2001; Jegadeesh et al. 2004).”
THE IMPACT OF CORPORATE SOCIAL RESPONSIBILITY ON INVESTMENT RECOMMENDATIONS. (2010, background): “security analysts as crucial information intermediaries in public equity markets (Healy and Palepu, 2001; Gilson et al. 2001; Gleason and Lee, 2003) as well as b) their ability to substantially affect the price and the trading volume of a firm’s stock (Stickel 1995; Womack, 1996; Francis and Soffer,”
Political contributions and analyst behavior (2015, positive): “…in revisions made by these analysts.11 However, qualitative information about the skills of conservative analysts may not be easy to detect (e.g., Gleason and Lee 2003), especially by less sophisticated investors and when the relationship between political preferences and research quality is not…”