Analyst Forecasting Ability and the Stock Price Reaction to Forecast Revisions

By Chul W. Park, E. Stice. 2000

200 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/3a4459b1c8ad95f625fbe3657d8df1eb14d65c70

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Citations in the corpus

Financial Analyst Characteristics and Herding Behavior in Forecasting (2005, result): “5 Stickel (1992) and Park and Stice (2000) find that return responses to analyst forecast revisions increase with the analyst’s reputation and prior forecast accuracy, consistent with the theoretical predictions of Abarbanell, Lanen, and Verrecchia (1995).”
The roles of task-specific forecasting experience and innate ability in understanding analyst forecasting performance (2007, background): “Specifically, forecast performance improves with the size of the analysts’ employer (Clement, 1999), the frequency of forecast revisions (Jacob, et al., 1999), and prior forecast accuracy (Park and Stice, 2000; Brown, 2001).”
What Drives Stock Price Movements (2013, unknown): “This is in spirit similar to Shiller (1981) who compare actual prices with prices calculated using realized future cash flows.”
Do online reviews affect product sales? The role of reviewer characteristics and temporal effects (2008, unknown): “Consumer reviews are usergenerated and they measure product quality and valuation from a user’s perspective [34].”
Political contributions and analyst behavior (2015, unknown): “If market participants appreciate the higher quality of research produced by these analysts, their revisions should result in a stronger market reaction (e.g., Park and Stice 2000; Livnat and Zhang 2012).”
Prior Forecasting Accuracy and Investor Reaction to Management Earnings Forecasts (2009, unknown): “Cross-sectional variation in the stock price response to the release of management forecasts is expected to depend on the perceived accuracy of the prediction; indeed, Park and Stice (2000) present similar arguments and evidence in the context of analyst”
Analysts' Weighting of Private and Public Information (2006, unknown): “For overweighting, we consider two competing hypotheses: one is based on analysts’ incentives to signal ability or to generate trading commissions [Prendergast and Stole (1996), Ehrbeck and Waldmann (1996), and Zitzewitz (2001b)], and the other is based on analysts’ overconfidence about their own ab”
Are analysts’ earnings forecasts more accurate when accompanied by cash flow forecasts? (2009, background): “Both earnings and cash flows are primitive accounting inputs for firm valuation (Francis et al. 2005; Chen et al. 2007), and analysts’ earnings forecasts are used by investors in evaluating firm performance, forming earnings expectations and setting stock prices (Brown 1993; Park and Stice 2000; G”
Do sell-side analysts exhibit differential target price forecasting ability? (2012, unknown): “Park and Stice (2000) find that earnings forecasts by past superior analysts have a greater impact on security prices in test periods than do those of other analysts, but the price effects of this firm-specific forecasting ability do not spill over to other firms followed by the same analyst.”
The Influence of Analysts, Institutional Investors, and Insiders on the Incorporation of Market, Industry, and Firm-Specific Information into Stock Prices (2004, background): “Because analyst forecasts and subsequent revisions induce price-relevant trades (e.g., Givoly and Lakonishok, 1979; Lys and Sohn, 1990; Park and Stice, 2000), their forecasting activities should cause prices to reflect this additional industry and marketlevel information, resulting in greater stock ”