Delayed Security Price Adjustments to Financial Analysts' Forecasts of Annual Earnings

By P. Elgers, May H. Lo, Ray J. Pfeiffer. 2001

177 citations recorded by the source corpus.

Subfields: Accounting, Finance

View Paper: https://www.semanticscholar.org/paper/4293908e177e5759b1580932207cde2e233987ff

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In Accounting

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In Finance

1. Qiang Cheng
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Citations in the corpus

• The Use of Dupont Analysis by Market Participants (2008, unknown): “Mendenhall (1991), Walther (1997) and Elgers et al. (2001, 2003) document that investors underweigh information contained in analysts’ forecasts.”
• Do Investors Respond to Analysts' Forecast Revisions as if Forecast Accuracy Is All That Matters? (2003, methodology): “Similarly, Elgers et al. (2001) find that investors appear to undervalue the information in analysts’ annual earnings forecasts for predicting future earnings.”
• Does increased board independence reduce earnings management? Evidence from recent regulatory reforms (2015, unknown): “Prior research finds that firms well covered by analysts have a more active investment community, greater press coverage, lower information asymmetry, and less mispricing (e.g., Brennan et al. 1993; Walther 1997; Easley et al. 1998; Hong et al. 2000; Elgers et al. 2001; Griffin and Lemmon 2002).”
• Analyst Forecast Revisions and Market Price Discovery (2003, background): “8 Elgers et al. (2001) investigate early-in-the-year price-to-earning-forecasts (a type of PE ratio), rather than changes in individual analyst forecast revisions.”
• Analyst Coverage and the Cost of Raising Equity Capital: Evidence from Underpricing of Seasoned Equity Offerings (2008, background): “1993), and lower extent of stock mispricing (Hong et al. 2000; Elgers et al. 2001; Griffin and Lemmon 2002).”
• Does the Stock Market Fully Appreciate the Implications of Leading Indicators for Future Earnings? Evidence from Order Backlog (2001, methodology): “Moreover, abnormal returns based on order backlog are robust to the inclusion of Fama and French (1992) risk factors and are incremental to abnormal returns earned from Sloan’s (1996) accrual anomaly.”
• The Characteristics that Provide Independent Information about Average U.S. Monthly Stock Returns (2017, unknown): “The scaled decile ranking approach directly follows work by Fama (1976) and Abarbanell and Bushee (1998).”