An Empirical Analysis of Analysts' Target Prices: Short Term Informativeness and Long Term Dynamics

By Alon Brav, Reuven Lehavy. 2003

469 citations recorded by the source corpus.

Subfields: Accounting, Finance, Management Science and Operations Research

View Paper: https://www.semanticscholar.org/paper/49b44da37cc6e590f17f906985bd10b154f5718d

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In Management Science and Operations Research

Citations in the corpus

Evidence on the Information Content of Text in Analyst Reports (2014, methodology): “Overall, the findings of these studies suggest analyst quantitative outputs are informative (Womack 1996; Givoly and Lakonishok 1979; Lys and Sohn 1990; Brav and Lehavy 2003; Asquith et al. 2005; Givoly, Hayn, and Lehavy 2009; Call, Chen, and Tong 2013; Ertimur, Livnat, and Martikainen 2003).”
Prospect Theory and the Disposition Effect (2008, background): “Brav and Lehavy (2003) show that the analysts’ consensus target price changes less often than the market price, but the changes are correlated with market”
Do sell-side analysts exhibit differential target price forecasting ability? (2012, unknown): “The evidence suggests that stock recommendations and target price forecasts have different emphases, consistent with prior findings that stock recommendations and target prices provide distinct information to investors (e.g., Brav and Lehavy 2003).”
Target Price Accuracy in Equity Research (2010, background): “Francis and Soffer (1997) and Brav and Lehavy (2003) documented that recommendation revisions have a non negligible effect on market abnormal returns.”
Target price accuracy:international evidence (2013, methodology): “17 Lambert et al. (2009) report that in forecasting future firm earnings, analysts increasingly anchor on historic earnings as the EPS forecasting horizon increases.”
Strength of Analyst Coverage Following IPOs (2006, methodology): “Using a sample that includes mostly seasoned firms, Brav and Lehavy (2003) show that the market reacts favorably to recommendation upgrades, positive forecast revisions, and increases in target price ratios.”
Analyst Behavior Following IPOs: The “Bubble Period” Evidence (2008, result): “Brav and Lehavy (2003) and Asquith, Mikhail, and Au (2005) find similar results.”
The Cross Section of Analyst Recommendations (2004, background): “Brav and Lehavy (2003) analyze the relation between analysts’ target price revisions and future returns. ommendation from a strong sell to strong buy) whereas “weight” translates into the experience of the analyst or the reputation of the brokerage house to which the analyst belongs.”