Analysts, Industries, and Price Momentum

By Leslie Boni, Kent L. Womack. Journal of Financial and Quantitative Analysis, 2006

391 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/a3f20849fdd7e7db0b7bc63e890b20599cdf68e5

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Citations in the corpus

The Predictive Content of Aggregate Analyst Recommendations (2009, neutral): “alysts typically specialize by industry (Boni and Womack [2006]).”
Analyst following along the supply chain (2011, neutral): “However, prior studies also find that analysts frequently cover firms from multiple industries (e.g., Clement and Tse 2005; Boni and Womack 2006; Sonney 2009) and that for U.S. firms there is a negative relation between analyst forecast accuracy and the number of 6 industries/sectors an analyst…”
The Financial Analyst Forecasting Literature: A Taxonomy with Suggestions for Further Research (2008, neutral): “Boni and Womack (2006) Archival, I/B/E/S, 1996-2002.”
Relative valuation and analyst target price forecasts (2011, methodology): “Our proxy for groups of ‘‘similar’’ stocks is the two-digit GICS sectors, a choice which, as in Boni and Womack (2006), can be motivated by the fact that analysts specialize in a sector (rather than being generalists) and typically cover at least half a dozen stocks within the same industry. By anal”
Ratings Changes, Ratings Levels, and the Predictive Value of Analysts’ Recommendations (2010, neutral): “2 The methodology employed by Jegadeesh et al. (2004), however, makes it unlikely that they are fully capturing the value of analyst recommendations.”
Are All Analysts Created Equal? Industry Expertise and Monitoring Effectiveness of Financial Analysts (2017, positive): “Analysts are assigned to and specialize in few industries to take advantage of economies of scale in information production (Boni and Womack (2006), Kadan, Madureira, Wang, and Zach (2012)).”
Do Managers Always Know Better? The Relative Accuracy of Management and Analyst Forecasts (2012, neutral): “Boni and Womack (2006) demonstrate that analysts’ expertise lies in their ability to rank stocks within the industries in which they”
Analysts’ Industry Expertise (2012, methodology): “According to Boni and Womack (2006), the percentage of all companies an analyst covers that are in one GICS industry averages 81% for analysts at the 20 largest brokerages.”
Analyst Information Discovery and Interpretation Roles: A Topic Modeling Approach (2018, positive): “…is widely adopted by brokerages and analysts as their industry classification system and is superior to other industry classification schemes, such as SIC codes and NAICS codes, in identifying firms with their industry peers (Kadan et al. 2012; Boni and Womack 2006; Bhojraj et al. 2003).”
Before an Analyst Becomes an Analyst: Does Industry Experience Matter? (2015, neutral): “15 Boni and Womack (2006) suggest that the GICS system matches well with analyst industries and these classifications are used in other analyst studies such as Kadan, Madureira, Wang and Zach (2012).”