Why New Issues and High-Accrual Firms Underperform: The Role of Analysts' Credulity

By J. D. Villiers. 2002

131 citations recorded by the source corpus.

Citations in the corpus

Limited Attention, Information Disclosure, and Financial Reporting (2003, unknown): “and Bushee (1997), Teoh and Wong (2002) ) are further indications that limited attention may be important for market prices.”
Short Arbitrage, Return Asymmetry, and the Accrual Anomaly (2011, unknown): “Furthermore, operating accruals are positively associated with overoptimism in analysts’ forecasts of future earnings (Teoh and Wong 2002, Drake and Myers 2011), and auditors also do not make full use of information contained in accruals (Bradshaw, Richardson, and Sloan 2001).”
Earnings Quality and International IPO Underpricing (2011, unknown): “This finding leads the authors to conclude that investors naively focus on artificially high earnings reported by some firms when they go public.3 Teoh and Wong (2002) suggest that analysts fare no better than investors at disentangling earnings manipulation at the 3 One caveat with this study is…”
Political contributions and analyst behavior (2015, unknown): “4 Prior studies show various forecast biases such as nonstrategic excess optimism (Malmendier and Shanthikumar 2014), overweighting of private information (Chen and Jiang 2006), overreaction to favorable information (Easterwood and Nutt 1999), and analysts’ credulity (Teoh and Wong 2002).”