The Effect of Experience on Security Analyst Underreaction and Post-Earnings-Announcement Drift

By Michael B. Mikhail, Beverly R. Walther, R. H. Willis. 2003

198 citations recorded by the source corpus.

Subfields: Accounting, Economics and Econometrics, Finance

View Paper: https://www.semanticscholar.org/paper/dd2458225abb45d634b141d3af3535179c8cd06c

How researchers see this paper

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In Accounting

1. Ioannis Ioannou
2. George Serafeim
3. Sundaresh Ramnath
4. Michael D. Kimbrough
5. Philip B. Shane
6. S. Rock
7. H. Jo
8. Maretno Agus Harjoto

In Economics and Econometrics

1. Michael D. Kimbrough
2. George Serafeim
3. Ioannis Ioannou

In Finance

1. Ioannis Ioannou
2. Sundaresh Ramnath
3. Michael D. Kimbrough
4. George Serafeim
5. Philip B. Shane
6. S. Rock
7. Yuan Zhang
8. Joshua Livnat

Citations in the corpus

• The Effect of Conference Calls on Analyst and Market Underreaction to Earnings Announcements (2005, methodology): “The Accounting Review, January 2005 result of general experience effects documented by Mikhail et al. (2003), I also estimate the following variant of Equation (1) on each of the 104 treatment-control pairs.”
• Political contributions and analyst behavior (2015, unknown): “Such analyst traits include, for example, professional experience (Hong et al. 2000; Mikhail et al. 2003; Clement and Tse 2005), overconfidence (Hilary and Menzly 2006), gender (Kumar 2010), consistency (Hsu and Hilary 2013), and labor market experience (Clement and Law 2015).”
• The Impact of Corporate Social Responsibility on Investment Recommendations: Analysts’ Perceptions and Shifting Institutional Logics (2015, background): “Relatedly, Mikhail et al. (2003) find that analysts who have more firm-specific forecasting experience generate more accurate forecasts and positively affect the degree of information reflected in a firm’s market price.”
• Analyst Coverage and Earnings Management (2008, unknown): “Existing studies show that analysts affiliated with top brokerage houses and analysts with more experience are better forecasters than other analysts (Stickle, (1992), Clement (1999), Jacob et al. (1999) Mikhail et al. (1997, 2003)).”
• The Financial Analyst Forecasting Literature: A Taxonomy with Suggestions for Further Research (2008, background): “Bottom-up analysts, who forecast earnings for individual firms, are more optimistic than top-down analysts, who forecast earnings for market indices, possibly due to incentives or cognitive biases Mikhail et al. (2003) Archival, Zacks, 1980-1995.”