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The Informational Role of Sell-Side Analysts' Forecast Horizon
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| 자료유형 | 학위논문 |
|---|---|
| 서명/저자사항 | The Informational Role of Sell-Side Analysts' Forecast Horizon. |
| 개인저자 | Wang, Xuan. |
| 단체저자명 | Michigan State University. Business Administration -Finance - Doctor of Philosophy. |
| 발행사항 | [S.l.]: Michigan State University., 2019. |
| 발행사항 | Ann Arbor: ProQuest Dissertations & Theses, 2019. |
| 형태사항 | 90 p. |
| 기본자료 저록 | Dissertations Abstracts International 81-02A. Dissertation Abstract International |
| ISBN | 9781085656627 |
| 학위논문주기 | Thesis (Ph.D.)--Michigan State University, 2019. |
| 일반주기 |
Source: Dissertations Abstracts International, Volume: 81-02, Section: A.
Advisor: Ivkovich, Zoran. |
| 이용제한사항 | This item must not be sold to any third party vendors.This item must not be added to any third party search indexes. |
| 요약 | This dissertation explores the informational role of sell-side analysts' change in forecasting horizon. I find that portfolios formed by buying stocks with large increase in analyst horizon and shorting stocks with large decrease in analyst horizon generate superior future return. Horizon change has information incremental to analyst earnings forecast and recommendation revisions, as well as firm fundamentals. Large increase in horizon mainly drives the result. I find that analysts who contribute to strong horizon increase are associated with higher forecast accuracy. This increase is likely associated with the career concerns of inexperienced analysts. The return predictability associated with analyst forecast horizon change exists in the information environment of high liquidity and low volatility, at the times when analyst forecasts are the most accurate. Moreover, analyst forecast horizon is partially related to analysts' profitability prediction and firm risk assessment, although the horizon change, the component predictable by firm fundamentals notwithstanding, is still able to predict return in the short-run. Overall, the findings reported in this dissertation support the view that sell-side analysts are important rational-information providers in the financial industry. |
| 일반주제명 | Finance. |
| 언어 | 영어 |
| 바로가기 | 
: 이 자료의 원문은 한국교육학술정보원에서 제공합니다. |
