Loss Function Assumptions in Rational Expectations Tests on Financial Analysts' Earnings Forecasts
Preprint
- 1 January 2003
- preprint
- Published by Elsevier in SSRN Electronic Journal
Abstract
Prior research concludes that financial analysts do not process public information efficiently in generating their earnings forecasts. The OLS regression-basedKeywords
This publication has 41 references indexed in Scilit:
- Biased Forecasts or Biased Earnings? The Role of Reported Earnings in Explaining Apparent Bias and Over/Underreaction in Analysts' Earnings ForecastsSSRN Electronic Journal, 2003
- Do Analysts Under-react to Bad News and Over-react to Good News?SSRN Electronic Journal, 2000
- Overreaction and underreaction in analysts' forecastsJournal of Economic Behavior & Organization, 1998
- Consensus analysts' earnings forecasts and security returnsAsia Pacific Journal of Management, 1996
- How naive is the stock market's use of earnings information?Journal of Accounting and Economics, 1996
- Rational Expectations and Security Analysts' Earnings ForecastsThe Financial Review, 1995
- Tests of Analysts' Overreaction/Underreaction to Earnings Information as an Explanation for Anomalous Stock Price BehaviorThe Journal of Finance, 1992
- Do analysts' earnings forecasts incorporate information in prior stock price changes?Journal of Accounting and Economics, 1991
- Post-Earnings-Announcement Drift: Delayed Price Response or Risk Premium?Journal of Accounting Research, 1989
- An Empirical Evaluation of Accounting Income NumbersJournal of Accounting Research, 1968