Investor Sentiment and Analysts' Earnings Forecast Errors

References

• Abarbanell J. S., Bernard V. Analysts' overreaction/underreaction to earnings information as an explanation for anomalous stock price behavior. J. Finance (1992) 47(3):1181–1207Crossref, Google Scholar
• Agrawal A., Chen M. A. Do analyst conflicts matter? Evidence from stock recommendations. J. Law Econom. (2008) 51(3):503–537Crossref, Google Scholar
• Baker M., Wurgler J. Investor sentiment and the cross-section of stock returns. J. Finance (2006) 61(4):1645–1680Crossref, Google Scholar
• Baker M., Wurgler J. Investor sentiment in the stock market. J. Econom. Perspect. (2007) 21(2):129–151Crossref, Google Scholar
• Bergman N. K., Roychowdhury S. Investor sentiment and corporate disclosure. J. Accounting Res. (2008) 46(5):1057–1083Crossref, Google Scholar
• Block S. A study of financial analysts: Practice and theory. Financial Analysts J. (1999) 55(4):86–95Crossref, Google Scholar
• Bradshaw M. T. How do analysts use their earnings forecasts in generating stock recommendations? Accounting Rev. (2004) 79(1):25–50Crossref, Google Scholar
• Bradshaw M. T., Richardson S. A., Sloan R. G. Do analysts and auditors use information in accruals? J. Accounting Res. (2001) 39(1):45–74Crossref, Google Scholar
• Bradshaw M. T., Richardson S. A., Sloan R. G. The relation between corporate financing activities, analysts' forecasts and stock returns. J. Accounting Econom. (2006) 42(1–2):53–85Crossref, Google Scholar
• Brown L. D. A temporal analysis of earnings surprises: Profits versus losses. J. Accounting Res. (2001) 39(2):221–241Crossref, Google Scholar
• Butler K. C., Lang L. H. P. The forecast accuracy of individual analysts: Evidence of systematic optimism and pessimism. J. Accounting Res. (1991) 29(1):150–156Crossref, Google Scholar
• Clogg C. C., Petkova E., Haritou A. Statistical methods for comparing regression coefficients between models. Amer. J. Sociol. (1995) 100(5):1261–1293Crossref, Google Scholar
• Debondt W. F. M., Thaler R. H. Do security analysts overreact? Amer. Econom. Rev. (1990) 80(2):52–57Google Scholar
• Dechow P. M., Sloan R. G. Returns to contrarian investment strategies: Tests of naïve expectations hypotheses. J. Financial Econom. (1997) 43(1):3–27Crossref, Google Scholar
• De Long J. B., Shleifer A., Summers L. H., Waldmann R. J. Noise trader risk in financial markets. J. Political Econom. (1990) 98(4):703–738Crossref, Google Scholar
• Demirakos E., Strong N., Walker M. What valuation models do analysts use? Accounting Horizons (2004) 18(4):221–240Crossref, Google Scholar
• Diether K., Malloy C., Scherbina A. Differences of opinion and the cross section of stock returns. J. Finance (2002) 62(5):2113–2141Crossref, Google Scholar
• Durbin J., Watson G. S. Testing for serial correlation in least squares regression, II. Biometrika (1951) 38(1–2):159–177Crossref, Google Scholar
• Easley D., O'Hara M. Information and the cost of capital. J. Finance (2004) 59(4):1553–1583Crossref, Google Scholar
• Easterwood J. C., Nutt S. R. Inefficiency in analysts' earnings forecasts: Systematic misreaction or systematic optimism. J. Finance (1999) 54(5):1777–1797Crossref, Google Scholar
• Fama E. F., French K. R. Business conditions and expected returns on stocks and bonds. J. Financial Econom. (1989) 25(1):23–49Crossref, Google Scholar
• Fama E. F., French K. R. Common risk factors in the returns on stocks and bonds. J. Financial Econom. (1993) 33(1):3–56Crossref, Google Scholar
• Granger C. Investigating causal relations by econometric models and cross-spectral methods. Econometrica (1969) 37(3):424–438Crossref, Google Scholar
• Greene W. H.Econometric Analysis (2003) 5th ed.(Prentice-Hall, Upper Saddle River, NJ) Google Scholar
• Irvine P. J. Analysts' forecasts and brokerage-firm trading. Accounting Rev. (2004) 79(1):125–150Crossref, Google Scholar
• Ke B., Yu Y. The effect of issuing biased earnings forecasts on analysts' access to management and survival. J. Accounting Res. (2006) 44(5):965–999Crossref, Google Scholar
• Kothari S. P. Capital markets research in accounting. J. Accounting Econom. (2001) 30(1–3):105–231Crossref, Google Scholar
• La Porta R. Expectations and the cross-section of stock returns. J. Finance (1996) 51(5):1715–1742Crossref, Google Scholar
• Lemmon M., Portniaguina E. Consumer confidence and asset prices: Some empirical evidence. Rev. Financial Stud. (2006) 19(4):1499–1529Crossref, Google Scholar
• Ljungqvist A., Marston F., Wilhelm W. J. Competing for securities underwriting mandates: Banking relationships and analyst recommendations. J. Finance (2006) 61(1):301–340Crossref, Google Scholar
• Malmedier U., Shathikumar D. Do security analysts speak in two tongues? (2009) . Working paper, University of California, BerkeleyGoogle Scholar
• Mian G., Teo T. Do errors in expectations explain the cross section of stock returns? Pacific-Basin Finance J. (2004) 12(2):197–217Crossref, Google Scholar
• Mikhail M., Walther B., Willis R. Does forecast accuracy matter to security analysts? Accounting Rev. (1999) 74(2):185–200Crossref, Google Scholar
• Newey W. K., West K. D. A simple, positive semi-definite, heteroskedasticity and autocorrelation consistent covariance matrix. Econometrica (1987) 55(3):703–708Crossref, Google Scholar
• Payne J., Thomas W. B. The implications of using stock-split adjusted I/B/E/S data in empirical research. Accounting Rev. (2003) 78(4):1049–1067Crossref, Google Scholar
• Richardson S., Teoh S. H., Wysocki P. D. The walk-down to beatable analyst forecasts: The role of equity issuance and insider trading incentives. Contemporary Accounting Res. (2004) 21(4):885–924Crossref, Google Scholar
• Seybert N., Yang H. I. The party's over: The role of earnings guidance in resolving sentiment-driven overvaluation. Management Sci. (2012) 58(2):308–319Link, Google Scholar
• Shleifer A., Vishny R. W. The limits of arbitrage. J. Finance (1997) 52(1):35–55Crossref, Google Scholar
• Qui L. X., Welch I. Investor sentiment measures. (2006) . Working paper, Brown University, Providence, RIGoogle Scholar
• Zhang F. Information uncertainty and stock returns. J. Finance (2006) 61(1):105–137Crossref, Google Scholar