Analyst Forecast Bundling

Published Online:https://doi.org/10.1287/mnsc.2019.3339

References

  • Aggarwal R, Jorion P (2010) The performance of emerging hedge funds and managers. J. Financial Econom. 96(2):238–256.CrossrefGoogle Scholar
  • Akbas F, Markov S, Subasi M, Weisbrod E (2018) Determinants and consequences of information processing delay: Evidence from the Thomson Reuters Institutional Brokers’ Estimate System. J. Financial Econom. 127(2):366–388.CrossrefGoogle Scholar
  • Altinkiliç O, Balashov V, Hansen R (2013) Are analysts’ forecasts informative to the general public? Management Sci. 59(11):2550–2565.LinkGoogle Scholar
  • Beyer A, Cohen D, Lys T, Walther B (2010) The financial reporting environment: Review of the recent literature. J. Accounting Econom. 50(2–3):296–343.CrossrefGoogle Scholar
  • Bogle J (2016) The index mutual fund: 40 years of growth, change, and challenge. Financial Analysts J. 72(1):9–13.CrossrefGoogle Scholar
  • Bradshaw M (2011) Analysts’ forecasts: What do we know after decades of work? Working paper, Boston College, Boston.Google Scholar
  • Bradshaw M, Richardson S, Sloan R (2006) The relation between corporate financing activities, analysts’ forecasts and stock returns. J. Accounting Econom. 42(1–2):53–85.CrossrefGoogle Scholar
  • Brown L, Hugon A (2009) Team earnings forecasting. Rev. Accounting Stud. 14(4):587–607.CrossrefGoogle Scholar
  • Brown L, Call A, Clement M, Sharp N (2015) Inside the “black box” of sell-side financial analysts. J. Accounting Res. 53(1):1–47.CrossrefGoogle Scholar
  • Chandra C, Kamrani A (2004) Mass Customization: A Supply Chain Approach (Springer Science & Business Media, New York).CrossrefGoogle Scholar
  • Cici G, Kempf A, Puetz A (2016) The valuation of hedge funds’ equity positions. J. Financial Quant. Anal. 51(3):1013–1037.CrossrefGoogle Scholar
  • Clement M (1999) Analyst forecast accuracy: Do ability, resources, and portfolio complexity matter? J. Accounting Econom. 27(3):285–303.CrossrefGoogle Scholar
  • Clement M, Tse S (2003) Do investors respond to analysts’ forecast revisions as if forecast accuracy is all that matters? Accounting Rev. 78(1):227–249.CrossrefGoogle Scholar
  • Clement M, Tse S (2005) Financial analyst characteristics and herding behavior in forecasting. J. Finance 60(1):307–341.CrossrefGoogle Scholar
  • Clement M, Hales J, Xue Y (2011) Understanding analysts’ use of stock returns and other analysts’ revisions when forecasting earnings. J. Accounting Econom. 51(3):279–299.CrossrefGoogle Scholar
  • Cohen M, Lee H (1988) Strategic analysis of integrated production-distribution systems: Models and methods. Oper. Res. 36(2):216–228.LinkGoogle Scholar
  • Collier D, Meyer S (1998) A service positioning matrix. Internat. J. Oper. Production Management 18(12):1223–1244.CrossrefGoogle Scholar
  • Cowen A, Groysberg B, Healy P (2006) Which types of analyst firms are more optimistic? J. Accounting Econom. 41(1–2):119–146.CrossrefGoogle Scholar
  • Danziger S, Levav J, Avnaim-Pesso L (2011) Extraneous factors in judicial decisions. Proc. Natl. Acad. Sci. USA 108(17):6889–6892.CrossrefGoogle Scholar
  • deHaan E, Hodge F, Shevlin T (2015) Market (in)attention and the strategic scheduling and timing of earnings announcements. J. Accounting Econom. 60(1):36–55.CrossrefGoogle Scholar
  • Delevingne L (2014) Hedge fund industry snapshot: $2.6 trillion in 11,000 funds. CNBC. Accessed August 29, 2014, https://www.cnbc.com/2014/08/29/industry-snapshot-26-trillion-in-11000-funds.html.Google Scholar
  • Doyle J, Magilke M (2012) The strategic timing of management forecasts. Working paper, Utah State University, Logan.Google Scholar
  • Drake M, Gee K, Thornock J (2015) March market madness: The impact of value-irrelevant events on the market pricing of earnings news. Contemporary Accounting Res. 33(1):172–203.CrossrefGoogle Scholar
  • Driskill M, Kirk M, Tucker J (2019) Concurrent earnings announcements and analysts’ information production. Accounting Rev. Forthcoming.Google Scholar
  • Fang B, Hope O (2018) Analyst teams. Working paper, University of Toronto, Toronto, Canada.Google Scholar
  • Frankel R, Kothari SP, Weber J (2006) Determinants of the informativeness of analyst research. J. Accounting Econom. 41(1–2):29–54.CrossrefGoogle Scholar
  • Gleason C, Lee C (2003) Analyst forecast revisions and market price discovery. Accounting Rev. 78(1):193–225.CrossrefGoogle Scholar
  • Goldstein M, Irvine P, Kandel E, Wiener Z (2009) Brokerage commissions and institutional trading patterns. Rev. Financial Stud. 22(12):5175–5212.CrossrefGoogle Scholar
  • Green T, Jame R, Markov S, Subasi M (2014a) Broker-hosted investor conferences. J. Accounting Econom. 58(1):142–166.CrossrefGoogle Scholar
  • Green T, Jame R, Markov S, Subasi M (2014b) Access to management and the informativeness of analyst research. J. Financial Econom. 114(2):239–255.CrossrefGoogle Scholar
  • Groysberg B, Healy P (2013) Wall Street Research: Past, Present, and Future (Stanford University Press, Stanford, CA).CrossrefGoogle Scholar
  • Hayes R, Wheelwright S (1979) Link manufacturing process and product life cycles. Harvard Bus. Rev. 57(1):133–140.Google Scholar
  • Hirshleifer D, Levi Y, Lourie B, Teoh S (2019) Decision fatigue and heuristic analyst forecasts. J. Financial Econom. Forthcoming.Google Scholar
  • Hong H, Kubik J, Solomon A (2000) Security analysts’ career concerns and herding of earnings forecasts. RAND J. Econom. 31(1):121–144.CrossrefGoogle Scholar
  • Hribar P, McInnis J (2012) Investor sentiment and analysts’ earnings forecast errors. Management Sci. 58(2):293–307.LinkGoogle Scholar
  • Jacob J, Lys T, Neale M (1999) Expertise in forecasting performance of security analysts. J. Accounting Econom. 28(1):51–82.CrossrefGoogle Scholar
  • Jegadeesh N, Kim J, Krische S, Lee C (2004) Analyzing the analysts: When do recommendations add value? J. Finance 59(3):1083–1124.CrossrefGoogle Scholar
  • Kadan O, Madureira L, Wang R, Zach T (2009) Conflicts of interest and stock recommendations: The effects of the global settlement and related regulations. Rev. Financial Stud. 22(10):4189–4217.CrossrefGoogle Scholar
  • Lancaster T (2000) The incidental parameter problem since 1948. J. Econometrics 95(2):391–413.CrossrefGoogle Scholar
  • Lang M, Lundholm R (1996) Corporate disclosure policy and analyst behavior. Accounting Rev. 71(4):467–492.Google Scholar
  • Leone A, Minutti-Meza M, Wasley C (2019) Influential observations and inference in accounting research. Accounting Rev. Forthcoming.Google Scholar
  • Li E, Ramesh K, Shen M, Wu J (2015) Do analyst stock recommendations piggyback on recent corporate news? An analysis of regular-hour and after-hours revisions. J. Accounting. Res. 53(4):821–861.CrossrefGoogle Scholar
  • Lin H, McNichols M (1998) Underwriting relationships, analysts’ earnings forecasts and investment recommendations. J. Accounting Econom. 25(1):101–127.CrossrefGoogle Scholar
  • Maber D, Groysberg B, Healy P (2016) Client service, compensation, and the sell-side analyst objective function: An empirical analysis of relational incentives in the investment-research industry. Working paper, University of Michigan, Ann Arbor.Google Scholar
  • Mauboussin M, Callahan D, Majd D (2017) Looking for easy games: How passive investing shapes active management. Report, Credit Suisse, Zürich, Switzerland.Google Scholar
  • Merkley K, Michaely R, Pacelli J (2017) Does the scope of sell-side analyst industry matter? An examination of bias, accuracy, and information content of analyst reports. J. Finance 72(3):1285–1334.CrossrefGoogle Scholar
  • Michaely R, Womack K (1999) Conflict of interest and the credibility of underwriter analyst recommendations. Rev. Financial Stud. 12(4):653–686.CrossrefGoogle Scholar
  • Pacelli J (2019) Corporate culture and analyst catering. J. Accounting Econom. 67(1):120–143.CrossrefGoogle Scholar
  • Ramnath S, Rock S, Shane P (2008) Financial analysts’ forecasts and stock recommendations: A Review of the research. Foundations and Trends in Finance, vol. 2, no. 4 (Now Publishers, Hanover, MA).Google Scholar
INFORMS site uses cookies to store information on your computer. Some are essential to make our site work; Others help us improve the user experience. By using this site, you consent to the placement of these cookies. Please read our Privacy Statement to learn more.