The Effect of Dispersion on the Informativeness of Consensus Analyst Target Prices
References
- (2005) Information content of equity analyst reports. J. Financial Econom. 75(2):245–282.Crossref, Google Scholar
- (1995) Analysts’ use of earnings forecasts in predicting stock returns: Forecast horizon effects. Internat. J. Forecasting 11(3):429–445.Crossref, Google Scholar
- (2000) Trading is hazardous to your wealth: The common stock investment performance of individual investors. J. Finance 55(2):773–806.Crossref, Google Scholar
- (2008) All that glitters: The effect of attention and news on the buying behavior of individual and institutional investors. Rev. Financial Stud. 21(2):785–818.Crossref, Google Scholar
- (1998) Dispersion in analysts’ earnings forecasts as a measure of uncertainty. J. Accounting Auditing Finance 13(3):245–270.Crossref, Google Scholar
- (2009) Further evidence on the relation between analysts’ forecast dispersion and stock returns. Contemporary Accounting Res. 26(2):329–357.Crossref, Google Scholar
- (2019) Do analysts say anything about earnings without revising their earnings forecasts? Accounting Rev. 94(2):29–52.Crossref, Google Scholar
- (2013) Target price accuracy: International evidence. Accounting Rev. 88(3):825–851.Crossref, Google Scholar
- (2010) Target price accuracy in equity research. J. Bus. Finance Accounting 37(9–10):1177–1217.Crossref, Google Scholar
- (2016) Financial analysts and their contribution to well-functioning capital markets. Foundations Trends Accounting 11(3):119–191.Crossref, Google Scholar
- (2002) The use of target prices to justify sell-side analysts’ stock recommendations. Accounting Horizons 16(1):27–41.Crossref, Google Scholar
- (2004) How do analysts use their earnings forecasts in generating stock recommendations? Accounting Rev. 79(1):25–50.Crossref, Google Scholar
- (2009) Analyst information processing, financial regulation, and academic research. Accounting Rev. 84(4):1073–1083.Crossref, Google Scholar
- (2011) Analysts’ forecasts: What do we know after decades of work? Working paper, Boston College, Boston.Google Scholar
- (2013) Do sell-side analysts exhibit differential target price forecasting ability? Rev. Accounting Stud. 18:930–955.Crossref, Google Scholar
- (2003) An empirical analysis of analysts’ target prices: Short-term informativeness and long-term dynamics. J. Finance 58(5):1933–1967.Crossref, Google Scholar
- (1991) Strong-form efficiency on the Toronto stock exchange: An examination of analyst price forecasts. Contemporary Accounting Res. 7(2):323–346.Google Scholar
- (2015) Inside the “black box” of sell-side financial analysts. J. Accounting Res. 53(1):1–47.Crossref, Google Scholar
- (1997) On persistence in mutual fund performance. J. Finance 52(1):57–82.Crossref, Google Scholar
- (2021) Cater to thy client: Analyst responsiveness to institutional investor attention. Management Sci. 67(12):7455–7471.Link, Google Scholar
- (2011) Relative valuation and analyst target price forecasts. J. Financial Markets 14(1):161–192.Crossref, Google Scholar
- (2016) What drives target price forecasts and their investment value? J. Bus. Finance Accounting 43(3–4):487–510.Crossref, Google Scholar
- (2020) Understanding the determinants of analyst target price implied returns. Accounting Rev. 95(6):125–149.Crossref, Google Scholar
- (2002) Differences of opinion and the cross section of stock returns. J. Finance 57(5):2113–2141.Crossref, Google Scholar
- (1984) An analysis of brokers’ and analysts’ unpublished forecasts of UK stock returns. J. Finance 39(5):1257–1292.Crossref, Google Scholar
- (2011) Should investors follow the prophets or the bears? Evidence on the use of public information by analysts and short sellers. Accounting Rev. 86(1):101–130.Crossref, Google Scholar
- (2020) Analysts and anomalies. J. Accounting Econom. 69(1):101249.Crossref, Google Scholar
- (1996) Multifactor explanations of asset pricing anomalies. J. Finance 51(1):55–84.Crossref, Google Scholar
- (2015) A five-factor asset pricing model. J. Financial Econom. 116(1):1–22.Crossref, Google Scholar
- (1996) Reducing the cost of demand uncertainty through accurate response to early sales. Oper. Res. 44(1):87–99.Link, Google Scholar
- (1993) Analysts’ decisions as products of a multi-task environment. J. Accounting Res. 31(2):216–230.Crossref, Google Scholar
- (1997) The relative informativeness of analysts’ stock recommendations and earnings forecast revisions. J. Accounting Res. 35(2):193–211.Crossref, Google Scholar
- (2019) Assessing uncertainty from point forecasts. Management Sci. 65(1):90–106.Link, Google Scholar
- (2013) Valuation model use and the price target performance of sell-side equity analysts. Contemporary Accounting Res. 30(1):80–115.Crossref, Google Scholar
- (2017) The characteristics that provide independent information about average U.S. monthly stock returns. Rev. Financial Stud. 30(12):4389–4436.Crossref, Google Scholar
- (2011) What drives sell-side analyst compensation at high-status investment banks? J. Accounting Res. 49(4):969–1000.Crossref, Google Scholar
- (2007) Estimating demand uncertainty using judgmental forecasts. Manufacturing Service Oper. Management 9(4):480–491.Link, Google Scholar
- (2022) Rationalizing forecast inefficiency. Rev. Accounting Stud. 27:313–343.Crossref, Google Scholar
- (1998) The impact of trading commission incentives on analysts’ stock coverage decisions and earnings forecasts. J. Accounting Res. 36(2):299–320.Crossref, Google Scholar
- (2018) Modelling analysts’ target price revisions following good and bad news? Accounting Bus. Res. 48(1):37–61.Crossref, Google Scholar
- (2009) The value of combining the information content of analyst recommendations and target prices. J. Financial Markets 12(4):754–777.Crossref, Google Scholar
- (2013) Equity valuation models and target price accuracy in Europe: Evidence from equity reports. Internat. Rev. Financial Anal. 28:9–19.Crossref, Google Scholar
- (2017) The best of all possible worlds: Unraveling target price optimism using analysts’ scenario-based valuations. Rev. Accounting Stud. 22:1492–1540.Crossref, Google Scholar
- (2016) Can analysts assess fundamental risk and valuation uncertainty? An empirical analysis of scenario-based value estimates. J. Financial Econom. 121(3):645–663.Crossref, Google Scholar
- (2017) Investor demand for sell-side research. Accounting Rev. 92(2):123–149.Crossref, Google Scholar
- (2021) Dispersion in analysts’ target prices and stock returns. North Amer. J. Econom. Finance 56:1–18.Google Scholar
- (1982) Risk and return: A new look. Friedman B , ed. The Changing Roles of Debt and Equity in Financing U.S. Capital Formation , chapter 2 (University of Chicago Press, Chicago).Google Scholar
- (2007) Are small investors naïve about incentives? J. Financial Econom. 85(2):457–489.Crossref, Google Scholar
- (2014) Do security analysts speak in two tongues? Rev. Financial Stud. 27(5):1287–1322.Crossref, Google Scholar
- (1997) Self-selection and analyst coverage. J. Accounting Res. 35:167–199.Crossref, Google Scholar
- (1977) Risk, uncertainty, and divergence of opinion. J. Finance 32(4):1151–1168.Crossref, Google Scholar
- (2008) Information aggregation in polls. Amer. Econom. Rev. 98(3):864–896.Crossref, Google Scholar
- (2006) Horizon-dependent underreaction in financial analysts’ earnings forecasts. Contemporary Accounting Res. 23(1):291–322.Crossref, Google Scholar
- (1991) Analysts’ forecasts. Accounting Horizons 5(4):105–121.Google Scholar
- (2005) The Wisdom of Crowds (Anchor Books, New York).Google Scholar
- (1994) Analyst forecasts and herding behavior. Rev. Financial Stud. 7(1):97–124.Crossref, Google Scholar

