The timing and value of forecast and recommendation revisions

• 成果类型: Article
• 署名作者: Ivkovic, Z; Jegadeesh, N
• 署名单位: Emory University; University of Illinois System; University of Illinois Urbana-Champaign
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2004.03.002
• 发表日期: 2004
• 页码: 433-463
• 关键词: Financial Markets; brokerage analysts; EARNINGS FORECASTS; analysts' recommendations; asymmetric information

摘要

This paper evaluates the information content of analysts' one-quarter-ahead earnings forecast revisions and recommendation revisions at various points in event time relative to earnings announcement dates. Across three sets of tests, we find that the revisions are least informative in the week after earnings announcements and that the information content of revisions generally increases over event time. We find a sharp increase in the information content of upward forecast revisions and recommendation upgrades in the week before earnings announcements, but we do not find a similar increase for downward revisions or for recommendation downgrades. (C) 2004 Published by Elsevier B.V.