Information Content of Equity Analyst Reports

Topics:
Equity
Tags:
Earnings Forecast,
Equity,
Finance,
Financial Accounting,
National Bureau Of Economic Research
Source:
National Bureau of Economic Research

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Overview: This paper investigates the market reaction to the information released in security analyst reports. It shows that the market reacts significantly and positively to changes in recommendation levels, earnings forecasts, and price targets. While changes in price targets and earnings forecasts both provide information to the market, revisions in price targets have a larger and more significant impact than comparable revisions in earnings forecasts. The text of the report is also a significant source of information as it provides the justifications supporting an analyst's summary opinion.

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Format: PDF | Size: 260KB | Date: Oct 2002 | Pages: 38

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