Consensus analysts' earnings forecasts and security returns
A study examines the information content and informational efficiency of consensus analysts' forecasts in an Australian setting. Consistent with Lys and Sohn (1990) and Abarbanell (1991), analysts' forecasts were found to possess information content but did not incorporate all publicly ava...
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| Veröffentlicht in: | Asia Pacific journal of management 1996-10, Vol.13 (2), p.101-110 |
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| container_title | Asia Pacific journal of management |
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| creator | Aitken, Michael Frino, Alex Winn, Roland |
| description | A study examines the information content and informational efficiency of consensus analysts' forecasts in an Australian setting. Consistent with Lys and Sohn (1990) and Abarbanell (1991), analysts' forecasts were found to possess information content but did not incorporate all publicly available information. The empirical analysis suggests that negative security returns are associated with higher forecast errors. This contrasts with the results of Lys and Sohn (1990) and its consistent with a positive bias in forecasts. However, this did not preclude analysts' forecasts from being viable proxies for the market's expectations of future earnings. |
| doi_str_mv | 10.1007/BF01733819 |
| format | Article |
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Consistent with Lys and Sohn (1990) and Abarbanell (1991), analysts' forecasts were found to possess information content but did not incorporate all publicly available information. The empirical analysis suggests that negative security returns are associated with higher forecast errors. This contrasts with the results of Lys and Sohn (1990) and its consistent with a positive bias in forecasts. However, this did not preclude analysts' forecasts from being viable proxies for the market's expectations of future earnings.</description><identifier>ISSN: 0217-4561</identifier><identifier>EISSN: 1572-9958</identifier><identifier>DOI: 10.1007/BF01733819</identifier><language>eng</language><publisher>Singapore: Springer Nature B.V</publisher><subject>Abnormal returns ; Analysts ; Bias ; Earnings forecasting ; Efficiency ; Errors ; Forecasting techniques ; Investments ; Investors ; Rates of return ; Release dates ; Research design ; Revisions ; Statistical analysis ; Stock exchanges ; Stock prices ; Studies</subject><ispartof>Asia Pacific journal of management, 1996-10, Vol.13 (2), p.101-110</ispartof><rights>Copyright National University of Singapore, Faculty of Business Administration Oct 1996</rights><lds50>peer_reviewed</lds50><woscitedreferencessubscribed>false</woscitedreferencessubscribed><citedby>FETCH-LOGICAL-c243t-438279ff974ac9ba563b65dff926061bfab1f359edea684e4b91599ad43b58803</citedby><cites>FETCH-LOGICAL-c243t-438279ff974ac9ba563b65dff926061bfab1f359edea684e4b91599ad43b58803</cites></display><links><openurl>$$Topenurl_article</openurl><openurlfulltext>$$Topenurlfull_article</openurlfulltext><thumbnail>$$Tsyndetics_thumb_exl</thumbnail><link.rule.ids>314,780,784,27924,27925</link.rule.ids></links><search><creatorcontrib>Aitken, Michael</creatorcontrib><creatorcontrib>Frino, Alex</creatorcontrib><creatorcontrib>Winn, Roland</creatorcontrib><title>Consensus analysts' earnings forecasts and security returns</title><title>Asia Pacific journal of management</title><description>A study examines the information content and informational efficiency of consensus analysts' forecasts in an Australian setting. Consistent with Lys and Sohn (1990) and Abarbanell (1991), analysts' forecasts were found to possess information content but did not incorporate all publicly available information. The empirical analysis suggests that negative security returns are associated with higher forecast errors. This contrasts with the results of Lys and Sohn (1990) and its consistent with a positive bias in forecasts. However, this did not preclude analysts' forecasts from being viable proxies for the market's expectations of future earnings.</description><subject>Abnormal returns</subject><subject>Analysts</subject><subject>Bias</subject><subject>Earnings forecasting</subject><subject>Efficiency</subject><subject>Errors</subject><subject>Forecasting techniques</subject><subject>Investments</subject><subject>Investors</subject><subject>Rates of return</subject><subject>Release dates</subject><subject>Research design</subject><subject>Revisions</subject><subject>Statistical analysis</subject><subject>Stock exchanges</subject><subject>Stock prices</subject><subject>Studies</subject><issn>0217-4561</issn><issn>1572-9958</issn><fulltext>true</fulltext><rsrctype>article</rsrctype><creationdate>1996</creationdate><recordtype>article</recordtype><sourceid>ABUWG</sourceid><sourceid>AFKRA</sourceid><sourceid>BENPR</sourceid><sourceid>CCPQU</sourceid><sourceid>DWQXO</sourceid><recordid>eNpFkE1LxDAYhIMoWFcv_oLiRRCq-f7AkxZXhQUveg5Jm0iXNV3ztof-eyMreBqYeZiBQeiS4FuCsbp7XGOiGNPEHKGKCEUbY4Q-RhWmRDVcSHKKzgC2uMBS4grdt2OCkGCG2iW3W2CC6zq4nIb0CXUcc-hc8UrY1xC6OQ_TUucwzTnBOTqJbgfh4k9X6GP99N6-NJu359f2YdN0lLOp4UxTZWI0irvOeCck81L0xaASS-Kj8yQyYUIfnNQ8cG-IMMb1nHmhNWYrdHXo3efxew4w2e1Y9sukpVQzqQRXBbo5QF0eAXKIdp-HL5cXS7D9_cb-f8N-AETuVgI</recordid><startdate>19961001</startdate><enddate>19961001</enddate><creator>Aitken, Michael</creator><creator>Frino, Alex</creator><creator>Winn, Roland</creator><general>Springer Nature B.V</general><scope>AAYXX</scope><scope>CITATION</scope><scope>0U~</scope><scope>1-H</scope><scope>3V.</scope><scope>7RO</scope><scope>7WY</scope><scope>7WZ</scope><scope>7XB</scope><scope>87Z</scope><scope>8AI</scope><scope>8AO</scope><scope>8FK</scope><scope>8FL</scope><scope>ABUWG</scope><scope>AFKRA</scope><scope>AXJJW</scope><scope>BENPR</scope><scope>BEZIV</scope><scope>CCPQU</scope><scope>DWQXO</scope><scope>FREBS</scope><scope>FRNLG</scope><scope>F~G</scope><scope>K60</scope><scope>K6~</scope><scope>K8~</scope><scope>L.-</scope><scope>L.0</scope><scope>M0C</scope><scope>PQBIZ</scope><scope>PQBZA</scope><scope>PQEST</scope><scope>PQQKQ</scope><scope>PQUKI</scope><scope>Q9U</scope></search><sort><creationdate>19961001</creationdate><title>Consensus analysts' earnings forecasts and security returns</title><author>Aitken, Michael ; 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Consistent with Lys and Sohn (1990) and Abarbanell (1991), analysts' forecasts were found to possess information content but did not incorporate all publicly available information. The empirical analysis suggests that negative security returns are associated with higher forecast errors. This contrasts with the results of Lys and Sohn (1990) and its consistent with a positive bias in forecasts. However, this did not preclude analysts' forecasts from being viable proxies for the market's expectations of future earnings.</abstract><cop>Singapore</cop><pub>Springer Nature B.V</pub><doi>10.1007/BF01733819</doi><tpages>10</tpages></addata></record> |
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| identifier | ISSN: 0217-4561 |
| ispartof | Asia Pacific journal of management, 1996-10, Vol.13 (2), p.101-110 |
| issn | 0217-4561 1572-9958 |
| language | eng |
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| source | SpringerNature Journals; EBSCOhost Business Source Complete |
| subjects | Abnormal returns Analysts Bias Earnings forecasting Efficiency Errors Forecasting techniques Investments Investors Rates of return Release dates Research design Revisions Statistical analysis Stock exchanges Stock prices Studies |
| title | Consensus analysts' earnings forecasts and security returns |
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