Diagnostic Expectations and Stock Returns

We revisit La Porta's finding that returns on stocks with the most optimistic analyst long-term earnings growth forecasts are lower than those on stocks with the most pessimistic forecasts. We document the joint dynamics of fundamentals, expectations, and returns of these portfolios, and explai...

Ausführliche Beschreibung

Bibliographische Detailangaben

Veröffentlicht in:	The Journal of finance (New York) 2019-12, Vol.74 (6), p.2839-2874
Hauptverfasser:	BORDALO, PEDRO, GENNAIOLI, NICOLA, LA PORTA, RAFAEL, SHLEIFER, ANDREI
Format:	Artikel
Sprache:	eng
Schlagworte:	Analysts Correlation analysis Earnings Earnings forecasting News Optimism Portfolios Rates of return Representativeness Stock prices
Online-Zugang:	Volltext
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