References
[1]. Abel, A. and O. Blanchard. (1986). The present value
of profits and cyclical movements in investment.
Econometrics 54: pp.249-272.
[2]. Abarbanell, J. and B. Bushee. (1997). Fundamental
analysis, future earnings, and stock prices. Journal of Accounting Research 35: pp.1-24.
Accounting Research 35: pp.1-24.
[4]. Berger, P., and E. Ofek, (1995), 'Diversification's effect
on firm value', Journal of Financial Economics 37, pp.
pp.39-65.
[5]. Brennan, M. and P. Hughes, (1991), 'Stock prices and
the supply of information', Journal of Finance 66, pp.
pp.1665-1690.
[6]. Brown, L. (2001). How important is past analyst
forecast accuracy? Financial Analyst Journal 57: pp.44-49.
[7]. Chen, C., K. Chan, and T. Steiner. (2002). Are all
security analysts equal? Journal of Financial
Research.25: pp.415-430.
[8]. Chung, K. and H., Jo. (1996). The impact of security
analysts' monitoring and marketing functions on the
market value of the firms. Journal of Financial and
Quantitative Analysis. 31: pp.493-512.
[9]. Chung, K., and S. Pruitt. (1994). A simple
approximation of Tobin's q. Financial Management. 23:
pp.70-74.
[10]. Clement, M. (1999). Analyst forecast accuracy: Do
ability, resources, and portfolio complexity matter?
Journal of Accounting and Economics 27: pp.285-304.
[11]. Clement, M. and S. Tse. (2005). Financial analyst
characteristics and herding behavior in forecasting.
Journal of Finance 60: pp.307-341.
[12]. Clement, M., L. Rees and E. Swanson. (2003). The
influence of culture and corporate governance on the
characteristics that distinguish superior analysts. Journal
of Accounting, Auditing and Finance 18: pp.593-618.
[13]. Das, S., C. Levine, and K. Sivaramakrishan. (1998).
Earnings predictability and bias in analysts' earnings
forecast. Accounting Review 73: pp.277-294.
[14]. Dechow, P. and R. Sloan. (1997). Returns to
contrarian investment strategies: test of naïve
expectations hypothesis. Journal of Financial Economics
43: pp.3-27.
[15]. Doukas, J., C. Kim, and C. Pantzalis. (2005). Two
faces of analyst coverage. Financial Management 34:
pp.99-125.
[16]. Dunn, K., and S. Nathan. (2005). Analyst industry
diversification and earnings forecast accuracy. Journal of
Investing 14: pp.7-15.
[17]. Easton, P., and G. Sommers. (2007). Effect of
analysts' optimism on estimates of the expected rate of
return implied by earnings forecasts. Journal of
Accounting Research 45: pp.983-1015.
[18]. Ehrbeck, T. and R. Waldmann. (1996). Why are
professional forecasters biased? Agency versus
behavioral explanations. Quarterly Journal of Economics
111: pp.21-40.
[19]. Eleswarapu, V., and M. Reinganum. (2004). The
predictability of aggregate stock market returns:
evidence based on glamour stock. Journal of Business
77: pp.275-294.
[20]. Elgers, P., M. Lo, and R. Pfeiffer. (2001). Delayed
security price adjustments to financial analysts' forecast
of annual earning. Accounting Review 76: pp.613-632.
[21]. Fuller, R., L. Huberts and M. Levinson. (1993). Returns
to E/P strategies, higgledy-piggledy growth, analysts'
forecast errors, and omitted risk factors. Journal of
Portfolio Management 19: pp.13-24.
[22]. Geweke, J., R. Meese, and W. Dent. (1983).
Comparing alternative tests of causality in temporal
systems. Journal of Econometrics 21: pp.161-194.
[23]. Gleason, C. and C. Lee. (2003). Analysts' forecasts
revisions and market price discovery. Accounting Review
78: pp.193-225.
[24]. Gilson, S., P. Healy, C., Noe, and K. Palepu. (2001).
Analyst specialization and conglomerate breakups.
Journal of Accounting Research 39: pp.565-582.
[25]. Givoly, D., (2003), 'Discussion-The influence of
culture and corporate governance on the characteristics
that distinguish superior analysts', Journal of Accounting,
Auditing, and Finance 18, pp. 619-623.
[26]. Givoly, D. and J. Lakonishok. (1980). Financial
analysts' forecasts of earnings: the value to investors. Journal of Banking and Finance 4: pp.221-223.
[27]. Graham, J. (1999). Herding among investment
newsletters: theory and evidence. Journal of Finance 54:
pp.237-268.
[28]. Greene, W. H.(1993). Econometric Analysis, New
York, NY, Macmillan Publishing Co
[29]. Guedj, O. and J.P. Bouchaud, (2005), 'Experts'
earning forecasts: Bias, herding and gossamer
information, International Journal of Theoretical and
Applied Finance 8, pp. 933-
[30]. Hayashi, F. (1982). Tobin's marginal q and average
q: A neoclassical interpretation. Econometrica 50:
pp.213-224.
[31]. Heflin, F., K. Subramanyam, and Y. Zhang. (2003).
Regulation FD and the financial information environment:
early evidence. Accounting Review 78: pp.1-38.
[32]. Hong, H., J. Kubik, J., and A. Solomon, (2000),
'Security analysts' career concerns and herding of
earnings forecasts', Rand Journal of Economics 31, pp.
121-144.
[33]. Jackson, D. and J. Madura. (2007). Impact of
regulation fair disclosure on the information flow
associated with profit warnings. Journal of Economics
and Finance 31: pp.59-74.
[34]. Jacob, J., T. Lys, and M. Neale. (1999). Expertise in
forecasting performance of security analysts. Journal of
Accounting and Economics 28: pp.51-82.
[35]. Johnson, T. (2004). Forecast dispersion and the
cross-section of expected returns. Journal of Finance 59:
pp.1957-1978.
[36]. Kasznik, R. and B. Lev. (1995). To warn or not to warn:
management disclosures in the face of an earnings
surprise. Accounting Review 70: pp.113-134.
[37]. Ke, B. and Y. Yu. (2006). The effect of issuing biased
earnings forecasts on analysts' access to management
and survival. Journal of Accounting Research 44: pp.965-
999.
[38]. Klein, A. (1990). A direct test of the cognitive bias
theory of share price reversals. Journal of Accounting and
Economics 13: pp.155-166.
[39]. Kwag, S. and K. Small. (2007). The impact of
regulation fair disclosure on earnings management and
analyst forecast bias. Journal of Economics and Finance
31: pp.87-97
[40]. Lamont, O. (1995). Macroeconomic forecasts and
microeconomic forecasters, NBER Working Paper pp.52-
84.
[41]. Lang, L. and R. Stulz. (1994). Tobin's q, corporate
diversification, and firm performance, Journal of Political
Economy 102, pp.1248-1280.
[42]. Libby, R. and H. Tan. (1999). Analysts' reactions to
warning of negative earnings surprises. Journal of
Accounting Research 37: pp.415-435
[43]. Lim, T. (2001). Rationality and analysts' forecasts'
forecasts bias. Journal of Finance 56: pp.369-385.
[44]. Lys, T., and L. Soo. (1995). Analysts' forecast precision
as a response to competition. Journal of Accounting,
Auditing, and Finance 10: pp.751-765.
[45]. Mikhail, M., B., Walther, and R. Willis. (1997). Do
security analysts improve their performance with
experience? Journal of Accounting Research 35: pp.131-
166.
[46]. Moyer, C., R. Chatfield, and P. Sisneros. (1989).
Security analyst monitoring activity: agency costs and
information demands. Journal of Financial Quantitative
Analysis 24: pp.503-512.
[47]. Park, C. and E. Steice. (2000). Analyst forecasting
ability and the stock price reaction to forecast revisions.
Review of Accounting Studies 5: pp.259-272.
[48]. Piotroski, J., and D. Roulstone. (2004). The influence
of analysts, institutional investors, and insiders on the
incorporation of market, industry, and firm-specific
information into stock prices. Accounting Review 79:
pp.1119-1151.
[49]. Scharfstein, D. and J. Stein. (1990). Herd behavior
and investment. American Economics Review 80:
pp.465-479.
[50]. Servaes, H. (1996). The value of diversification during
the conglomerate merger wave. Journal of Finance 51:
pp.1201-1226.
[51]. Skinner, D. and R. Sloan. (2002). Earnings surprises,
growth expectations, and stock returns or don't let an
earnings torpedo sink your portfolio. Review of
Accounting Studies 7: pp.289-312.
[52]. Stickel, S., (1992), 'Reputation and performance
among security analysts', Journal of Finance 47,
pp.1811-1836.
[53]. Thomas, L. and C. Krebs. (1997). A review of statistical power analysis software. Bulletin of the
Ecological Society of America 78: pp.126-139.
[54]. Trueman, B. (1994). Analyst forecasts and herding
behavior. Review of Financial Studies 7: pp.97-124.
[55]. Zuckerman, E. (1999). The categorical imperative:
securities analysts and the illegitimacy discount.
American Journal of Sociology 104: pp.1398-1438.