股票分析家報告的信息內容(pdf 54)

Abstract
We catalog the complete contents of All-American Analyst reports and examine the
market reaction to their release. Including the justifications supporting an analyst’s opinion
reduces, and in some models eliminates, the significance of earnings forecasts and
recommendation revisions. Analysts both provide new information and interpret previously
released information. The information in a report is most important for downgrades; target
prices and the analyst’s justifications are the only significant elements for reiterations. No
correlation exists between valuation methodology and either analyst accuracy or the market’s
reaction to a report. Our adjusted R2s are much larger than those of studies using only summary
measures.
JEL classifications: G11; G14; G24; M41
Keywords: Stock recommendations; Price targets; Earnings forecasts; Security analysts.
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