Is Analyst Earnings Forecast Ability Only Firm Specific?

被引：20

作者：

Brown, Lawrence D. ^{[1
]}

Mohammad, Emad ^{[2
]}

机构：

[1] Georgia State Univ, Atlanta, GA 30303 USA

[2] McMaster Univ, Hamilton, ON L8S 4L8, Canada

来源：

CONTEMPORARY ACCOUNTING RESEARCH | 2010年 / 27卷 / 03期

关键词：

Earnings-forecast revisions; Financial analysts; Firm-specific forecast ability; General forecast ability; Market reaction; SECURITY ANALYSTS; PREDICTIVE-ABILITY; CAREER CONCERNS; PERFORMANCE; ACCURACY; RECOMMENDATIONS; EXPECTATIONS; INFORMATION; MANAGEMENT; REVISIONS;

D O I：

10.1111/j.1911-3846.2010.01025.x

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

The state of the art in the analyst forecasting literature is that analyst earnings-forecast ability is only firm specific. This view is based on Park and Stice's (2000) finding of the absence of a "spillover" effect, that is, investors do not consider an analyst's earnings-forecast ability regarding firm k when reacting to his earnings forecast revision for firm j. We re-examine the issue of whether or not earnings-forecast ability is only firm specific by introducing a broad measure of general ability defined as earnings-forecast ability for all other firms the analyst follows. We show that a broad measure of general ability is incremental to firm-specific ability both for explaining earnings-forecast accuracy in holdout periods and investor reactions to earnings-forecast revisions. Our findings suggest that earnings-forecast ability has a general aspect incremental to its firm-specific aspect.

引用

页码：727 / +

页数：25

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