An empirical assessment of the premium associated with meeting or beating both time-series earnings expectations and analysts' forecasts

被引：10

作者：

Dopuch N. ^{[1
]}

Seethamraju C. ^{[2
]}

Xu W. ^{[3
]}

机构：

[1] Olin School of Business, Washington University, St. Louis, MO

[2] Mellon Capital Management, San Francisco, CA 94105

[3] 354 Jacobs Management Center, Department of Accounting and Law, State University of New York at Buffalo, Buffalo

来源：

Review of Quantitative Finance and Accounting | 2008年 / 31卷 / 2期

关键词：

Analysts' forecasts; Beat; Meet; Time-series earnings expectations;

D O I：

10.1007/s11156-007-0075-2

中图分类号：

学科分类号：

摘要：

Recent research provides evidence of a market premium accruing to firms that meet or beat analysts' forecasts. We find similar results for our sample of firms. However, we also find a market premium for firms that meet or beat time-series forecasts, and that the highest market premium accrued to firms that meet or beat both analysts' and time-series forecasts. These findings are supported by assessments of future financial performance over the next two subsequent years. Our findings are consistent with the notion that when time-series benchmark is used in conjunction with analysts' forecasts, investors obtain a more reliable (i.e., less noisy) signal regarding whether firms have actually met or beaten market expectations. © 2007 Springer Science+Business Media, LLC.

引用

页码：147 / 166

页数：19

共 34 条

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