Vous êtes ici: UNIL > HEC Inst. > HEC App. > DCC > Seminars > Brownbag
Français | English

DCC Accounting Research Seminars

Do Investors Fully Unravel Persistent Pessimism in Analysts’ Earnings Forecasts?

David Veenman (Amsterdam Business School)

3 avril 2017  -  17:15-19:00, salle Anthropole 3032

Host(s): Leonidas Doukakis

This study provides evidence suggesting that investors do not fully unravel predictable pessimism in sell-side analysts’ earnings forecasts. We show that measures of prior consensus and individual analyst forecast pessimism are predictive of both the sign of firms’ earnings surprises and the stock returns around earnings announcements. That is, we find that firms with a relatively high probability of forecast pessimism experience significantly higher announcement returns than those with a low probability. Importantly, we show these findings are driven by predictable pessimism in analysts’ short-term forecasts as opposed to optimism in their longer-term forecasts. We further find that this mispricing is related to the difficulty investors have in identifying differences in expected forecast pessimism. Overall, we conclude that market prices do not fully reflect the conditional probability that a firm meets or beats earnings expectations as a result of analysts’ pessimistically biased short-term forecasts.

Liste des prochaines séances

21 septembre 2017 TBA
Annalisa Prencipe (Bocconi University, Milano, Italia)
Host(s): Serena Morricone
17:00-19:00

click here [↓] to go to the attached pdf
>> Liste des séances précédentes
Rechercher:
 
 

Ajouter au calendrier

Affichez toutes les sessions dans votre calendrier! Ajoutez notre ICS webcal à votre agenda.

  Ajouter à mon agenda

 

Internef - CH-1015 Lausanne - Suisse - Tél. (+41) 21 692.34.58 - Fax (+41) 21 692.33.05