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The Informational Role of Sell-Side Analysts' Forecast Horizon
The Informational Role of Sell-Side Analysts' Forecast Horizon
상세정보
- 자료유형
- 학위논문
- Control Number
- 0015491855
- International Standard Book Number
- 9781085656627
- Dewey Decimal Classification Number
- 658
- Main Entry-Personal Name
- Wang, Xuan.
- Publication, Distribution, etc. (Imprint
- [Sl] : Michigan State University, 2019
- Publication, Distribution, etc. (Imprint
- Ann Arbor : ProQuest Dissertations & Theses, 2019
- Physical Description
- 90 p
- General Note
- Source: Dissertations Abstracts International, Volume: 81-02, Section: A.
- General Note
- Advisor: Ivkovich, Zoran.
- Dissertation Note
- Thesis (Ph.D.)--Michigan State University, 2019.
- Restrictions on Access Note
- This item must not be sold to any third party vendors.
- Restrictions on Access Note
- This item must not be added to any third party search indexes.
- Summary, Etc.
- 요약This dissertation explores the informational role of sell-side analysts' change in forecasting horizon. I find that portfolios formed by buying stocks with large increase in analyst horizon and shorting stocks with large decrease in analyst horizon generate superior future return. Horizon change has information incremental to analyst earnings forecast and recommendation revisions, as well as firm fundamentals. Large increase in horizon mainly drives the result. I find that analysts who contribute to strong horizon increase are associated with higher forecast accuracy. This increase is likely associated with the career concerns of inexperienced analysts. The return predictability associated with analyst forecast horizon change exists in the information environment of high liquidity and low volatility, at the times when analyst forecasts are the most accurate. Moreover, analyst forecast horizon is partially related to analysts' profitability prediction and firm risk assessment, although the horizon change, the component predictable by firm fundamentals notwithstanding, is still able to predict return in the short-run. Overall, the findings reported in this dissertation support the view that sell-side analysts are important rational-information providers in the financial industry.
- Subject Added Entry-Topical Term
- Finance
- Added Entry-Corporate Name
- Michigan State University Business Administration -Finance - Doctor of Philosophy
- Host Item Entry
- Dissertations Abstracts International. 81-02A.
- Host Item Entry
- Dissertation Abstract International
- Electronic Location and Access
- 로그인을 한후 보실 수 있는 자료입니다.
- Control Number
- joongbu:565914
MARC
008200131s2019 c eng d■001000015491855
■00520200217181434
■020 ▼a9781085656627
■035 ▼a(MiAaPQ)AAI13897682
■040 ▼aMiAaPQ▼cMiAaPQ
■0820 ▼a658
■1001 ▼aWang, Xuan.
■24514▼aThe Informational Role of Sell-Side Analysts' Forecast Horizon
■260 ▼a[Sl]▼bMichigan State University▼c2019
■260 1▼aAnn Arbor▼bProQuest Dissertations & Theses▼c2019
■300 ▼a90 p
■500 ▼aSource: Dissertations Abstracts International, Volume: 81-02, Section: A.
■500 ▼aAdvisor: Ivkovich, Zoran.
■5021 ▼aThesis (Ph.D.)--Michigan State University, 2019.
■506 ▼aThis item must not be sold to any third party vendors.
■506 ▼aThis item must not be added to any third party search indexes.
■520 ▼aThis dissertation explores the informational role of sell-side analysts' change in forecasting horizon. I find that portfolios formed by buying stocks with large increase in analyst horizon and shorting stocks with large decrease in analyst horizon generate superior future return. Horizon change has information incremental to analyst earnings forecast and recommendation revisions, as well as firm fundamentals. Large increase in horizon mainly drives the result. I find that analysts who contribute to strong horizon increase are associated with higher forecast accuracy. This increase is likely associated with the career concerns of inexperienced analysts. The return predictability associated with analyst forecast horizon change exists in the information environment of high liquidity and low volatility, at the times when analyst forecasts are the most accurate. Moreover, analyst forecast horizon is partially related to analysts' profitability prediction and firm risk assessment, although the horizon change, the component predictable by firm fundamentals notwithstanding, is still able to predict return in the short-run. Overall, the findings reported in this dissertation support the view that sell-side analysts are important rational-information providers in the financial industry.
■590 ▼aSchool code: 0128.
■650 4▼aFinance
■690 ▼a0508
■71020▼aMichigan State University▼bBusiness Administration -Finance - Doctor of Philosophy.
■7730 ▼tDissertations Abstracts International▼g81-02A.
■773 ▼tDissertation Abstract International
■790 ▼a0128
■791 ▼aPh.D.
■792 ▼a2019
■793 ▼aEnglish
■85640▼uhttp://www.riss.kr/pdu/ddodLink.do?id=T15491855▼nKERIS▼z이 자료의 원문은 한국교육학술정보원에서 제공합니다.
■980 ▼a202002▼f2020
