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A Study on Relationship between Taiwan Analysts' Earnings Forecast Errors and Stock Returns
Earnings forecast error;Over optimism;Dispersion of earning forecast;Earnings forecast
|Issue Date: ||2013-07-11T03:19:11Z
With the vibrant development in capital market, investors gradually value the importance of accounting information. Analysts' earnings forecasts are more immediate and often than company's earnings announcement. Thus, analysts' earnings forecast information is of more and more importance. The accuracy of analysts' earnings forecasts, however, is often questioned because when forecasting earnings, analysts may be affected by psychological factors and therefore overreaction and underreaction emerge. Empirical evidence suggests that Taiwan analysts are over optimistic; whether in face of good (bad) news, high-dispersion firms have larger forecast errors than low-dispersion ones; a negative coefficient of dispersion for bad-news firms but a positive one for good-news firm; and relationship between dispersion of earnings forecasts and stock returns is negative.
|Appears in Collections:||[商業教育學系] 會議論文|
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