{"title":"分析师预测修正的一致性和逆转：股市效率的证据","authors":"Lin Chen, Dongfang Nie, Yuan Shi, Yinghong Zhang","doi":"10.1002/jcaf.22744","DOIUrl":null,"url":null,"abstract":"<p>This study reexamines the information content and market price discovery associated with individual analysts' earnings forecast revisions. We refine the definition of high-innovation revisions as high-innovation consistent forecast revisions and high-innovation reversal forecast revisions. Cross-sectional analysis shows that high-innovation reversal good (bad) news revisions, although having larger forecast changes, cause fewer upward (downward) post-revision price shifts than high-innovation consistent good (bad) news revisions. We also find that the market can distinguish which group of analysts provides more useful information about firms’ true value, but it takes some time for the market to digest this useful information.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"36 1","pages":"124-138"},"PeriodicalIF":0.9000,"publicationDate":"2024-07-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Analyst forecast revision consistency and reversal: Evidence of stock market efficiency\",\"authors\":\"Lin Chen, Dongfang Nie, Yuan Shi, Yinghong Zhang\",\"doi\":\"10.1002/jcaf.22744\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<p>This study reexamines the information content and market price discovery associated with individual analysts' earnings forecast revisions. We refine the definition of high-innovation revisions as high-innovation consistent forecast revisions and high-innovation reversal forecast revisions. Cross-sectional analysis shows that high-innovation reversal good (bad) news revisions, although having larger forecast changes, cause fewer upward (downward) post-revision price shifts than high-innovation consistent good (bad) news revisions. We also find that the market can distinguish which group of analysts provides more useful information about firms’ true value, but it takes some time for the market to digest this useful information.</p>\",\"PeriodicalId\":44561,\"journal\":{\"name\":\"Journal of Corporate Accounting and Finance\",\"volume\":\"36 1\",\"pages\":\"124-138\"},\"PeriodicalIF\":0.9000,\"publicationDate\":\"2024-07-09\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Journal of Corporate Accounting and Finance\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://onlinelibrary.wiley.com/doi/10.1002/jcaf.22744\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q3\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Corporate Accounting and Finance","FirstCategoryId":"1085","ListUrlMain":"https://onlinelibrary.wiley.com/doi/10.1002/jcaf.22744","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
Analyst forecast revision consistency and reversal: Evidence of stock market efficiency
This study reexamines the information content and market price discovery associated with individual analysts' earnings forecast revisions. We refine the definition of high-innovation revisions as high-innovation consistent forecast revisions and high-innovation reversal forecast revisions. Cross-sectional analysis shows that high-innovation reversal good (bad) news revisions, although having larger forecast changes, cause fewer upward (downward) post-revision price shifts than high-innovation consistent good (bad) news revisions. We also find that the market can distinguish which group of analysts provides more useful information about firms’ true value, but it takes some time for the market to digest this useful information.
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