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Evidence that Analyst Following and Institutional Ownership Accelerate the Pricing of Future Earnings
16 references·16 citing·40 second hopsampled
Evidence that Analyst Following and Institutional Ownership Accelerate the Pricing of Future Earnings (2003)Evidence that Analyst Following and Insti…Institutional Ownership and the Extent to which Stock Prices Reflect Future Earnings (2002)Institutional Ownership and t…Do Conference Calls Affect Analysts' Forecasts? (2002)Do Conference Calls Affect An…Bringing the Future Forward: The Effect of Disclosure on the Returns‐Earnings Relation (2002)Bringing the Future Forward: …Investor Sophistication and Patterns in Stock Returns after Earnings Announcements (2000)Investor Sophistication and P…An Empirical Examination of Conference Calls as a Voluntary Disclosure Medium (1999)An Empirical Examination of C…Investment Analysis and the Adjustment of Stock Prices to Common Information (1993)Investment Analysis and the A…Common risk factors in the returns on stocks and bonds (1993)Common risk factors in the re…A Nonlinear Model of Security Price Responses to Unexpected Earnings (1992)A Nonlinear Model of Security…Post-Earnings-Announcement Drift: Delayed Price Response or Risk Premium? (1989)Post-Earnings-Announcement Dr…Analysts' forecasts as earnings expectations (1988)Analysts' forecasts as earnin…The association between accounting earnings and security returns for large and small firms (1987)The association between accou…Firm size and the information content of prices with respect to earnings (1987)Firm size and the information…The information content of security prices (1980)The information content of se…Risk, Return, and Equilibrium: Empirical Tests (1973)Risk, Return, and Equilibrium…Risk, Return, and Equilibrium (1971)Risk, Return, and EquilibriumAn Empirical Evaluation of Accounting Income Numbers (1968)An Empirical Evaluation of Ac…Dark Pool Trading and Information Acquisition (2021)Dark Pool Trading and Informa…Corporate social responsibility performance and information asymmetry: The moderating role of analyst coverage (2021)Corporate social responsibili…The monitoring role of the media: Evidence from earnings management (2020)The monitoring role of the me…Short Selling: A Review of the Literature and Implications for Future Research (2020)Short Selling: A Review of th…Do Financial Analysts Perform a Monitoring Role in China? Evidence from Modified Audit Opinions (2016)Do Financial Analysts Perform…Investor Attention, Institutional Ownership, and Stock Return: Empirical Evidence from China (2015)Investor Attention, Instituti…Analyst coverage and corporate social performance: Evidence from China (2015)Analyst coverage and corporat…Does Information Technology Reputation Affect Bank Loan Terms? (2014)Does Information Technology R…Anchoring, the 52-Week High and Post Earnings Announcement Drift (2014)Anchoring, the 52-Week High a…Large foreign ownership and stock price informativeness around the world (2013)Large foreign ownership and s…Investor Protection, Firm Informational Problems, Big N Auditors, and Cost of Debt around the World (2013)Investor Protection, Firm Inf…Short Sellers and the Informativeness of Stock Prices with Respect to Future Earnings (2012)Short Sellers and the Informa…Does Recognition versus Disclosure Affect Value Relevance? Evidence from Pension Accounting (2012)Does Recognition versus Discl…The effect of analyst coverage on accounting conservatism (2010)The effect of analyst coverag…The Information Intermediary Role of Short Sellers (2005)The Information Intermediary …Analyst Coverage and the Cost of Raising Equity Capital: Evidence from Underpricing of Seasoned Equity Offerings (2003)Analyst Coverage and the Cost…Investigating Causal Relations by Econometric Models and Cross-spectral Methods (1969)Continuous Auctions and Insider Trading (1985)Industry Information Diffusion and the Lead-lag Effect in Stock Returns (2007)Market Segmentation and Cross‐predictability of Returns (2010)Forecasting Stock Returns (2013)Rational Expectations and the Theory of Price Movements (1961)Earnings Releases, Anomalies, and the Behavior of Security Returns. (1984)Empirical Tests of the Consumption‐Oriented CAPM (1989)Price and return models (1995)CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* (1964)The Cross-Section of Expected Stock Returns (1992)On Persistence in Mutual Fund Performance (1997)Illiquidity and stock returns: cross-section and time-series effects (2002)A five-factor asset pricing model (2014)The Combination of Forecasts (1969)Norm theory: Comparing reality to its alternatives. (1986)Herd Behavior and Investment (1988)Forecasting Economic Time Series (2000)Capital markets research in accounting (2001)Bid, ask and transaction prices in a specialist market with heterogeneously informed traders (1985)Comparing the Post-Earnings Announcement Drift for Surprises Calculated from Analyst and Time Series Forecasts (2006)Do Market Efficiency Measures Yield Correct Inferences? A Comparison of Developed and Emerging Markets (2010)Short Selling and the Price Discovery Process (2012)The Behavior of Stock-Market Prices (1965)THE VALUATION OF RISK ASSETS AND THE SELECTION OF RISKY INVESTMENTS IN STOCK PORTFOLIOS AND CAPITAL BUDGETS**This paper is another in a series of interrelated theoretical and statistical studies of corporate financial and investment policies being made under grants from the Rockefeller Foundation, and more recently the Ford Foundation, to the Harvard Business School. The generous support for this work is most gratefully acknowledged. The author is also much indebted to his colleagues Professors Bishop, Christenson, Kahr, Raiffa, and (especially) Schlaifer, for extensive discussion and commentary on an earlier draft of this paper; but responsibility for any errors or imperfections remains strictly his own.[Professor Sharpe's paper, “Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk” (Journal of Finance, September 1964) appeared after this paper was in final form and on its way to the printers. My first section, which parallels the first half of his paper (with corresponding conclusions), sets the algebraic framework for sections II, III and VI, (which have no counterpart in his paper) and for section IV on the equilibrium prices of risk assets, concerning which our results differ significantly for reasons which will be explored elsewhere. Sharpe does not take up the capital budgeting problem developed in section V below.] (1975)Intertemporal Asset Pricing with Heterogeneous Consumers and Without Demand Aggregation (1982)Learning, Asset‐Pricing Tests, and Market Efficiency (2002)Is the IPO pricing process efficient? (2003)Determinants of corporate borrowing (1977)Cross-Sectional Determinants of Analyst Ratings of Corporate Disclosures (1993)Corporate Disclosure Policy and Analyst Behavior. (1996)The Reversal of Abnormal Accruals and the Market Valuation of Earnings Surprises (2001)Earnings conference calls and stock returns: The incremental informativeness of textual tone (2011)The effect of manager-specific optimism on the tone of earnings conference calls (2014)Investor Psychology and Asset Pricing (2001)More Than Words: Quantifying Language to Measure Firms' Fundamentals (2008)Does the stock market fully value intangibles? Employee satisfaction and equity prices (2011)EFFICIENT CAPITAL MARKETS: A REVIEW OF THEORY AND EMPIRICAL WORK* (1970)Using daily stock returns (1985)Efficient Capital Markets: II (1991)
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References

  • 1993Common risk factors in the returns on stocks and bonds26,615 cited
  • 1973Risk, Return, and Equilibrium: Empirical Tests14,248 cited
  • 1968An Empirical Evaluation of Accounting Income Numbers6,384 cited
  • 1989Post-Earnings-Announcement Drift: Delayed Price Response or Risk Premium?2,314 cited
  • 1988Analysts' forecasts as earnings expectations985 cited
  • 2000Investor Sophistication and Patterns in Stock Returns after Earnings Announcements746 cited
  • 1980The information content of security prices737 cited
  • 1993Investment Analysis and the Adjustment of Stock Prices to Common Information640 cited
  • 1999An Empirical Examination of Conference Calls as a Voluntary Disclosure Medium595 cited
  • 1971Risk, Return, and Equilibrium539 cited
  • 1987The association between accounting earnings and security returns for large and small firms528 cited
  • 1992A Nonlinear Model of Security Price Responses to Unexpected Earnings521 cited
  • 2002Bringing the Future Forward: The Effect of Disclosure on the Returns‐Earnings Relation480 cited
  • 1987Firm size and the information content of prices with respect to earnings453 cited
  • 2002Institutional Ownership and the Extent to which Stock Prices Reflect Future Earnings

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453 cited
  • 2002Do Conference Calls Affect Analysts' Forecasts?452 cited
  • Cited by

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