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PRIOR UNCERTAINTY, ANALYST BIAS, AND SUBSEQUENT ABNORMAL RETURNS
8 references·16 citing·51 second hop
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(1997)Venture capital investment cycles: The impact of public markets (2007)The General Theory of Employment (1937)Network externalities, competition, and compatibility (1985)Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers (1986)The impact of institutional trading on stock prices (1992)The Limits of Arbitrage (1995)The Categorical Imperative: Securities Analysts and the Illegitimacy Discount (1999)Estimating betas from nonsynchronous data (1977)Misspecification of capital asset pricing (1981)Size-related anomalies and stock return seasonality (1983)Institutions and Individuals at the Turn-of-the-Year (1997)Why is the Accrual Anomaly not Arbitraged Away? The Role of Idiosyncratic Risk and Transaction Costs (2006)Limits-to-arbitrage, investment frictions, and the asset growth anomaly (2011)Firm characteristics and analyst following (1989)Conflict of Interest and the Credibility of Underwriter Analyst Recommendations (1999)Capital markets research in accounting (2001)The Geography of Equity Analysis (2005)Risk, Return, and Equilibrium: Empirical Tests (1973)Efficient Capital Markets: II (1991)The Cross-Section of Expected Stock Returns (1992)Oil sensitivity and systematic risk in oil-sensitive stock indices (2004)Benchmarks as Limits to Arbitrage: Understanding the Low-Volatility Anomaly (2010)Is size dead? A review of the size effect in equity returns (2011)Cross-sectional variation in the stock market response to accounting earnings announcements (1989)Post-Earnings-Announcement Drift: Delayed Price Response or Risk Premium? (1989)Evidence that stock prices do not fully reflect the implications of current earnings for future earnings (1990)An informational efficiency perspective on the post-earnings announcement drift (1994)How naive is the stock market's use of earnings information? (1996)Information Uncertainty and Analyst Forecast Behavior* (2006)CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* (1964)Common risk factors in the returns on stocks and bonds (1993)On Persistence in Mutual Fund Performance (1997)Assessing Asset Pricing Models Using Revealed Preference (2013)Estimating Oil Risk Factors Using Information from Equity and Derivatives Markets (2014)Fact, Fiction, and Value Investing (2015)Corporate Governance and Equity Prices (2003)Investor Sentiment and the Cross‐Section of Stock Returns (2006)Integración de los mercados financieros Latinoamericanos por medio de MILA (2020)ESG rating disagreement and analyst forecast quality (2024)ESG rating disagreement and corporate green innovation bubbles: Evidence from Chinese A-share listed firms (2024)ESG scores and debt costs: Exploring indebtedness, agency costs, and financial system impact (2024)Individual differences in reasoning: Implications for the rationality debate? (2000)Representativeness Revisited: Attribute Substitution in Intuitive Judgment (2002)Heuristics and Biases: The Psychology of Intuitive Judgment (2004)Further Evidence On Investor Overreaction and Stock Market Seasonality (1987)Structural Dependence of the State on Capital (1988)
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References

  • 1988Herd Behavior and Investment2,815 cited
  • 1964The General Theory of Employment, Interest, and Money [1936]853 cited
  • 1993Analysts' Decisions As Products of a Multi-Task Environment721 cited
  • 1990Do Security Analysts Overreact685 cited
  • 1995The Effect of Investment Banking Relationships on Financial Analysts' Earnings Forecasts and Investment Recommendations*664 cited
  • 1995The Conditional Relation between Beta and Returns528 cited
  • 1991Evidence on the Possible Underweighting of Earnings-Related Information342 cited
  • 1992The January Anomaly: Effects of Low Share Price, Transaction Costs, and Bid-Ask Bias328 cited

Cited by

  • 2023ESG rating disagreement and stock returns: Evidence from China167 cited
  • 2014. . . and the Cross-Section of Expected Returns140 cited
  • 2005Rounding of Analyst Forecasts120 cited
  • 2021Share pledging and optimism in analyst earnings forecasts: Evidence from China87 cited
  • 2012Performance evaluation inflation and compression86 cited
  • 2015Financial Statement Complexity and Meeting Analysts’ Expectations75 cited
  • 2003A Simultaneous Equations Analysis of Analysts’ Forecast Bias and Institutional Ownership

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71 cited
  • 2008Financial Analysts' Forecast Revisions and Managers' Reporting Behavior67 cited
  • 2005Idiosyncratic Risk and the Cross-Section of Stock Returns: Merton (1987) Meets Miller (1977)67 cited
  • 2003Does Analyst Optimism About Future Earnings Distort Stock Prices?64 cited
  • 2003Measuring Herding and Exaggeration by Equity Analysts and Other Opinion Sellers61 cited
  • 2004The Role of Expectations in Explaining the Cross-Section of Stock Returns58 cited
  • 2002Regulation Fair Disclosure and the Private Information of Analysts50 cited
  • 2008The High-Volume Return Premium and Post-Earnings Announcement Drift43 cited
  • 2022On the predictive power of tweet sentiments and attention on bitcoin42 cited
  • 2004The performance of value and momentum investment portfolios: Recent experience in the major European markets Part 241 cited