Do Financial Analysts’ Long-Term Growth Forecasts Reflect Effective Effort Towards Informative Stock Recommendations?

2009 ◽  
Author(s):  
Boochun Jung ◽  
Philip B. Shane ◽  
Sunny Yanhua Yang
Keyword(s):  
Financial Analysts ◽  
Stock Recommendations ◽  
Growth Forecasts

An Analysis of Financial Analysts' Optimism in Long-term Growth Forecasts

2008 ◽  
Vol 9 (3) ◽  
pp. 171-184 ◽  
Author(s):  
Byunghwan Lee ◽  
John O'Brien ◽  
K. Sivaramakrishnan
Keyword(s):  
Financial Analysts ◽  
Growth Forecasts

scholarly journals Patent Citations and Financial Analysts’ Long-Term Growth Forecasts

2017 ◽  
Vol 9 (5) ◽  
pp. 846 ◽  
Author(s):  
Jincheol Bae ◽  
Wonchang Hur ◽  
Jaehong Lee ◽  
Jaimin Goh
Keyword(s):  
Financial Analysts ◽  
Patent Citations ◽  
Growth Forecasts

Concurrent Earnings Announcements and Analysts' Information Production

2019 ◽  
Vol 95 (1) ◽  
pp. 165-189 ◽  
Author(s):  
Matthew Driskill ◽  
Marcus P. Kirk ◽  
Jennifer Wu Tucker
Keyword(s):  
Earnings Announcements ◽  
Financial Analysts ◽  
Earnings Forecasts ◽  
Data Availability ◽  
Limited Attention ◽  
Conference Calls ◽  
Stock Recommendations ◽  
Rich Information ◽  
Sample Firm ◽  
Jel Classifications

ABSTRACT We examine whether financial analysts are subject to limited attention. We find that when analysts have another firm in their coverage portfolio announcing earnings on the same day as the sample firm (a “concurrent announcement”), they are less likely to issue timely earnings forecasts for the sample firm's subsequent quarter than analysts without a concurrent announcement. Among the analysts who issue timely earnings forecasts, the thoroughness of their work decreases as their number of concurrent announcements increases. In addition, analysts are more sluggish in providing stock recommendations and less likely to ask questions in earnings conference calls as their number of concurrent announcements increases. Moreover, when analysts face concurrent announcements, they tend to allocate their limited attention to firms that already have rich information environments, leaving behind firms in need of attention. Overall, our evidence suggests that even financial analysts, who serve as information specialists, are subject to limited attention. JEL Classifications: G10; G11; G17; G14. Data Availability: Data are publicly available from the sources identified in the paper.

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