An Analysis of Earnings per Share Forecasts for Stocks Listed on the Stockholm Stock Exchange
研究了分析师对斯德哥尔摩证券交易所上市股票的每股收益预测，发现短期预测准确性高，但预测信息大多已被市场消化，仅大幅预测变动会引发股价反应且不足以套利。
This paper focuses on the information conveyed by financial analysts' earning-per-share forecasts for publicly traded stocks. The results provide evidence of good predictive power, especially for short forecast horizons of one and three months. Observations of stock-price reactions to the publication of these forecasts indicate that the forecasts mostly reflect information already known by the market. However, a significant stock price reaction is found for large changes in earnings-per-share forecasts. The stock price reaction in such cases usually occurs immediately after publication and is generally not large enough to produce profit opportunities, even for investors who have prior knowledge of the forecasts. Copyright 1989 by The editors of the Scandinavian Journal of Economics.