Consensus Expectations and International Equity Returns
研究了美国市场有效的股票选择模型（尤其是分析师预期与收益的关系）是否也适用于国际市场，发现分析师盈利预测变化和调整预测人数同样能预测多个国际市场的异常收益。
Numerous studies of U.S. markets have shown that stock selection models have been able to isolate securities that earn returns above those predicted by a simple market model. Models examining the relation between analyst expectations and returns have been particularly useful. Unexpected earnings, changes in analysts' earnings-per-share forecasts, the number of analysts revising their forecasts-all these measures have been found to be useful in predicting abnormal returns in U.S. equity markets. At least two of these measures-changes in analysts' EPS forecasts and the number of analysts changing their forecasts-are also related to abnormal returns in several international markets.