Analysts’ Earnings Forecast, Recommendation,and Target Price Revisions
研究了市场对分析师盈利预测、目标价和推荐修正的短期与长期反应，发现结合三种修正信息构建的投资组合未来表现更优。
This study examines the immediate and delayed market responses to revisions in analyst forecasts of earnings, target prices, and recommendations. Consistent with prior literature, revisions in earnings forecasts are positively and significantly associated with short-term market returns around the revisions. However, Feldman, Livnat, and Zhang show that short-term market returns around target price revisions and recommendation changes are even stronger. They also find superior future performance (return drift) for portfolios that use information from all three types of revisions to those using information from only one of the three types of revisions. <b>TOPICS:</b>Exchanges/markets/clearinghouses, technical analysis, in markets