2013 Fiscal Year Final Research Report
An analysis of the credibility of financial analysts' forecasts
| Project/Area Number |
23530391
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| Research Category |
Grant-in-Aid for Scientific Research (C)
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| Allocation Type | Multi-year Fund |
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| Section | 一般 |
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| Research Field |
Public finance/Monetary economics
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| Research Institution | Kansai University |
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Principal Investigator |
OTA Koji 関西大学, 商学部, 教授 (70366839)
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| Co-Investigator(Kenkyū-buntansha) |
KONDO Emi 帝塚山大学, 経営情報学部, 専任講師 (50581485)
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| Project Period (FY) |
2011 – 2013
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| Keywords | アナリスト予想 / バイアス / 情報内容 / 経営者予想 / 株式レーティング / 利益予想 |
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| Research Abstract |
In this research, we evaluate the informativeness of analysts' ratings and earnings forecast information contained in analyst reports beyond what is publicly provided by management earnings forecasts. We find that both analysts' ratings and earnings forecasts have incremental information content conditional on management forecasts. Overall, the findings present strong evidence that analysts offer informational value to the market beyond information that is provided by company management.
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