Are revisions of security analysts' earnings ...
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| Title | Are revisions of security analysts' earnings forecasts rational? Canadian evidence |
| Author(s) | S. Hennessey |
| Date | 1994 |
| Volume | 3 |
| Issue | 2 |
| Start page | 205 |
| Abstract | Research conducted considers the quality of security analysts' earnings forecasts by testing the rationality of forecast revisions for Canadian companies. It appears that when making small positive revisions, analysts overreact; in subsequent periods, forecasts are revised downward. Large positive revisions are followed by significant positive revisions, suggesting underreaction by analysts. Overall, for positive revisions, while both modest over- and underreaction is evident, neither tendency is pronounced. For negative revisions, regardless of their size, significant underreaction is suggested; when initially forecasting earnings decreases, analysts appear to underestimate the decline in earnings. This is consistent with the view that forecasts are optimistic. |
| ISSN | 10619518 |
Using APA 6th Edition citation style.
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