Can Investors Profit from Security Analyst Recommendations?

2018 ◽  
Author(s):  
Sung Jun Park ◽  
Ki Young Park
Keyword(s):  
Analyst Recommendations ◽  
Security Analyst

Can Investors Profit from the Prophets? Security Analyst Recommendations and Stock Returns

CFA Digest ◽  
2001 ◽  
Vol 31 (4) ◽  
pp. 5-7
Author(s):  
Bruce D. Phelps
Keyword(s):  
Stock Returns ◽  
Analyst Recommendations ◽  
Security Analyst

Can Investors Profit from the Prophets? Security Analyst Recommendations and Stock Returns

2001 ◽  
Vol 56 (2) ◽  
pp. 531-563 ◽  
Author(s):  
Brad Barber ◽  
Reuven Lehavy ◽  
Maureen McNichols ◽  
Brett Trueman
Keyword(s):  
Stock Returns ◽  
Analyst Recommendations ◽  
Security Analyst

scholarly journals The Impact of Security Analyst Recommendations Upon the Trading of Mutual Funds

2011 ◽  
Author(s):  
David J. Costello ◽  
Jason L. Hall
Keyword(s):  
Mutual Funds ◽  
Analyst Recommendations ◽  
Security Analyst ◽  
The Impact

Conflict of Interest and the Credibility of Underwriter Analyst Recommendations

CFA Digest ◽  
2000 ◽  
Vol 30 (2) ◽  
pp. 3-5
Author(s):  
Janet Yuen
Keyword(s):  
Conflict Of Interest ◽  
Analyst Recommendations

The Economic Value of Analyst Recommendations in Australia: An Application of the Black-Litterman Asset Allocation Model

2009 ◽  
Author(s):  
Joel Fabre Fabre ◽  
Andrew R. Grant ◽  
Peng William He
Keyword(s):  
Asset Allocation ◽  
Economic Value ◽  
Analyst Recommendations ◽  
Allocation Model

Security Analyst Target Prices as Reference Point and Takeover Completion

2017 ◽  
Author(s):  
Dirk Gerritsen ◽  
Utz Weitzel
Keyword(s):  
Reference Point ◽  
Security Analyst

Does Share Pledge Business Bias Analyst Recommendations?

2019 ◽  
Author(s):  
Maoliang Li ◽  
Juan Luo ◽  
Limin Xu ◽  
Ralf Zurbruegg
Keyword(s):  
Analyst Recommendations

Security Analyst and Stock Market Efficiency in Anticipating Tax-Motivated Income Shifting

2006 ◽  
Vol 81 (1) ◽  
pp. 227-250 ◽  
Author(s):  
Philip B. Shane ◽  
Toby Stock
Keyword(s):  
Earnings Forecasts ◽  
Income Shifting ◽  
Market Prices ◽  
Tax Rate ◽  
Income Effects ◽  
Market Participants ◽  
Security Analyst ◽  
Market Inefficiency ◽  
Reported Earnings ◽  
Statutory Tax Rate

In the context of the statutory tax rate reductions enacted in the Tax Reform Act of 1986, this paper investigates the degree to which capital market participants anticipate and correctly interpret temporary income effects of tax-motivated income shifting. We find evidence consistent with financial analysts' earnings forecasts failing to anticipate earnings management that shifts income from fourth quarters in higher tax rate years to immediately following first quarters of lower tax rate years. The evidence suggests that this failure is not the result of a decision to ignore the income shifting, but rather an inability to recognize temporary components of reported earnings. We also find evidence that market prices do not fully reflect the temporary income effects of tax-motivated income shifting, and that analyst inefficiency explains about half of the market inefficiency. We interpret these inefficiencies as potentially important costs of tax planning that could limit the ability of public firm managers to implement otherwise optimal tax strategies.

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