期刊文献+

信号传递与证券分析师盈余预测 被引量:3

Signaling and Financial Analysts' Earnings Forecasts
原文传递
导出
摘要 本文从信号传递的角度研究了证券分析师的盈余预测问题。具体而言,本文探讨了分析师会通过哪些信号来向市场表明自己的分析师报告的盈余预测准确度更高,以及这些信号是否有助于分析师获得市场认可。本文的实证结果表明,发布每股经营现金流预测以及组成团队来发布报告这两个信号均能够将盈余预测准确度较高的分析师报告区分出来,此外这些信号也有助于分析师获得市场的认可。 This paper studies financial analysts' earnings forecast from the perspective of signaling. Specifically speaking, it analyzes signals which financial analysts employ to con- firm the great earnings forecast accuracy of their reports and the role of these signals in the acquisition of market recognition. The empirical results show that two signals, namely the issue of operating cash flow per share forecast and group forecast reports, can distinguish an- alyst reports with great earnings forecast accuracy from all analyst reports and are conducive to the acquisition of market recognition.
作者 杨玉龙 于翔
出处 《上海财经大学学报(哲学社会科学版)》 CSSCI 北大核心 2013年第2期80-87,共8页 Journal of Shanghai University of Finance and Economics
基金 国家自然科学基金重点项目(71032005) 国家自然科学基金面上项目(71272218) (71272013) 教育部人文社会科学重点研究基地重大项目(10JJD630005) 上海财经大学研究生创新基金项目(CXJJ-2012-368)
关键词 盈余预测准确度 信号传递 证券分析师 earnings forecast accuracyl signaling financial analyst
  • 相关文献

参考文献15

  • 1曹细钟,黎国华.审计重要性信号传递失灵成因分析.中国会计学会高等工科院校分会2005年学术年会暨第十二届年会论文集.2005年.
  • 2吴东辉,薛祖云.对中国A股市场上财务分析师盈利预测的实证分析[J].中国会计与财务研究,2005,7(1):1-53. 被引量:40
  • 3朱红军,何贤杰,陶林.信息源、信息搜寻与市场吸收效率——基于证券分析师盈利预测修正的经验证据[J].财经研究,2008,34(5):63-74. 被引量:33
  • 4Akerlof G A. The market for "lemons": Quaiity uncertainty and the market mechanism[J]. The Quarterly Journal of Economics, 1970: 488- 500.
  • 5Brown L D. Earnings forecasting research: Its implications for capital markets research[J]. International Journal of Forecasting, 1993,9(3) : 295-320.
  • 6Call A C,Chen S ,Tong Y H. Are analysts' earnings forecasts more accurate when accompanied by cash flow forecasts? [J].Review of Accounting Studies,2009,14(2):358-391.
  • 7Clement M B,Tse S Y. Do investors respond to analysts' forecast revisions as if forecast accuracy is all that matters? [J]. The Accounting Review, 2003,78 (1) : 227- 249.
  • 8DeFond M L ,Hung M. An empirical analysis of analysts' cash flow forecasts[J]. Journal of Accounting and Economics, 2003,35 ( 1 ) : 73 - 100.
  • 9Gleason C A , Lee C M C. Analyst forecast revisions and market price discovery[J].The Accounting Re- view, 2003,78 (1) : 193- 225.
  • 10Hirshleifer D ,Teoh S H. Limited attention,information disclosure,and financial reporting[J]. Journal of Accounting and Economics, 2003,36 ( 1 ) : 337- 386.

二级参考文献18

  • 1吴东辉,薛祖云.对中国A股市场上财务分析师盈利预测的实证分析[J].中国会计与财务研究,2005,7(1):1-53. 被引量:40
  • 2朱红军,何贤杰,陶林.中国的证券分析师能够提高资本市场的效率吗——基于股价同步性和股价信息含量的经验证据[J].金融研究,2007(02A):110-121. 被引量:510
  • 3Abarbanell J, B J Bushee. Fundamental analysis, future earnings, and stock prices[J]. Journal of Accounting Research,1997, (1) : 1-24.
  • 4Bandyopadhyay S P, LD Brown, GD Richardson. Analysts' use of earnings forecasts in predicting stock returns: Forecast horizon effects[J]. International Journal of Forecasting, 1995, (11) :429-445.
  • 5Brown Lawrence D, Michael S Rozeff. The superiority of ananlyst forecasts as measures of expectations: Evidence from camings[J]. The Journal of Finance, 1978. (1): 1-16.
  • 6Chan L K, N Jegadeesh, J Lakonishok. Momentum strategies[J]. Journal of Finance, 1996,51: 1681-1713.
  • 7Femadez Frank A. The role and responsibilities of securities analysts[R]. Securities Industry Association Research Report, 2001.
  • 8Givoly, Lakonishok. The formation of earnings expectations[J]. The Accounting Review, 1985,60:372-386.
  • 9Gleason Cristi A, Charles M C Lee. Analyst forecast revisions and market price discovery[J]. The Accounting Review,2003,78:193-225.
  • 10Laderman J M. How much should you trust your analyst? [J]. Business Week, 1990,23: 54-56.

共引文献72

同被引文献63

二级引证文献27

相关作者

内容加载中请稍等...

相关机构

内容加载中请稍等...

相关主题

内容加载中请稍等...

浏览历史

内容加载中请稍等...
;
使用帮助 返回顶部