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dc.contributor.authorFontaine, Patrice
dc.contributor.authorRoger, Tristan
dc.date.accessioned2020-02-21T11:23:02Z
dc.date.available2020-02-21T11:23:02Z
dc.date.issued2020
dc.identifier.urihttps://basepub.dauphine.fr/handle/123456789/20566
dc.language.isoenen
dc.subjectFinancial analysts
dc.subjectTarget prices
dc.subjectForecasting abilities
dc.subjectExpected accuracy
dc.subjectPersistence of volatility
dc.subject.ddc332en
dc.subject.classificationjelG.G1.G10en
dc.subject.classificationjelG.G2.G24en
dc.titleA re-examination of analysts' differential target price forecasting ability
dc.typeArticle accepté pour publication ou publié
dc.contributor.editoruniversityotherEurofidai (CNRS)
dc.description.abstractenPrevious studies find persistent differences in target price accuracy and argue that financial analysts possess differential abilities to forecast stock prices. We first show that persistent differences in accuracy across analysts are driven by the characteristics of the firms the analysts follow. Those who cover easier-to-forecast firms appear more accurate. We then control for firm-characteristics by using alternative measures of target price performance. We introduce a new measure of target price forecast quality and we adapt two relative measures of accuracy from the earnings forecast literature. We then apply five different statistical tests of persistence to each measure of performance. In contrast with the previous literature, we do not find convincing evidence of differential target price forecasting abilities across analysts.
dc.relation.isversionofjnlnameFinance
dc.relation.isversionofjnlvol41
dc.relation.isversionofjnlissue1
dc.relation.isversionofjnldate2020
dc.relation.isversionofjnlpages53-95
dc.contributor.countryeditoruniversityotherFRANCE
dc.subject.ddclabelAnalyse financièreen
dc.relation.forthcomingnonen
dc.relation.forthcomingprintnonen
dc.description.ssrncandidatenon
dc.description.halcandidatenon
dc.description.readershiprecherche
dc.description.audienceInternational
dc.relation.Isversionofjnlpeerreviewedoui
dc.date.updated2020-10-12T16:22:04Z
hal.person.labIds207671
hal.person.labIds1032


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