کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
5090328 | 1375627 | 2011 | 15 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Product market pricing power, industry concentration and analysts' earnings forecasts
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کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد و اقتصادسنجی
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چکیده انگلیسی
This is the first study to establish a link between product market power and analysts' earnings forecast accuracy and bias. Relating two different dimensions of market power to earnings forecastability, we document that (a) a firm's relative pricing power and (b) its industry concentration are strong positive determinants of analysts' earnings forecast accuracy. We find that forecasting earnings of higher market power firms is less complex due to their ability to withstand cost shocks as well as greater informational-efficiency enjoyed by such firms. Further, forecast optimism increases with weakening product market pricing power and with lower industry concentration. The knowledge derived from this study will hopefully improve the accuracy of equity valuation, and thereby engender better buy-side (stock selections) and sell-side recommendations by analysts. Our analysis also suggests that brokerage firms compensating analysts based on forecast accuracy need to adjust for the differential in the information complexity of different industries.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Banking & Finance - Volume 35, Issue 6, June 2011, Pages 1352-1366
Journal: Journal of Banking & Finance - Volume 35, Issue 6, June 2011, Pages 1352-1366
نویسندگان
Sudip Datta, Mai Iskandar-Datta, Vivek Sharma,