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Determinants of the Informativeness of Analyst Research

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dc.creator Kothari, S.P.
dc.creator Weber, Joseph
dc.creator Frankel, Richard M.
dc.date 2002-06-07T19:21:46Z
dc.date 2002-06-07T19:21:46Z
dc.date 2002-06-07T19:21:55Z
dc.date.accessioned 2013-05-31T14:13:36Z
dc.date.available 2013-05-31T14:13:36Z
dc.date.issued 2013-05-31
dc.identifier http://hdl.handle.net/1721.1/705
dc.identifier.uri http://koha.mediu.edu.my:8181/jspui/handle/1721
dc.description Analyst research helps prices reflect information about a security's fundamentals. However, analysts' private incentives potentially contribute to misleading research and it is possible that the market fixates on such misleading and/or optimistic reports. We examine cross-sectional determinants of the informativeness of analyst reports, i.e., their effect on security prices, controlling for endogeneity among the factors affecting informativeness. Analysts are more informative when the potential brokerage profits are higher (e.g., high trading volume and high volatility) and when they reveal "bad news." Analyst informativeness is reduced in circumstances of increased information processing costs. We fail to find evidence that informativeness of analyst reports is due to market's fixation or over- or under-reaction to analyst reports.
dc.format 398895 bytes
dc.format application/pdf
dc.language en_US
dc.relation MIT Sloan School of Management Working Paper;4243-02
dc.subject Forecast
dc.subject Analyst
dc.subject Market Effieiency
dc.subject Informativeness
dc.subject Earnings Forecast
dc.subject Analyst Forcast
dc.title Determinants of the Informativeness of Analyst Research

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