Analysts' Forecasts as Earnings Expectations (Classic Reprint)

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Excerpt from Analysts' Forecasts as Earnings Expectations The use of predictions from univariate time-series models of earnings as earnings expectations has been more common than the use of analysts' forecasts, in part because of data availability However, several studies (brown and Rozeff Collins and Hopwood Fried and Givoly demonstrate that analysts are more accurate than univariate models, presumably because they can incorporate a broader information set than can a univariate model. Fried and Givoly also find that analysts' forecast errors are more closely associated with excess stock returns than are those of univariate models. An additional limitation of time - series models is their substantial data requirements, which impart a sample selection bias to the research, toward longer-lived and larger firms. Since analysts forecasts require no parameter estimation, sample selection bias is less severe. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully, any imperfections that remain are intentionally left to preserve the state of such historical works.