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Paper Stats:
Abstract Views: 736
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The Effect of Experience on Security Analyst Underreaction
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MICHAEL B. MIKHAIL
Arizona State University - W.P. Carey School of Business
BEVERLY R. WALTHER
Northwestern University - Department of Accounting Information & Management
RICHARD H. WILLIS
Vanderbilt University - Owen Graduate School of Management
Journal of Accounting and Economics, Vol. 35, No. 1, pp. 101-116, April 2003
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Abstract:
We examine if analysts more fully incorporate prior earnings and returns information in their current quarter forecasts as their experience following a firm increases. We measure analyst firm-specific forecasting experience as the number of prior quarters for which the analyst has issued an earnings forecast for the firm. We find that analysts underreact to prior earnings information less as their experience increases, suggesting one reason why analysts become more accurate with experience.
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Keywords: underreaction, experience, earnings forecasts, security analysts
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JEL Classifications: M41, G14, G29
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Accepted Paper Series
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Contact Information for
MICHAEL B.
MIKHAIL
(Contact Author)
Email address for MICHAEL B.
MIKHAIL
Arizona State University - W.P. Carey School of Business
Tempe
, AZ
85287-3706
United States
480-727-7198 (Phone)
480-965-8392 (Fax)
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Contact Information for
BEVERLY R.
WALTHER
Email address for BEVERLY R.
WALTHER
Northwestern University - Department of Accounting Information & Management
2001 Sheridan Road
Evanston
, IL
60208
United States
847-467-1595 (Phone)
847-467-1202 (Fax)
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Contact Information for
RICHARD
H.
WILLIS
Email address for RICHARD
H.
WILLIS
Vanderbilt University - Owen Graduate School of Management
401 21st Avenue South
Nashville
, TN
37203
United States
615-343-1050 (Phone)
615-343-7177 (Fax)
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