Philip B. Shane

College of William & Mary

Professor

P.O. Box 8795

Williamsburg, VA 23185

United States

Monash University

23 Innovation Walk

Wellington Road

Clayton, Victoria 3800

Australia

Monash University - Department of Accounting

H3.43, Building H, Level 3

Monash University Caulfiled

Melbourne, VIC 3145

Australia

SCHOLARLY PAPERS

23

DOWNLOADS
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Top 2,549

in Total Papers Downloads

13,445

CITATIONS
Rank 3,669

SSRN RANKINGS

Top 3,669

in Total Papers Citations

148

Scholarly Papers (23)

1.

A Review of Research Related to Financial Analysts' Forecasts and Stock Recommendations

Number of pages: 117 Posted: 16 Nov 2005 Last Revised: 27 Apr 2010
Sundaresh Ramnath, Steve Rock and Philip B. Shane
University of Miami - Department of Accounting, University of Colorado at Boulder - Department of Accounting and College of William & Mary
Downloads 4,069 (2,075)
Citation 14

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Financial analyst forecasts, analyst recommendations

2.

The Financial Analyst Forecasting Literature: A Taxonomy with Suggestions for Further Research

International Journal of Forecasting, Vol. 24, No. 1, 2008
Number of pages: 42 Posted: 18 Feb 2008
Sundaresh Ramnath, Steve Rock and Philip B. Shane
University of Miami - Department of Accounting, University of Colorado at Boulder - Department of Accounting and College of William & Mary
Downloads 2,314 (5,492)
Citation 46

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Earnings forecasting, Financial analysts, Financial markets, Stock price forecasts, Analyst stock recommendations, Analyst research

3.

Investor and (Value Line) Analyst Underreaction to Information About Future Earnings: The Corrective Role of Non-Earnings-Surprise Information

Number of pages: 26 Posted: 04 Jun 2001
Peter A. Brous and Philip B. Shane
Seattle University and College of William & Mary
Downloads 1,566 (10,560)
Citation 30

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Analysts' forecasts, Market efficiency, Underreaction, Post-earnings-announcement drift

4.

Value Line and I/B/E/S Earnings Forecasts

Number of pages: 34 Posted: 12 Dec 2001
Sundaresh Ramnath, Steve Rock and Philip B. Shane
University of Miami - Department of Accounting, University of Colorado at Boulder - Department of Accounting and College of William & Mary
Downloads 1,145 (17,226)
Citation 17

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Financial analysts' earnings forecasts, Value Line, I/B/E/S, Market earnings expectations, Forecasting databases

5.

Earnings and Price Discovery in the Post-Reg. Fd Information Environment: A Preliminary Analysis

Number of pages: 27 Posted: 21 Nov 2001
Philip B. Shane, Naomi S. Soderstrom and Sung Wook Yoon
College of William & Mary, University of Melbourne and California State University, Northridge
Downloads 719 (33,636)
Citation 20

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Reg. FD; Analysts forecasts; Regulation; Information environment

6.

Academic Research and Standard Setting: The Case of Other Comprehensive Income

Accounting Horizons, Forthcoming
Number of pages: 50 Posted: 26 Mar 2012 Last Revised: 07 May 2012
Lynn L. Rees and Philip B. Shane
Utah State University - Huntsman School of Business and College of William & Mary
Downloads 685 (35,949)
Citation 1

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other comprehensive income, standard setting, earnings, literature review

7.

The Role of Financial Analysts in Stock Market Efficiency with Respect to Annual Earnings and its Cash and Accrual Components

Accounting & Finance, Volume 57, Issue 1 p199-237
Number of pages: 55 Posted: 01 Apr 2013 Last Revised: 30 Aug 2018
Dana Hollie, Philip B. Shane and Qiuhong Zhao
The University of Toledo, College of William & Mary and Texas A&M University-Corpus Christi-Department of Accounting
Downloads 528 (50,500)

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Analyst Forecast, Forecasting Bias, Accrual, Free Cash Flow, Market Efficiency

8.

Horizon-Dependent Underreaction in Financial Analysts' Earnings Forecasts

Contemporary Accounting Research, Vol. 23, No. 1, Spring 2006, McCombs Research Paper Series No. ACC-04-05
Number of pages: 33 Posted: 03 Oct 2003 Last Revised: 20 Sep 2012
University of North Carolina at Chapel Hill, College of William & Mary and University of Connecticut - School of BusinessUniversity of Connecticut - School of Business
Downloads 478 (57,266)

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Earnings forecasts, security analysts, underreaction, forecast rationality

9.

Financial Statement Comparability and Valuation of Seasoned Equity Offerings

Number of pages: 44 Posted: 30 Dec 2013 Last Revised: 28 Feb 2014
Philip B. Shane, David B. Smith and Suning Zhang
College of William & Mary, University of Nebraska at Lincoln - School of Accountancy and Iowa State University - Debbie and Jerry Ivy College of Business
Downloads 374 (76,834)

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Seasoned equity offerings, Comparability, Valuation, Underpricing, Long-run performance, Accounting, Capital markets

Changes in Cash: Persistence and Pricing Implications

Number of pages: 50 Posted: 19 Feb 2014
Jeff Zeyun Chen and Philip B. Shane
Texas Christian University and College of William & Mary
Downloads 272 (109,004)

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Earnings persistence; Free cash flow; Fundamentals-driven changes in cash, Suboptimal cash build-up, Suboptimal cash reduction; Market efficiency with respect to changes in cash

Changes in Cash: Persistence and Pricing Implications

Journal of Accounting Research, Vol. 52, No. 3, 2014
Posted: 11 Sep 2014
Jeff Zeyun Chen and Philip B. Shane
Texas Christian University and College of William & Mary

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Earnings persistence; Free cash flow; Fundamentals-driven changes in cash; Suboptimal cash build-up; Suboptimal cash reduction; Market efficiency with respect to changes in cash

11.

Earnings Guidance and Earnings Management Constraints

Number of pages: 46 Posted: 15 Oct 2012
Adam S. Koch, Craig E. Lefanowicz and Philip B. Shane
University of Virginia - McIntire School of Commerce, University of Virginia - McIntire School of Commerce and College of William & Mary
Downloads 215 (138,703)

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earnings guidance, management forecasts, earnings management, corporate disclosure

12.

Do Financial Analysts’ Long-Term Growth Forecasts Matter? Evidence from Stock Recommendations and Career Outcomes

Journal of Accounting & Economics (JAE), Vol. 51, No. 1-2, 2012
Number of pages: 49 Posted: 16 Sep 2011 Last Revised: 19 Mar 2015
Boochun Jung, Philip B. Shane and Yanhua Sunny Sunny Yang
University of Hawaii - School of Accountancy, College of William & Mary and University of Connecticut - School of BusinessUniversity of Connecticut - School of Business
Downloads 196 (151,315)
Citation 1

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long-term earnings growth forecast, stock recommendations, career outcomes

13.

Information in the Tails of the Distribution of Analysts’ Quarterly Earnings Forecasts

Financial Analysts Journal, Forthcoming
Number of pages: 40 Posted: 18 May 2016
Philip B. Shane, Cameron Truong and Qiuhong Zhao
College of William & Mary, Monash University and Texas A&M University-Corpus Christi-Department of Accounting
Downloads 158 (183,158)

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earnings news, tail earnings forecasts, market efficiency, post-earnings announcement drift

14.

Inferring Analysts' Information About Changes in Earnings Components*

Number of pages: 31 Posted: 17 Sep 2004
David A. Guenther, Philip B. Shane and David P. Weber
University of Oregon - Department of Accounting, College of William & Mary and University of Connecticut - Department of Accounting
Downloads 149 (192,315)

Abstract:

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analysts, earnings, forecasts, components, accuracy

15.

Financial Analysts’ Long-Term Growth Forecasts and Market Efficiency with Respect to Firms’ Innovative Efficiency

Number of pages: 74 Posted: 05 Oct 2016 Last Revised: 02 Dec 2017
Jeff Zeyun Chen, Philip B. Shane, Liu Yang and Joseph Zhang
Texas Christian University, College of William & Mary, University of Miami and University of Memphis
Downloads 135 (208,204)

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16.

Do Connections with Buy-Side Analysts Inform Sell-Side Analyst Research?

University of Connecticut School of Business Research Paper No. 17-12
Number of pages: 52 Posted: 12 Oct 2017 Last Revised: 11 Apr 2018
Gjergji Cici, Philip B. Shane and Yanhua Sunny Sunny Yang
University of Kansas - School of Business, College of William & Mary and University of Connecticut - School of BusinessUniversity of Connecticut - School of Business
Downloads 126 (219,766)

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sell-side analysts, buy-side analysts, institutional investors

17.

Do Analysts’ Long-Term Growth Forecasts Signal Effective Effort Underlying Informative Stock Recommendations and Favorable Career Outcomes?

Number of pages: 60 Posted: 09 Jul 2010
Boochun Jung, Philip B. Shane and Yanhua Sunny Sunny Yang
University of Hawaii - School of Accountancy, College of William & Mary and University of Connecticut - School of BusinessUniversity of Connecticut - School of Business
Downloads 96 (266,486)
Citation 1

Abstract:

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long-term earnings growth forecast, stock recommendations, career outcomes

18.

Do Financial Analysts Generate Value-Relevant Interpretive Information from 10-K Filings?

Number of pages: 51 Posted: 15 May 2017
Jamie Diaz, Kenneth Njoroge and Philip B. Shane
College of William and Mary, College of William and Mary - Mason School of Business and College of William & Mary
Downloads 92 (273,858)

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Financial Analysts, Earnings Forecast Revisions, 10-K Filings, Value-Relevance, Interpretive Information

19.

The Market Value of Inventory

Number of pages: 44 Posted: 25 Jun 2018
Jeff Zeyun Chen, Boochun Jung, Duri Park and Philip B. Shane
Texas Christian University, University of Hawaii - School of Accountancy, Drexel University and College of William & Mary
Downloads 74 (312,322)

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Market Value of Inventory Holdings; Abnormal Inventory; Supply Chain Management

20.

10K Complexity and the Market Efficiency and Information Asymmetry Implications of Analysts’ Annual Earnings Forecasts

Number of pages: 50 Posted: 11 Mar 2019
Jamie Diaz, Kenneth Njoroge and Philip B. Shane
College of William and Mary, College of William and Mary - Mason School of Business and College of William & Mary
Downloads 46 (393,144)

Abstract:

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21.

Financial Analysts’ Forecasts and Stock Recommendations: A Review of the Research

Foundations and Trends in Finance, Vol. 2, No. 4, pp. 311-421, 2006
Number of pages: 111 Posted: 14 Jun 2010
Sundaresh Ramnath, Steve Rock and Philip B. Shane
University of Miami - Department of Accounting, University of Colorado at Boulder - Department of Accounting and College of William & Mary
Downloads 8 (579,377)
Citation 18
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22.

Security Analyst and Stock Market Efficiency in Anticipating Tax-Motivated Income Shifting

Accounting Review, Vol. 81, No. 1, January 2006
Posted: 13 Nov 2005 Last Revised: 26 Feb 2008
Philip B. Shane and Toby Stock
College of William & Mary and Ohio University - School of Accountancy

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Analysts' forecasts, analyst and market efficiency, taxes, earnings management

23.

An Evaluation of the Ability of Logit-Based Financial Statement Analysis to Identify Market Mispricing

Posted: 23 Sep 1996
Richard M. Morton and Philip B. Shane
Florida State University - Department of Accounting and College of William & Mary

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