Philip B. Shane

College of William & Mary

Professor

P.O. Box 8795

Williamsburg, VA 23185

United States

SCHOLARLY PAPERS

24

DOWNLOADS
Rank 3,201

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Top 3,201

in Total Papers Downloads

14,424

SSRN CITATIONS
Rank 5,582

SSRN RANKINGS

Top 5,582

in Total Papers Citations

88

CROSSREF CITATIONS

154

Scholarly Papers (24)

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 4,308 (2,633)
Citation 15

Abstract:

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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 2,503 (6,642)
Citation 34

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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 1,577 (13,939)
Citation 8

Abstract:

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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 1,158 (22,398)
Citation 10

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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 739 (42,194)
Citation 35

Abstract:

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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 - School of Accountancy and College of William & Mary
Downloads 730 (42,897)
Citation 4

Abstract:

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other comprehensive income, standard setting, earnings, literature review

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
Downloads 601 (54,748)

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

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

Accounting & Finance, Vol. 57, Issue 1, pp. 199-237, 2017
Number of pages: 39 Posted: 19 Mar 2020
Dana Hollie, Philip B. Shane and Qiuhong Zhao
The University of Toledo, College of William & Mary and University of Missouri at Columbia
Downloads 1 (814,463)
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Accrual, Analyst forecast, Forecasting bias, 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
Jana Smith Raedy, Philip B. Shane and Yanhua Sunny Yang
University of North Carolina at Chapel Hill, College of William & Mary and University of Connecticut - School of BusinessUniversity of Connecticut - School of Business
Downloads 489 (71,681)
Citation 12

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Earnings forecasts, security analysts, underreaction, forecast rationality

9.

Financial Reporting Comparability and Costs of Seasoned Equity Offerings

Number of pages: 47 Posted: 30 Dec 2013 Last Revised: 27 Aug 2019
Adam Bordeman, Philip B. Shane, David B. Smith and Suning Zhang
Cal Poly-SLO, College of William & Mary, University of Nebraska at Lincoln - School of Accountancy and Iowa State University - Debbie and Jerry Ivy College of Business
Downloads 442 (80,917)
Citation 7

Abstract:

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Seasoned equity offerings; Comparability; Valuation; Information asymmetry; Transparency; Decision usefulness; Information precision; Capital markets

10.
Downloads 279 (135,173)
Citation 3

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 279 (134,506)
Citation 3

Abstract:

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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 231 (163,014)
Citation 2

Abstract:

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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 Yang
University of Hawaii at Manoa - School of Accountancy, College of William & Mary and University of Connecticut - School of BusinessUniversity of Connecticut - School of Business
Downloads 231 (163,014)
Citation 8

Abstract:

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

13.

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 Yang
University of Kansas - School of Business, College of William & Mary and University of Connecticut - School of BusinessUniversity of Connecticut - School of Business
Downloads 169 (216,625)

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

14.

Does Coverage by Long-term Growth Forecasting Analysts Mitigate Market Underreaction to Information about Innovative Efficiency?

Number of pages: 55 Posted: 05 Oct 2016 Last Revised: 06 Apr 2020
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 169 (216,625)
Citation 1

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Innovation, Patents, Long-term growth, Analysts’ forecasts, Market efficiency

15.

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
Downloads 163 (223,357)

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

16.

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 154 (234,236)

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analysts, earnings, forecasts, components, accuracy

17.

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 127 (272,669)

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18.

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 at Manoa - School of Accountancy, Drexel University and College of William & Mary
Downloads 117 (289,554)

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

19.

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 102 (318,292)

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

20.

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 Yang
University of Hawaii at Manoa - School of Accountancy, College of William & Mary and University of Connecticut - School of BusinessUniversity of Connecticut - School of Business
Downloads 99 (324,492)
Citation 1

Abstract:

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

21.

Bargaining Power and the Relations between Changes in Purchase Obligations and Future Earnings, Analysts’ Forecast Errors, and Stock Price Changes

Number of pages: 30 Posted: 08 Sep 2020
Dharmendra Naidu and Philip B. Shane
Monash University - Department of Accounting and College of William & Mary
Downloads 26 (588,633)

Abstract:

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Bargaining Power, Purchase Obligations, Future Earnings, Analysts' Forecasts

22.

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 9 (710,503)
Citation 4
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23.

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

Abstract:

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

24.

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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