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Information-relevance of analyst expectations: evidence from forecasts of earnings and cash flows
Lim, Tiong-Kiong1, Skully, Michael T2, Mohamed Ariff,3.
Analyst consensus forecast of earnings and cash flows for the Malaysian listedfirms appears to be a close proxy of market expectations. Given the evidence supporting Fama-efficiency of the tested market, consensus forecasts are already incorporated into stock prices. However, investors with foresight information of forecast errors are able to earn significant risk-adjusted abnormal returns. Also, investors who are able to predict correctly the forecast revisions earn the largest abnormal returns.
Affiliation:
- Monash University, Australia
- Monash University, Australia
- Monash University, Australia
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Indexation |
Indexed by |
MyJurnal (2019) |
H-Index
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0 |
Immediacy Index
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0.000 |
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0 |
Indexed by |
Scopus (SCImago Journal Rankings 2016) |
Impact Factor
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- |
Rank |
Q3 (Economics, Econometrics and Finance (miscellaneous)) |
Additional Information |
0.203 (SJR) |
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