Product market pricing power, industry concentration and analysts’ earnings forecasts

Journal of Banking & Finance - Tập 35 - Trang 1352-1366 - 2011
Sudip Datta1, Mai Iskandar-Datta1, Vivek Sharma2
1Department of Finance, School of Business Administration, Wayne State University, Detroit, MI 48202, USA
2Department of Accounting and Finance, School of Management, University of Michigan-Dearborn, Dearborn, MI 48128, USA

Tài liệu tham khảo

Abarbanell, 2003, Biased forecasts or biased earnings? The role of reported earnings in explaining apparent bias and over/underreaction in analysts’ earnings forecasts, Journal of Accounting and Economics, 36, 105, 10.1016/j.jacceco.2003.11.001 Andrade, 2001, New evidence and perspectives on mergers, Journal of Economic Perspectives, 15, 103, 10.1257/jep.15.2.103 Autore, 2009, Do analyst recommendations reflect shareholder rights?, Journal of Banking and Finance, 33, 193, 10.1016/j.jbankfin.2008.07.008 Bamber, 1997, Trading volume and different aspects of disagreement coincident with earnings announcements, The Accounting Review, 72, 575 Brown, 1993, Earnings forecasting research: its implications for capital market research, International Journal of Forecasting, 9, 295, 10.1016/0169-2070(93)90023-G Brown, 2001, A temporal analysis of earnings surprises: profits versus losses, Journal of Accounting Research, 39, 221, 10.1111/1475-679X.00010 Brown, 1987, An information interpretation of financial analyst superiority in forecasting earnings, Journal of Accounting Research, 25, 49, 10.2307/2491258 Claus, 2001, Equity premia as low as three percent? Evidence from analysts earnings forecasts from domestic and international stock markets, Journal of Finance, 61, 1629, 10.1111/0022-1082.00384 Clinch, 1997, Competitive disadvantage and discretionary disclosure in industries, Australian Journal of Management, 22, 125, 10.1177/031289629702200201 Das, 1998, Earnings predictability and bias in analysts’ earnings forecasts, The Accounting Review, 73, 277 De Jong, 2009, The changing relationship between earnings expectation and earnings for value and growth stocks during Reg FD, Journal of Banking and Finance, 33, 435, 10.1016/j.jbankfin.2008.08.015 Diether, 2002, Differences of opinion and the cross section of stock returns, Journal of Finance, 57, 2113, 10.1111/0022-1082.00490 Duru, 2002, International diversification and analysts’ forecast accuracy and bias, The Accounting Review, 77, 415, 10.2308/accr.2002.77.2.415 Ertimur, 2007, Measure for measure: an examination of the association between forecast accuracy and recommendation profitability of sell-side analysts, Journal of Accounting Research, 45, 567, 10.1111/j.1475-679X.2007.00244.x Fama, 1973, Risk, return, and equilibrium: empirical tests, Journal of Political Economy, 81, 607, 10.1086/260061 Gaspar, 2006, Idiosyncratic volatility and product market competition, Journal of Business, 79, 3125, 10.1086/505251 Gu, 2003, Earnings skewness and analyst forecast bias, Journal of Accounting and Economics, 35, 5, 10.1016/S0165-4101(02)00095-2 Güntay, 2010, Corporate bond credit spreads and forecast dispersion, Journal of Banking and Finance, 34, 2328, 10.1016/j.jbankfin.2010.02.019 Harris, 1998, The association between competition and managers’ business segment reporting decisions, Journal of Accounting Research, 36, 111, 10.2307/2491323 Hayes, 1996, Segment reporting to the capital market in the presence of a competitor, Journal of Accounting Research, 34, 261, 10.2307/2491502 Hoberg, 2010, Real and financial industry booms and busts, Journal of Finance, 65, 45, 10.1111/j.1540-6261.2009.01523.x Hou, 2006, Industry concentration and average stock returns, Journal of Finance, 61, 1927, 10.1111/j.1540-6261.2006.00893.x Hwang, 1996, Loss firms and analysts’ earnings forecast errors, Journal of Financial Statement Analysis, 1, 18 Irvine, 2009, Idiosyncratic return volatility, cash flows, and product market competition, Review of Financial Studies, 22, 1149, 10.1093/rfs/hhn039 Kale, 2009 Kross, 1990, Earnings expectations: the analysts’ information advantage, The Accounting Review, 65, 461 Lang, 1996, Corporate disclosure polity and analyst behavior, The Accounting Review, 71, 467 Lerner, 1934, The concept of monopoly and the measurement of monopoly power, Review of Economic Studies, 1, 157, 10.2307/2967480 Lim, 2001, Rationality and analysts’ bias, Journal of Finance, 56, 369, 10.1111/0022-1082.00329 Lin, 1998, Underwriting relationships, analysts’ earnings forecasts and investment recommendations, Journal of Accounting and Economics, 20, 101, 10.1016/S0165-4101(98)00016-0 Lindenberg, 1981, Tobin’s q ratio and industrial organization, Journal of Business, 15, 159 Loh, 2006, Do accurate earnings forecasts facilitate superior investment recommendations?, Journal of Financial Economics, 80, 455, 10.1016/j.jfineco.2005.03.009 Lys, 1995, Analysts’ forecast precision as a response to competition, Journal of Accounting, Auditing, and Finance, 10, 751, 10.1177/0148558X9501000404 Mao, 2001, The effect of industry concentration on free riding, Review of Industrial Organization, 19, 295, 10.1023/A:1011813009129 Nerkar, 2003, When do start-ups that exploit patented academic knowledge survive?, International Journal of Industrial Organization, 21, 1391, 10.1016/S0167-7187(03)00088-2 Newey, 1987, A simple positive semi-definite, heteroskedasticity and autocorrelation consistent covariance matrix, Econometrica, 55, 703, 10.2307/1913610 Nickell, 1996, Competition and corporate performance, Journal of Political Economy, 104, 724, 10.1086/262040 O’Brien, 1988, Analysts’ forecasts as earnings expectations, Journal of Accounting and Economics, 10, 159 Petersen, 2009, Estimating standard errors in finance panel data sets: comparing approaches, Review Financial Studies, 22, 435, 10.1093/rfs/hhn053 Peress, 2010, Product market competition, insider trading and stock market efficiency, Journal of Finance, 65, 1, 10.1111/j.1540-6261.2009.01522.x Philbrick, 1991, Using value line and IBES analyst forecasts in accounting research, Journal of Accounting Research, 29, 397, 10.2307/2491057 Rogers, 2005, Credibility of management forecasts, The Accounting Review, 80, 1233, 10.2308/accr.2005.80.4.1233 Schumpeter, 1950, The march into socialism, The American Economic Review, 40, 446 Stivers, 2004, Unraveling of information: competition and uncertainty, BE Journal of Theoretical Economics, 4, 1 Verrecchia, 1983, Discretionary disclosure, Journal of Accounting and Economics, 5, 365, 10.1016/0165-4101(83)90011-3