The financial analyst forecasting literature: A taxonomy with suggestions for further research

Sundaresh Ramnath, Steve Rock and Philip Shane

International Journal of Forecasting, 2008, vol. 24, issue 1, 34-75

Abstract: This paper develops a taxonomy of research examining the role of financial analysts in capital markets. The paper builds on the perspectives provided by Schipper [Schipper, K. (1991). Analysts' forecasts. Accounting Horizons, 5, 105-131] and Brown [Brown, L. (1993). Earnings forecasting research: Its implications for capital markets research. International Journal of Forecasting, 9, 295-320]. We categorize papers published since 1992, describe the research questions addressed, and suggest avenues for further research in seven broad areas: (1) analysts' decision processes; (2) the nature of analyst expertise and the distributions of earnings forecasts; (3) the information content of analyst research; (4) analyst and market efficiency; (5) analysts' incentives and behavioral biases; (6) the effects of the institutional and regulatory environment (including cross-country comparisons); and (7) research design issues.

Date: 2008
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Citations: View citations in EconPapers (179)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:intfor:v:24:y:2008:i:1:p:34-75

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