Extracting information from European analyst forecasts

Andrea S Au ()
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Andrea S Au: State Street Global Advisors

Journal of Asset Management, 2007, vol. 8, issue 4, No 2, 228-237

Abstract: Abstract The impact of analyst forecasts is undeniable. However, previous research on analyst factors yields either event strategies that are unimplementable or consensus strategies whose effectiveness has diminished. My analysis looks at independent and combined effectiveness of consensus, dispersion, and an untested revision measure for earnings, recommendations, and price targets in the European market. My results suggest that investors designing an analyst trading strategy should look beyond earnings or recommendations alone and include measures other than simple consensus.

Keywords: security analysts; earnings; recommendations; price targets (search for similar items in EconPapers)
Date: 2007
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DOI: 10.1057/palgrave.jam.2250076

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