Are revenue forecasts rational? Evidence surrounding Reg FD

Pieter de Jong ()

Applied Economics Letters, 2011, vol. 18, issue 2, 153-160

Abstract: I test the rationality of analysts' revenue forecasts for a sample of value and growth stocks, which have been shown to have different valuation properties in previous research. Using one-quarter-ahead revenue forecasts and actual sales figures in a firm-by-firm and panel setting in the period 1997 to 2007, I find that all revenue forecasts are rational and actually improved after the introduction of regulation fair disclosure, albeit in larger proportion for value stocks.

Date: 2011
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DOI: 10.1080/13504850903508317

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