An Empirical Analysis of Analysts’ Target Prices : Short - Term Informativeness And Long - Term Dynamics  

Oleh:

Brav, Alon ; Lehavy, Reuven

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 58 no. 5 (Oct. 2003), page 1933-1968.
Topik: dynamics; securities markets; stock prices; forecasts; securities analysis; studies
Fulltext: p 1933.pdf (285.76KB)

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Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ88 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

Using a large database of analysts' target prices issued over the period 1997-1999, we examine the short - term market reactions to target price revisions and long - term comovement of target and stock prices. We find a significant market reaction to the information contained in analysts' target prices, both unconditionally and conditional on contemporaneously issued stock recommendation and earnings forecast revisions. Using a cointegration approach, we analyze the long-term behaviour of market and target prices. We find that, on average, the one - year -ahead target price is 28 percent higher than the current market price.

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