TRA CỨU
Các bộ sưu tập
Skip Navigation Links.
Thư mục - Vốn tư liệu
Market reactions to the closest peer firm’s analyst revisions

Market reactions to the closest peer firm’s analyst revisions

 Hope, Ole-Kristian.
 2017.
 p. 345-372. English
Phân tích thị trườngFinance RevisionsMarket AnalysisDoanh nghiệpBáo cáo phân tíchAnalyst revisionsInformation transferMarket reactions+ 2 từ khóa
Tác giả CN Hope, Ole-Kristian.
Nhan đề Market reactions to the closest peer firm’s analyst revisions / Ole-Kristian Hope, Wuyang Zhao.
Thông tin xuất bản 2017.
Mô tả vật lý p. 345-372.
Tóm tắt Prior analyst literature focuses on the impact of financial analysts on the firms they cover, and prior information-transfer literature concentrates on the externalities of information provided by management. This paper fills gaps in both streams of literature by examining the focal firm’s market reactions to the closest peer firm’s (identified by product similarity) analyst revisions. We find that the focal firm’s stock price reacts to the closest peer’s analyst revisions made by analysts who are not covering the focal firm. The focal firm’s cumulative abnormal return for a five-day window centered on the revision date is 0.54% higher if the peer firm’s analyst revision magnitude is in the top decile than if it is in the bottom decile. Cross-sectional tests show that the sensitivity of the focal firm’s market reactions to the peer firm’s revisions increases with the revision informativeness and the similarity between the focal firm and the peer firm. In addition, we find that focal firms do not react to peer firms’ revisions in industries with strong competition where the competitive effects cancel out the spillover effects. Finally, we find that the focal firm’s market reactions can predict its own future analyst revisions, suggesting that the reactions are at least partially rational.
Thuật ngữ chủ đề Phân tích thị trường
Thuật ngữ chủ đề Finance Revisions
Thuật ngữ chủ đề Market Analysis
Từ khóa tự do Doanh nghiệp
Từ khóa tự do Báo cáo phân tích
Từ khóa tự do Analyst revisions
Từ khóa tự do Information transfer
Từ khóa tự do Market reactions
Từ khóa tự do Peer firms
Từ khóa tự do Phản ứng thị trường
Nguồn trích Accounting and Business Research-
Nguồn trích Accounting and Business Research- Vol.48, No. 4
MARC
Hiển thị đầy đủ trường & trường con
TagGiá trị
00000000nab#a2200000ui#4500
00153018
0022
004D5A0D615-80A4-472C-9BA0-625FC6E8F051
005202007131445
008081223s2017 vm| vie
0091 0
035[ ] |a 1456361903
039[ ] |a 20241209115219 |b idtocn |c 20200713144549 |d huongnt |y 20181002143700 |z thuvt
041[0 ] |a eng
044[ ] |a enk
100[1 ] |a Hope, Ole-Kristian.
245[1 0] |a Market reactions to the closest peer firm’s analyst revisions / |c Ole-Kristian Hope, Wuyang Zhao.
260[ ] |c 2017.
300[1 0] |a p. 345-372.
520[ ] |a Prior analyst literature focuses on the impact of financial analysts on the firms they cover, and prior information-transfer literature concentrates on the externalities of information provided by management. This paper fills gaps in both streams of literature by examining the focal firm’s market reactions to the closest peer firm’s (identified by product similarity) analyst revisions. We find that the focal firm’s stock price reacts to the closest peer’s analyst revisions made by analysts who are not covering the focal firm. The focal firm’s cumulative abnormal return for a five-day window centered on the revision date is 0.54% higher if the peer firm’s analyst revision magnitude is in the top decile than if it is in the bottom decile. Cross-sectional tests show that the sensitivity of the focal firm’s market reactions to the peer firm’s revisions increases with the revision informativeness and the similarity between the focal firm and the peer firm. In addition, we find that focal firms do not react to peer firms’ revisions in industries with strong competition where the competitive effects cancel out the spillover effects. Finally, we find that the focal firm’s market reactions can predict its own future analyst revisions, suggesting that the reactions are at least partially rational.
650[0 0] |a Phân tích thị trường
650[0 0] |a Finance Revisions
650[0 0] |a Market Analysis
653[0 ] |a Doanh nghiệp
653[0 ] |a Báo cáo phân tích
653[0 ] |a Analyst revisions
653[0 ] |a Information transfer
653[0 ] |a Market reactions
653[0 ] |a Peer firms
653[0 ] |a Phản ứng thị trường
773[ ] |t Accounting and Business Research
773[ ] |t Accounting and Business Research |g Vol.48, No. 4
890[ ] |a 0 |b 0 |c 0 |d 0