By Richard H. Jennings
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Additional resources for Reaction of Financial Analysts to Management Earnings Forecasts
Jaggi, Bikki, "Further Evidence on the Accuracy of Management Forecasts Vis-a-Vis Analysts' Forecasts," The Accounting Review January 1980,96-101. B. Malkiel, "The Valuation of Public Utility Equities," BeliJournal ofEconomics, Spring 1970,143-160. B. Malkiel and J. Cragg, "Expectations and the Structure of Share Prices" A merican Economic Review, September 1970,601-617. V. N eiderhoffer and P. Regan, "Earnings Changes, Analysts' Forecasts and Stock Prices," Financial Analysts Journal, May-June 1972,65-71.
Gultekin, "Expectations and Share Prices," Management Science, September 1981, 975-987. E. Fama, L. Jensen and R. Roll, "The Adjustment of Stock Prices to New Information," International Economic Review, February 1969, 1-21. D. Fried and D. Givoly, "Financial Analysts Forecasts of Earnings: A Better Surrogate for Earnings Expectations," Journal of Accounting and Economics, October 1982,85-107. D. Givoly andJ. Lakonishok, "The Information Content of Financial Analysts' Forecasts of Earnings," Journal Accounting and Economics, Winter 1979, 165-185.
STF (1/28/80, 1/26/81) Sundstrand Corp. - SNS (4/15/82,9/28/82) Scotty's Inc. - SHB (5/7/80) Standard Brands Paints - SBP (1/25/80) U. S. Gypsum - USG (6/9/80) U. S. Leasing - USL (10/1/81) V ulcan Materials Co. - VMC (6/24/82) Whittaker Corp. - WKR (9/11/79,3/22/82) Wickes Co. - QWIX (10/20/80) 33 FOOTNOTES 1. Ample empirical evidence indicates that financial analyst earnings forecasts represents a reasonable proxy for the "market's" expectations. See for example, studies by Malkiel and Cragg (1970), Malkiel (1970) and Fried and Givoly (1982).