Is Analyst Output Informative? An Intraday Study of Analyst Comments
dc.contributor.author | Chen, Jason V. | |
dc.contributor | Nagar, Venky | |
dc.contributor | Schoenfeld, Jordan | |
dc.date.accessioned | 2013-08-28T17:20:23Z | |
dc.date.available | 2013-08-28T17:20:23Z | |
dc.date.issued | 2017-02 | |
dc.identifier | 1197 | en_US |
dc.identifier.uri | https://hdl.handle.net/2027.42/99582 | |
dc.description.abstract | Conventional wisdom suggests that the public release of financial analyst output is informative to traders about firm value. However, empirical tests of this mechanism have encountered difficulties in isolating the release of analyst output from concurrent intervening events such as analysts' private-client communications. Earnings conference calls provide a unique opportunity to overcome this obstacle: both analyst remarks and stock price movements can be measured publicly in real time. Accordingly, we find that the linguistic tone of analyst comments during the call is significantly associated with intraday returns after appropriately controlling for management disclosures, explaining about one-third of the stock price movement during the discussion period. In reacting to analyst tone, traders anticipate future analyst predictions and recommendations on the company, which can help to explain why prior studies have found mixed evidence on the price reaction to the release of those products. Overall our findings suggest that traders use the public release of analyst output to determine firm value. | en_US |
dc.subject | Analyst Output | en_US |
dc.subject | conference calls | en_US |
dc.subject | Information Equality | en_US |
dc.subject | Corproate Disclosure | en_US |
dc.subject | en_US | |
dc.subject.classification | en_US | |
dc.subject.classification | Accounting | en_US |
dc.title | Is Analyst Output Informative? An Intraday Study of Analyst Comments | en_US |
dc.type | Working Paper | en_US |
dc.subject.hlbsecondlevel | Economics | en_US |
dc.subject.hlbtoplevel | Business | en_US |
dc.contributor.affiliationum | Ross School of Business | en_US |
dc.contributor.affiliationumcampus | Ann Arbor | |
dc.description.bitstreamurl | http://deepblue.lib.umich.edu/bitstream/2027.42/99582/1/1197_Chen.pdf | |
dc.description.bitstreamurl | http://deepblue.lib.umich.edu/bitstream/2027.42/99582/4/1197_Chen_Nov13.pdf | |
dc.description.bitstreamurl | http://deepblue.lib.umich.edu/bitstream/2027.42/99582/6/1197_Chen_Oct14.pdf | |
dc.description.bitstreamurl | http://deepblue.lib.umich.edu/bitstream/2027.42/99582/8/1197_Chen_Dec14.pdf | |
dc.description.bitstreamurl | http://deepblue.lib.umich.edu/bitstream/2027.42/99582/10/1197_Chen_Oct5_2015.pdf | |
dc.description.bitstreamurl | http://deepblue.lib.umich.edu/bitstream/2027.42/99582/12/1197_Chen_Oct5b_2015.pdf | |
dc.description.bitstreamurl | http://deepblue.lib.umich.edu/bitstream/2027.42/99582/14/1197_Nagar_July2016.pdf | |
dc.description.bitstreamurl | http://deepblue.lib.umich.edu/bitstream/2027.42/99582/16/1197_Schoenfeld_Feb2017.pdf | |
dc.description.filedescription | Description of 1197_Nagar_July2016.pdf : July 2016 Revision | |
dc.description.filedescription | Description of 1197_Chen_Oct5b_2015.pdf : October 2015 Revision | |
dc.description.filedescription | Description of 1197_Chen_Oct5_2015.pdf : October 2015 Revision | |
dc.description.filedescription | Description of 1197_Chen_Dec14.pdf : Dec. 2014 revision | |
dc.description.filedescription | Description of 1197_Chen_Nov13.pdf : Nov 2013 update | |
dc.description.filedescription | Description of 1197_Chen_Oct14.pdf : October 2014 revision | |
dc.description.filedescription | Description of 1197_Schoenfeld_Feb2017.pdf : February 2017 update | |
dc.owningcollname | Business, Stephen M. Ross School of - Working Papers Series |
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