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dc.contributor.advisorSivaramakrishnan, K.en_US
dc.contributor.advisorRees, Lynnen_US
dc.creatorChevis, Gia Marieen_US
dc.date.accessioned2004-11-15T19:47:27Z
dc.date.available2004-11-15T19:47:27Z
dc.date.created2003-08en_US
dc.date.issued2004-11-15
dc.identifier.urihttp://hdl.handle.net/1969.1/1136
dc.description.abstractFinancial analysts are considered inefficient when they do not fully incorporate relevant information into their forecasts. In this dissertation, I investigate differences in the observable efficiency of analysts' earnings forecasts between firms that consistently meet or exceed analysts' earnings expectations and those that do not. I then analyze the extent to which the market incorporates this (in)efficiency into its earnings expectations. Consistent with my hypotheses, I find that analysts are relatively less efficient with respect to prior returns for firms that do not consistently meet expectations than for firms that do follow such a strategy, especially when prior returns convey bad news. However, forecast errors for firms that consistently meet expectations do not appear to be serially correlated to a greater extent than those for firms that do not consistently meet expectations. It is not clear whether the market considers such inefficiency when setting its own expectations. While the evidence suggests they may do so in the context of a shorter historical pattern of realized forecast errors, other evidence suggests they may not distinguish between predictable and surprise components of forecast error when the historical forecast error pattern is more established.en_US
dc.format.extent264317 bytes
dc.format.extent87024 bytes
dc.format.mediumelectronicen_US
dc.format.mimetypeapplication/pdf
dc.format.mimetypetext/plain
dc.language.isoen_USen_US
dc.publisherTexas A&M Universityen_US
dc.subjectanalyst forecastsen_US
dc.subjectforecast errorsen_US
dc.subjectforecast efficiencyen_US
dc.titleMarket perceptions of efficiency and news in analyst forecast errorsen_US
dc.typeThesisen
thesis.degree.departmentAccountingen_US
thesis.degree.disciplineAccountingen_US
thesis.degree.grantorTexas A&M Universityen_US
thesis.degree.nameDoctor of Philosophyen_US
thesis.degree.levelDoctoralen_US
dc.contributor.committeeMemberSwanson, Edwarden_US
dc.contributor.committeeMemberWilkins, Mikeen_US
dc.contributor.committeeMemberGutierrez, Roberten_US
dc.type.genreElectronic Dissertationen_US
dc.type.materialtexten_US
dc.format.digitalOriginborn digitalen_US


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