Prospect theory, analyst forecast, and stock returns
This paper documents how prospect theory can be used to explain stock returns and analysts' forecast behavior. Positive earnings surprises are associated with increases in abnormal returns but negative earnings surprises have only a limited negative impact on returns. We find that analysts disp...
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| Main Authors: | , , |
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| Format: | text |
| Language: | English |
| Published: |
Institutional Knowledge at Singapore Management University
2004
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| Subjects: | |
| Online Access: | https://ink.library.smu.edu.sg/lkcsb_research/1158 https://ink.library.smu.edu.sg/context/lkcsb_research/article/2157/viewcontent/SSRN_id566961__1_.pdf |
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| Institution: | Singapore Management University |
| Language: | English |