When everyone misses on the same side: Debiased earnings surprises and stock returns
In event studies of capital market efficiency, an earnings surprise has historically been measured by the consensus error, defined as earnings minus the consensus or average of professional forecasts. The rationale is that the consensus is an accurate measure of the market’s expectation of earnings....
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| Main Authors: | , , , , |
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| 格式: | text |
| 語言: | English |
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Institutional Knowledge at Singapore Management University
2015
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| 在線閱讀: | https://ink.library.smu.edu.sg/lkcsb_research/5273 https://ink.library.smu.edu.sg/context/lkcsb_research/article/6272/viewcontent/Chiang_Dai_Fan_Hong_Tu_FOM2014.pdf |
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