By Brav A., Lehavy R.
Utilizing a wide database of analysts' goal costs issued over the interval 1997-1999, we learn momentary marketplace reactions to focus on rate revisions and long term comovement of objective and inventory prices.We ¢nd a signi¢cant marketplace response to the data contained in analysts' goal costs, either unconditionally and conditional on contemporaneously issued inventory suggestion and gains forecast revisions. utilizing a cointegration process, we research the long term habit of industry and goal prices.We ¢nd that, on regular, the one-year-ahead objective expense is 28 percentage better than the present marketplace fee.
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Additional info for An Empirical Analysis of Analysts’ Target Prices: Short-term Informativeness and Long-term Dynamics
We provide additional evidence as to the dynamic properties of analyst price targets by examining their long-term comovement relative to stock prices. This framework allows us to document the dynamics that force the two sets of prices to converge on the long-term relation. We provide evidence that the market understands the latter relationship. Target prices and, more generally, ¢nancial analysts have recently received considerable attention. This paper is the ¢rst to explore and document evidence on the informativeness and time-series behavior of analysts’ target prices, thus contributing to our understanding of price formation in equity markets.
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An Empirical Analysis of Analysts’ Target Prices: Short-term Informativeness and Long-term Dynamics by Brav A., Lehavy R.