English, Article, Journal or magazine article edition: Do Investors Learn About Analyst Accuracy? Chang, Charles; Daouk, Hazem; Wang, Albert

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Bookmark: http://trove.nla.gov.au/version/148403
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Do Investors Learn About Analyst Accuracy?
Author
  • Chang, Charles
  • Daouk, Hazem
  • Wang, Albert
Physical Description
  • preprint
Notes
  • We study the impact of analyst forecasts on prices to determine whether investors learn about analyst accuracy. Our test market is the crude oil futures market. Prices rise when analysts forecast a decrease (increase) in crude supplies. In the 15 minutes following supply realizations, prices rise (fall) when forecasts have been too high (low). In both the initial price action relative to forecasts and in the subsequent reaction relative to realized forecast errors, the price response is stronger for more accurate analysts. These price reactions imply that investors learn about analyst accuracy and trade accordingly.
  • Financial Economics, Institutional and Behavioral Economics, Political Economy,
  • RePEc:ags:cudawp:51158
Language
  • English
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