Analyst valuation and corporate value discovery

作者：Laih Yih Wenn; Lai Hung Neng^*; Li Chun An

来源：International Review of Economics & Finance, 2015, 35: 235-248.

DOI：10.1016/j.iref.2014.10.004

• Analyst forecast
• Valuation
• Information shares
• Residual income model

This paper examines firm-level valuations by financial analysts and by the market, using a traditional vector error-correction model (VECM) or threshold vector error-correction model (TVECM) to obtain the information shares of the two parties. While investors' valuations lead financial analysts' valuations in most firms, the reverse is not uncommon. A cross-sectional analysis reveals that analyst forecasts are more valuable for firms with less trading, less uncertainty, and weaker association between prices and earnings.

• 出版日期2015-1
• 单位中央民族大学