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|Title:||Initiating coverage, broker reputation and management earnings forecasts in Australia|
Kee Ho, Y.
Management earnings forecasts
|Citation:||Brown, R., Chan, H.W.H., Kee Ho, Y. (2007). Initiating coverage, broker reputation and management earnings forecasts in Australia. Accounting and Finance 47 (3) : 401-421. ScholarBank@NUS Repository. https://doi.org/10.1111/j.1467-629X.2006.00209.x|
|Abstract:||We examine more than 5000 recommendations made by Australian brokers in the period 1996-2001. We find evidence that initiating recommendations produce greater share price responses than continuing recommendations, particularly for hold, underperform and sell recommendations. We also find evidence that initiating recommendations made by higher-reputation brokers and those made in the absence of a management earnings forecast attract different share price responses. Finally, we find that share price responses to initiating recommendations, conditional on the market consensus recommendation, are significantly different to continuing recommendations. © 2007 AFAANZ.|
|Source Title:||Accounting and Finance|
|Appears in Collections:||Staff Publications|
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