Earnings forecasting research: its implications for capital markets research

Judgment under Uncertainty: Heuristics and Biases

1974 • 24,440 citations

Judgment under Uncertainty: Heuristics and Biases

1975 • 23,866 citations

Time Series Analysis: Forecasting and Control

1977 • 19,717 citations

EFFICIENT CAPITAL MARKETS: A REVIEW OF THEORY AND EMPIRICAL WORK*

1970 • 15,798 citations

Efficient Capital Markets: A Review of Theory and Empirical Work

1970 • 10,493 citations

Dividend Policy, Growth, and the Valuation of Shares

1961 • 6,581 citations

An Empirical Evaluation of Accounting Income Numbers

1968 • 6,381 citations

Rational Expectations and the Theory of Price Movements

1961 • 5,518 citations

Dividend Policy under Asymmetric Information

1985 • 3,145 citations

Evidence that stock prices do not fully reflect the implications of current earnings for future earnings

1990 • 2,121 citations

Post-Earnings-Announcement Drift: Delayed Price Response or Risk Premium?

1989 • 1,791 citations

An analysis of intertemporal and cross-sectional determinants of earnings response coefficients

1989 • 1,789 citations

The hot hand in basketball: On the misperception of random sequences

1985 • 1,633 citations

Firm characteristics and analyst following

1989 • 1,593 citations

POST-EARNINGS-ANNOUNCEMENT DRIFT - DELAYED PRICE RESPONSE OR RISK PREMIUM

1989 • 1,578 citations

The Adjustment of Consumption to Changing Expectations About Future Income

1981 • 1,326 citations

On the Usefulness of Earnings and Earnings Research: Lessons and Directions from Two Decades of Empirical Research

1989 • 1,181 citations

Financial statement analysis

2007 • 1,153 citations

Trading Volume and Price Reactions to Public Announcements

1991 • 1,132 citations

Fundamental Information Analysis

1993 • 1,130 citations

Predisclosure Information, Firm Capitalization, and Security Price Behavior Around Earnings Announcements

1985 • 1,086 citations

Analysts' forecasts as earnings expectations

1988 • 1,063 citations

Earnings Asan Explanatory Variable for Returns

1991 • 1,063 citations

Financial statement analysis and the prediction of stock returns

1989 • 1,032 citations

Tests of Analysts' Overreaction/Underreaction to Earnings Information as an Explanation for Anomalous Stock Price Behavior

1992 • 1,022 citations

Reputation and Performance Among Security Analysts

1992 • 994 citations

Earnings Innovations, Earnings Persistence, and Stock Returns

1987 • 977 citations

Analyst Following and Institutional Ownership

1990 • 881 citations

Cross-sectional variation in the stock market response to accounting earnings announcements

1989 • 869 citations

The information content of security prices

1980 • 777 citations

Dividend Policy under Asymmetric Information

1985 • 747 citations

Do Security Analysts Overreact

1990 • 735 citations

The Effect of Investment Banking Relationships on Financial Analysts' Earnings Forecasts and Investment Recommendations*

1995 • 671 citations

Betting on trends: Intuitive forecasts of financial risk and return

1993 • 615 citations

Financial analysts' forecasts of earnings

1982 • 608 citations

The association between revisions of financial analysts' earnings forecasts and security-price changes

1990 • 591 citations

EARNINGS RELEASES, ANOMALIES, AND THE BEHAVIOR OF SECURITY RETURNS

2001 • 585 citations

Stock Prices and the Supply of Information

1991 • 584 citations

On cross-sectional analysis in accounting research

1987 • 583 citations

The association between accounting earnings and security returns for large and small firms

1987 • 565 citations

A Nonlinear Model of Security Price Responses to Unexpected Earnings

1992 • 564 citations

Write-Offs As Accounting Procedures to Manage Perceptions

1988 • 529 citations

Do analysts' earnings forecasts incorporate information in prior stock price changes?

1991 • 521 citations

Firm size and the information content of prices with respect to earnings

1987 • 487 citations

Aggregate accounting earnings can explain most of security returns

1992 • 467 citations

THE SUPERIORITY OF ANALYST FORECASTS AS MEASURES OF EXPECTATIONS: EVIDENCE FROM EARNINGS

1978 • 462 citations

The information content of financial analysts' forecasts of earnings

1979 • 440 citations

Book Rate-of-Return and Prediction of Earnings Changes: An Empirical Investigation

1982 • 436 citations

SOME TIME SERIES PROPERTIES OF ACCOUNTING INCOME

1972 • 431 citations

An evaluation of alternative proxies for the market's assessment of unexpected earnings

1987 • 412 citations

Information in prices about future earnings

1992 • 401 citations

Security Analysis: Principles and Technique.

1963 • 380 citations

The Combination of Forecasts

1983 • 369 citations

Evidence on the Possible Underweighting of Earnings-Related Information

1991 • 368 citations

Security Analyst Superiority Relative to Univariate Time-Series Models in Forecasting Quarterly Earnings

2008 • 355 citations

The Time Series of Annual Accounting Earnings

1977 • 347 citations

Divergence of Opinion in Complete Markets: A Note

1985 • 341 citations

Security Analyst Multi-Year Earnings Forecasts and the Capital Market

1985 • 339 citations

Unexpected Earnings, Firm Size, and Trading Volume around Quarterly Earnings Announcements

2016 • 324 citations

Accounting Measurement, Price-Earnings Ratio, and the Information Content of Security Prices

1989 • 311 citations

The Role of Earnings Levels in Annual Earnings-Returns Studies

1992 • 310 citations

An Information Interpretation of Financial Analyst Superiority in Forecasting Earnings

1987 • 310 citations

THE RELATION BETWEEN STOCK RETURNS AND ACCOUNTING EARNINGS GIVEN ALTERNATIVE INFONNATION

1990 • 296 citations

The prediction of stock returns using financial statement information

1992 • 278 citations

Predicting Individual Analyst Earnings Forecasts

1990 • 278 citations

Univariate Time-Series Models of Quarterly Accounting Earnings per Share: A Proposed Model

1979 • 275 citations

What Determines Price-Earnings Ratios?

1978 • 275 citations

FURTHER EVIDENCE OF THE TIME SERIES PROPERTIES OF ACCOUNTING INCOME

1976 • 274 citations

Methodological issues in the use of financial ratios

1979 • 254 citations

The theory of value and earnings, and an introduction to the Ball‐Brown analysis*

1991 • 251 citations

Systematic ‘abnormal’ returns after quarterly earnings announcements

1978 • 249 citations

The value line enigma (1965–1978)

1982 • 243 citations

Return to Fundamentals

1992 • 242 citations

HIGGLEDY PIGGLEDY GROWTH

1962 • 240 citations

The Multiperiod Information Content of Accounting Earnings: Confirmations and Contradictions of Previous Earnings Reports

1989 • 240 citations

Expectations and Share Prices

1981 • 235 citations

Forecast Accuracy of Individual Analysts in Nine Industries

1990 • 232 citations

The Effect of Ex Ante Earnings Uncertainty on Earnings Response Coefficients

2016 • 227 citations

The earnings-price anomaly

1992 • 227 citations

Using Value Line and IBES Analyst Forecasts in Accounting Research

1991 • 224 citations

The Time-Series Properties of Annual Earnings

1977 • 223 citations

The information content of security prices

1987 • 221 citations

A direct test of the cognitive bias theory of share price reversals

1990 • 218 citations

The Forecast Accuracy of Individual Analysts: Evidence of Systematic Optimism and Pessimism

1991 • 218 citations

The Time-Series Behavior of Quarterly Earnings: Preliminary Evidence

1977 • 213 citations

Earnings and Dividend Announcements: Is There a Corroboration Effect?

1984 • 207 citations

How do financial analysts make decisions? A process model of the investment screening decision

1987 • 205 citations

Discrete Expectational Data and Portfolio Performance

1986 • 202 citations

Disaggregated Accounting Data as Explanatory Variables for Returns

1992 • 201 citations

Performance of a composite as a function of the number of judges

1978 • 199 citations

Stock Prices and the Supply of Information

1991 • 198 citations

Financial statement analysis

2020 • 194 citations

The Association between Interim Information and Security Returns Surrounding Earnings Announcements

1990 • 181 citations

Tests of Analysts' Overreaction/Underreaction to Earnings Information as an Explanation for Anomalous Stock Price Behavior

1992 • 173 citations

Stock Prices and the Dissemination of Analysts' Recommendation

1991 • 171 citations

Aggregating Subjective Forecasts: Some Empirical Results

1985 • 163 citations

Price-earnings regressions in the presence of prices leading earnings

1992 • 162 citations

The Adjustment of Stock Prices to Announcements of Unanticipated Changes in Quarterly Earnings

1977 • 158 citations

The effects of qualified audit opinions on earnings response coefficients

1992 • 155 citations

Bad News and Differential Market Reactions to Announcements of Earlier-Quarters Versus Fourth-Quarter Earnings

1988 • 151 citations

A Multivariate Analysis of Annual Earnings Forecasts Generated from Quarterly Forecasts of Financial Analysts and Univariate Time-Series Models

1980 • 151 citations

The Information Content of Nonearnings Accounting Numbers As Earnings Predictors

1990 • 149 citations

Valuation of Permanent, Transitory, and Price-Irrelevant Components of Reported Earnings

1998 • 145 citations

An Analysis of Brokers' and Analysts' Unpublished Forecasts of UK Stock Returns

1984 • 140 citations

Reputation and Performance Among Security Analysts

1992 • 133 citations

Changes versus Levels in Earnings As Explanatory Variables for Returns: Some Theoretical Considerations

1992 • 131 citations

Consensus Forecasts of Corporate Earnings: Analysts' Forecasts and Time Series Methods

1987 • 124 citations

The Superiority of Analyst Forecasts as Measures of Expectations: Evidence from Earnings

1978 • 124 citations

Some Time Series Properties of Accounting Income

1972 • 98 citations

FURTHER INSIGHT INTO THE STANDARDIZED UNEXPECTED EARNINGS ANOMALY: SIZE AND SERIAL CORRELATION EFFECTS

1987 • 96 citations

Forecasts of earnings per share: Possible sources of analyst superiority and bias*

1990 • 93 citations

Summary financial statement measures and analysts' forecasts of earnings

1992 • 93 citations

Accounting information and corporate governance

1990 • 89 citations

Forecast selection when all forecasts are not equally recent

1991 • 84 citations

Dispersion of Financial Analysts' Earnings Forecasts and the (Option Model) Implied Standard Deviations of Stock Returns

1985 • 81 citations

Fundamental analysis and subsequent stock returns

1992 • 80 citations

The Predictability of Interim Earnings over Alternative Quarters

1984 • 79 citations

Timely Aggregate Analyst Forecasts As Better Proxies for Market Earnings Expectations

1991 • 79 citations

Earnings Expectations and Security Prices

1984 • 74 citations

Returns to Informational Advantages: The Case of Analysts' Forecast Revisions

1982 • 68 citations

Predicting Annual Net Earnings with Quarterly Earnings Time-Series Models

1979 • 67 citations

Divergence of Opinion in Complete Markets: A Note

1985 • 60 citations

The objectives of financial statements: An empirical study of the use of cash flow and earnings by security analysts

1980 • 59 citations

Analyst Forecast Errors and Stock Price Behavior Near the Earnings Announcement Dates of LIFO Adopters

1988 • 57 citations

The rapidity of price adjustments to information

1980 • 57 citations

The relative and complementary performance of analyst and security-price-based measures of expected earnings

1992 • 56 citations

Analysts can forecast accurately!

1980 • 56 citations

Further Evidence of the Time Series Properties of Accounting Income

1976 • 54 citations

Adaptive Expectations, Time-Series Models, and Analyst Forecast Revision

1979 • 48 citations

What Matters from the Past: Market Value, Book Value, or Earnings? Earnings Valuation and Sufficient Statistics for Prior Information

1992 • 45 citations

Discrete Expectational Data and Portfolio Performance

1986 • 42 citations

Analysts' use of managerial bonus incentives in forecasting earnings

1990 • 41 citations

Combining forecasts to improve earnings per share prediction

1987 • 41 citations

Earnings and Dividend Announcements: Is There a Corroboration Effect?

1984 • 40 citations

The Predictive Value of Interim Reports for Improving Forecasts of Future Quarterly Earnings

2006 • 36 citations

Alternative methods of combining security analysts' and statistical forecasts of annual corporate earnings

1991 • 34 citations

ADDITIONAL EVIDENCE ON THE TIME SERIES PROPERTIES OF REPORTED EARNINGS PER SHARE: COMMENT

1977 • 34 citations

The Articulation of Price–Earnings Ratios and Market-to-Book Ratios and the Evaluation of Growth

1997 • 33 citations

The Additional Information Content of Quarterly Earnings Reports: Intertemporal Disaggregation

1982 • 31 citations

An Analysis of Brokers' and Analysts' Unpublished Forecasts of UK Stock Returns

1984 • 28 citations

The association between nonearnings disclosures by small firms and positive abnormal returns

1993 • 27 citations

Financial Statement Information and the Pricing of Earnings Changes

2016 • 23 citations

Specification problems with information content of earnings: revisions and rationality of expectations and self‐selection bias*

1990 • 23 citations

Analyst judgment: The efficient market hypothesis versus a psychological theory of human judgment

1988 • 23 citations

Accuracy improvements from a consensus of updated individual analyst earnings forecasts

1993 • 22 citations

Discussion of Bad News and Differential Market Reactions to Announcements of Earlier-Quarters Versus Fourth-Quarter Earnings

1988 • 21 citations

Strong‐form efficiency on the Toronto Stock Exchange: An examination of analyst price forecasts*

1990 • 20 citations

Problems in Measuring the Quality of Investment Information: The Perils of the Information Coefficient

1983 • 20 citations

Structural changes and the forecasting of quarterly accounting earnings in the utility industry

1990 • 15 citations

Combining Time-Series Model Forecasts and Analysts’ Forecasts for Superior Forecasts of Annual Earnings

1989 • 12 citations

Dispersion of Financial Analysts' Earnings Forecasts and the (Option Model) Implied Standard Deviations of Stock Returns

1985 • 11 citations

The effect of labor strikes on security analysts' forecast superiority and on the association between risk‐adjusted stock returns and unexpected earnings*

1987 • 10 citations

Additional Evidence on the Time Series Properties of Reported Earnings Per Share: Comment

1977 • 7 citations