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A New Paradigm in Investor-Analyst Relation투자자와 애널리스트의 관계조명을 위한 새로운 패러다임

Other Titles
투자자와 애널리스트의 관계조명을 위한 새로운 패러다임
Authors
곽승욱
Issue Date
Feb-2014
Publisher
한국경영컨설팅학회
Keywords
earnings information; forecasting bias; naïve expectations hypothesis; rational expectations hypothesis; investor-analyst relation; 수익정보; 예측오류; 순수기대가설; 합리적기대가설; 투자자/애널리스트관계
Citation
경영컨설팅연구, v.14, no.1, pp 287 - 302
Pages
16
Journal Title
경영컨설팅연구
Volume
14
Number
1
Start Page
287
End Page
302
URI
https://scholarworks.sookmyung.ac.kr/handle/2020.sw.sookmyung/6134
ISSN
1598-172X
Abstract
This research provides a paradigm in which researchers investigate the true response of investors to the information contents in analysts’ earnings forecasts. The existing paradigm assumes that investor expectation about new earnings information is identical to analyst expectation. Investor expectation is unlikely to mirror analyst expectation and likely to reflect the forecasting behavior of analysts. This article proposes that the existing research paradigm to test the investor reaction to earnings surprises may be misspecified and suggests two testable hypotheses, the naïve expectations hypothesis (NEH) and rational expectations hypothesis (REH), given the forecasting behavior of analysts. The new paradigm can be generalized to other investment relations.
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경상대학 (경영학부)
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