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Qualität und Effizienz der Gewinnprognosen von Analysten

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Bessler, W., Stanzel, M. Qualität und Effizienz der Gewinnprognosen von Analysten. . Eine empirische Untersuchung für den deutschen Kapitalmarkt. Credit and Capital Markets – Kredit und Kapital, 40(1), 89-129. https://doi.org/10.3790/ccm.40.1.89
Bessler, Wolfgang and Stanzel, Matthias "Qualität und Effizienz der Gewinnprognosen von Analysten. Eine empirische Untersuchung für den deutschen Kapitalmarkt. " Credit and Capital Markets – Kredit und Kapital 40.1, 2007, 89-129. https://doi.org/10.3790/ccm.40.1.89
Bessler, Wolfgang/Stanzel, Matthias (2007): Qualität und Effizienz der Gewinnprognosen von Analysten, in: Credit and Capital Markets – Kredit und Kapital, vol. 40, iss. 1, 89-129, [online] https://doi.org/10.3790/ccm.40.1.89

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Qualität und Effizienz der Gewinnprognosen von Analysten

Eine empirische Untersuchung für den deutschen Kapitalmarkt

Bessler, Wolfgang | Stanzel, Matthias

Credit and Capital Markets – Kredit und Kapital, Vol. 40 (2007), Iss. 1 : pp. 89–129

1 Citations (CrossRef)

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Article Details

Author Details

Wolfgang Bessler, Gießen

Matthias Stanzel, Gießen

Cited By

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    https://doi.org/10.1007/978-3-031-29115-9_6 [Citations: 0]

References

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Abstract

Quality and Efficiency of Earnings Forecasts of Analysts

An Empirical Study for the German Stock Market

This study analyzes the quality of earnings forecasts of individual analysts as well as the efficiency of these forecasts relative to a naive random walk forecast model. The sample consists of 171.281 earnings forecasts for firms listed on the German stock exchange. The empirical results for the period from 1995 to 2004 indicate that financial analysts provide earnings forecasts that are only partially superior to the naïve forecast model. On average, earnings forecasts of financial analysts are inaccurate and biased. However, the forecasts are at least superior up to a forecast horizon of approximately 12 to 15 months. In general, analysts for the German stock market are overoptimistic and overreact to new information. In addition, we observe a significant impact on the results from specific factors such as the forecast horizon, the calendar and fiscal year as well as the industry. Moreover, a change in company earnings affects the results significantly. Moreover, we observe an earnings game between analyst and the management of the firm. Although forecast of the analysts are to some extent of higher quality than the ones derived from a naive forecast model, they must be characterized as conditionally inefficient. This means that financial analysts do not include all information available from the naive model in their earnings forecasts.