Katalog Online Perpustakaan

Detail Katalog

Jurnal

Journal of Financial Economics

Keyword

Analysts; Fundamental risk assessment; Scenario-based valuations; Target prices

Pengarang

  1. Peter joos
  2. Joseph d.piotroski
  3. Suraj srinivasan

    Subject

    1. ECONOMIC
    2. FINANCIAL

      [Abstrak]

      We use a
      data set of sell-side analysts' scenario-based equity valuation estimates to examine
      whether analysts can assess the state-contingent risk surrounding a firm's
      fundamental value. We find that the spread in analysts’ scenario-based
      valuations captures the riskiness of operations and predicts the absolute
      magnitude of long-run valuation errors and future changes in firm
      fundamentals. We also show that analysts’ assessment of fundamental risk
      and its predictive ability systematically improved after the financial crisis,
      consistent with the macroeconomic shock raising analysts’ awareness of firms’
      systematic risk exposures.








       



      Periode

      Vol 121, Nomor 3, Tahun 2016

      [Berkas]

      not files can be downloaded

      [Artikel lain]