Please use this identifier to cite or link to this item: https://hdl.handle.net/10356/47359
Title: Three essays on financial analysis
Authors: Li, Yuan
Keywords: DRNTU::Business::Accounting::Financial statements and analysis
Issue Date: 2010
Source: Li, Y. (2010). Three essays on financial analysis. Doctoral thesis, Nanyang Technological University, Singapore.
Abstract: This thesis includes three essays on financial analysts. We propose an ex ante measure of an analyst's ability to produce private information (PPI), based on how little the analyst's forecast revisions are correlated with prior stock price changes. We find that earnings forecasts issued by analysts with higher PPI are more accurate, timelier, bolder, and have greater stock price impacts. We also find evidence that, compared to other ex ante measures of analyst ability, PPI is incrementally useful and has the greatest power in identifying superior analysts. In addition, using PPI, we find that Regulation Fair Disclosure not only equalizes the access of analysts to managerial information, but also encourages their private information production.
Description: 160 p.
URI: https://hdl.handle.net/10356/47359
DOI: 10.32657/10356/47359
Rights: Nanyang Technological University
Fulltext Permission: open
Fulltext Availability: With Fulltext
Appears in Collections:NBS Theses

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