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  • 标题:Can analyst predict stock market crashes?
  • 本地全文:下载
  • 作者:Terence t. l. Chong ; Xiaolei Wang
  • 期刊名称:Economics Bulletin
  • 电子版ISSN:1545-2921
  • 出版年度:2013
  • 卷号:33
  • 期号:1
  • 页码:158-166
  • 出版社:Economics Bulletin
  • 摘要:The frequency of financial market turmoil has been rising over the past two decades. While the incidence of market turmoil has increased, the performance of analysts during tumultuous times has not received much attention in the literature. This paper examines whether the accuracy of analyst forecasts on stock returns varies during tumultuous times. Our results indicate that analysts' forecast performance during stock market crashes drops significantly.
  • 关键词:Analyst forecast dispersion; Stock market crash; Excess returns.
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