| Träffsäkerhet och innehåll i svenska aktieanalyser : Individuella värden och korrelation (2007) | |||||||||||
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| Financial analysts employed by different financial institutes every month issue a number of stock reports where estimates of the analyzed company’s future progress are presented. This study focuses on the question how precise analysts are in their forecasts of valuationcomponents concerning the income statement, the balance sheet and the company’s cash flows. Also, the question whether the deviations from the true values can be explained from the amount of non-financial information disclosed in the reports as well as from the quality ofthe analyzed company’s account is focused.The study shows that a majority of the analysts’ forecasts are negatively skewed, meaning that the real values exceed the estimates. This result contradicts the bulk of the earlier studies from the US and Great Britain. Furthermore, somewhat surprisingly, the study shows that no relation can be found between either non-financial disclosure or the quality of accounts and the precision in analysts’ estimates. | |||||||||||
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