Die Verarbeitung von Gewinnprognosen auf dem deutschen Aktienmarkt

Löffler, Gunter

URL: http://www.wiso-net.de/webcgi?START=A60&DOKV_DB=ZE...
Document Type: Article
Year of publication: 1999
The title of a journal, publication series: Schmalenbachs Zeitschrift für betriebswirtschaftliche Forschung : Zfbf
Volume: 51
Issue number: 2
Page range: 128-147
Place of publication: Wiesbaden
Publishing house: Springer Gabler
ISSN: 0341-2687 , 2366-6153
Publication language: German
Institution: School of Law and Economics > Graduiertenkolleg VWL/BWL
Subject: 330 Economics
Abstract: This paper shows that the German stock market is inefficient with respect to publicly available analyst earnings forecasts. Possible explanations for these inefficiencies are discussed and tested. Due to information costs, the information contained in published forecasts need not be available to all investors. In addition, some investors may fail to use the forecasts correctly. Price efficiency may then not be perfect, but rather vary with the amount of trading by well-informed traders. If informed traders are risk-averse, cross-sectional differences in the risk of informed trading should explain differences in price efficiency across stocks. This line of argument is supported by the data. I also examine whether the market under(over)-reacts to information provided by some analysts and find that this is not the case.

Dieser Eintrag ist Teil der Universitätsbibliographie.

Metadata export


+ Search Authors in

+ Page Views

Hits per month over past year

Detailed information

You have found an error? Please let us know about your desired correction here: E-Mail

Actions (login required)

Show item Show item