Universität zu Köln

Information processing in financial markets. Three essays on equity analysts

Pucker, Oliver (2013) Information processing in financial markets. Three essays on equity analysts. PhD thesis, Universität zu Köln.

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    Abstract

    This thesis covers three broad research questions: The first paper (chapter 2) “The Good, The Bad, and The Lucky: Projected Earnings Accuracy and Profitability of Stock Recommendations” explores cross-sectional differences among analysts regarding the accuracy of their earnings forecasts and the investment value of their stock recommendations. It focuses on the question whether some analysts add more value in the investment decision process than others and how these analysts can be identified. The second paper (chapter 3) “Sell Side Recommendations during Booms and Busts” switches the focus from the cross-section to the time series. It examines the profitability of analyst stock recommendations across the business cycle. In particular, it studies how the information content of stock recommendations as well as the initial investor reaction depend on the business cycle. The third paper (chapter 4) “Do Aggregate Company Outlooks have Macroeconomic Content?” addresses the question whether aggregated analyst forecasts have predictive power for overall economic developments. The major difference to the previous two chapters is that analyst outputs are studied on an aggregated basis to analyze their macroeconomic content. A new application of analyst recommendations is proposed which mimics a survey among analysts about the overall future development of all companies covered by them.

    Item Type: Thesis (PhD thesis)
    Creators:
    CreatorsEmail
    Pucker, Oliverpucker@wiso.uni-koeln.de
    Corporate Creators: Universität zu Köln
    URN: urn:nbn:de:hbz:38-53008
    Subjects: Management and auxiliary services
    Uncontrolled Keywords:
    KeywordsLanguage
    equity analysts, portfolio management, recommendation profitability, earnings forecast persistenceEnglish
    Faculty: Wirtschafts- u. Sozialwissenschaftliche Fakultät
    Divisions: Wirtschafts- u. Sozialwissenschaftliche Fakultät > Keine Angabe
    Language: English
    Date: 20 June 2013
    Date Type: Publication
    Date of oral exam: 27 August 2013
    Full Text Status: Public
    Date Deposited: 10 Sep 2013 16:32:55
    Referee
    NameAcademic Title
    Hess, DieterUniv.-Prof. Dr.
    Kempf, AlexanderUniv.-Prof. Dr.
    Hartmann-Wendels, ThomasUniv.-Prof. Dr.
    URI: http://kups.ub.uni-koeln.de/id/eprint/5300

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