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Analyst reputation and the issuance of disaggregated earnings forecasts to I/B/E/S

Publication ,  Journal Article
Ertimur, Y; Mayew, WJ; Stubben, SR
Published in: Review of Accounting Studies
March 1, 2011

Although sell-side analysts privately forecast revenues and expenses when producing earnings forecasts, not all analysts choose to provide I/B/E/S with earnings forecasts disaggregated into revenues and expenses. We investigate the role of reputation in explaining this decision. We find that analysts without established reputations are more likely than reputable analysts to issue disaggregated earnings forecasts to I/B/E/S, consistent with I/B/E/S exposure benefits accruing to analysts seeking to establish a reputation. Among less reputable analysts, those with high ability are more likely to disaggregate, consistent with this group reaping greater benefits from the exposure I/B/E/S provides. Additional tests support our primary hypotheses. Among less reputable analysts, those who disaggregate are more (less) likely to be promoted (demoted or terminated). The stock market responds similarly, with more weight assigned to earnings forecast revisions provided by analysts who disaggregate their earnings forecasts. © 2009 Springer Science+Business Media, LLC.

Duke Scholars

Published In

Review of Accounting Studies

DOI

ISSN

1380-6653

Publication Date

March 1, 2011

Volume

16

Issue

1

Start / End Page

29 / 58

Related Subject Headings

  • Accounting
  • 3501 Accounting, auditing and accountability
  • 1501 Accounting, Auditing and Accountability
 

Citation

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Ertimur, Y., Mayew, W. J., & Stubben, S. R. (2011). Analyst reputation and the issuance of disaggregated earnings forecasts to I/B/E/S. Review of Accounting Studies, 16(1), 29–58. https://doi.org/10.1007/s11142-009-9116-5
Ertimur, Y., W. J. Mayew, and S. R. Stubben. “Analyst reputation and the issuance of disaggregated earnings forecasts to I/B/E/S.” Review of Accounting Studies 16, no. 1 (March 1, 2011): 29–58. https://doi.org/10.1007/s11142-009-9116-5.
Ertimur Y, Mayew WJ, Stubben SR. Analyst reputation and the issuance of disaggregated earnings forecasts to I/B/E/S. Review of Accounting Studies. 2011 Mar 1;16(1):29–58.
Ertimur, Y., et al. “Analyst reputation and the issuance of disaggregated earnings forecasts to I/B/E/S.” Review of Accounting Studies, vol. 16, no. 1, Mar. 2011, pp. 29–58. Scopus, doi:10.1007/s11142-009-9116-5.
Ertimur Y, Mayew WJ, Stubben SR. Analyst reputation and the issuance of disaggregated earnings forecasts to I/B/E/S. Review of Accounting Studies. 2011 Mar 1;16(1):29–58.
Journal cover image

Published In

Review of Accounting Studies

DOI

ISSN

1380-6653

Publication Date

March 1, 2011

Volume

16

Issue

1

Start / End Page

29 / 58

Related Subject Headings

  • Accounting
  • 3501 Accounting, auditing and accountability
  • 1501 Accounting, Auditing and Accountability