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dc.contributor.authorWigermo, Robert
dc.contributor.authorSvärd, Viktor
dc.date.accessioned2015-07-13T13:59:06Z
dc.date.available2015-07-13T13:59:06Z
dc.date.issued2015-07-13
dc.identifier.urihttp://hdl.handle.net/2077/39946
dc.description.abstractWe show that dispersion in analysts’ earnings forecasts is negatively related to future returns on the Scandinavian stock markets. This negative relation is most pronounced for small stocks. Considering dispersion in analysts’ earnings forecasts as a proxy for differences of opinion, the results support the view that differences of opinion in the presence of short sale constraints lead to overvaluation. The results cannot be explained by other known factors and they are robust to various changes in methodology. The results suggest that traders can use dispersion in analysts’ earnings forecasts as a profitable trading rule on the Scandinavian stock markets.sv
dc.language.isoengsv
dc.relation.ispartofseriesMaster Degree Projectsv
dc.relation.ispartofseries2015-96sv
dc.subjectDifferences of opinionsv
dc.subjectShort sale constraintssv
dc.subjectReturn predictabilitysv
dc.titleAnalyst Disagreement- A Recipe for Disaster: The Cross-section of Scandinavian Stock Returnssv
dc.typeText
dc.setspec.uppsokSocialBehaviourLaw
dc.type.uppsokH2
dc.contributor.departmentUniversity of Gothenburg/Graduate Schooleng
dc.contributor.departmentGöteborgs universitet/Graduate Schoolswe
dc.type.degreeMaster 2-years


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