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We study information production and diffusion resulting from dynamic interactions between different types of informed investors in financial markets. Using a theoretical framework that exploits the setting of the Q&A section of earnings conference calls, we predict that information production...
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This paper examines the informativeness of analysts' target price forecasts by relating the investment value of target prices to their primary drivers. Decomposing target price forecasts into near-term earnings forecasts and price-to-earnings ratio forecasts, we show that target price revisions...
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We examine an alternative and equivalent Black and Litterman [1992] formula using classical multivariate analysis which is easier to interpret and which allows more general view formulations than the original formula. Speci fically, the equivalent formula provides more intuitive explanation...
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