TY - JOUR T1 - Efficiency of Event-Induced Abnormal Revisions of Analysts' Earnings Forecasts JF - The Journal of Investing SP - 42 LP - 53 DO - 10.3905/joi.2007.694761 VL - 16 IS - 3 AU - Maria H. Sanchez AU - Zaher Z Zantout Y1 - 2007/08/31 UR - https://pm-research.com/content/16/3/42.abstract N2 - We examine the efficiency of event-induced abnormal revisions of analysts' earnings forecasts using four samples of major corporate investment and dividend decisions. We find that they may fail to incorporate new information, and they may even be inconsistent with rationality. Researchers should be careful when using event-induced revisions of analysts' earnings forecasts to draw research conclusions.TOPICS: Equity portfolio management, security analysis and valuation, portfolio construction ER -