Abstract
This study investigates Hong Kong analysts' forecast revision activity in two aspects: the time profile of analysts' forecast revisions and the relationship between their revisions for different fiscal years. As expected, analysts in a small volatile market anticipate and respond to earnings announcements when they revise their annual earnings forecasts. In months before interim and annual announcements, the percentage of revised forecasts is relatively low. Analysts' revision activity mainly takes place in the months subsequent to announcements. Analysts always revise their one-year-ahead and two-year-ahead forecasts simultaneously and the revisions are positively correlated. The findings also show that the Hong Kong market is concerned with multi-year ahead forecasts.
| Original language | English |
|---|---|
| Pages (from-to) | 257-268 |
| Number of pages | 12 |
| Journal | British Accounting Review |
| Volume | 25 |
| Issue number | 3 |
| DOIs | |
| Publication status | Published - 1993 |
| Externally published | Yes |