An analysis of the determinants of target price accuracy in a relative context

Turner, Nick (2013). An analysis of the determinants of target price accuracy in a relative context Honours Thesis, UQ Business School, The University of Queensland.

       
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Author Turner, Nick
Thesis Title An analysis of the determinants of target price accuracy in a relative context
School, Centre or Institute UQ Business School
Institution The University of Queensland
Publication date 2013-10
Thesis type Honours Thesis
Supervisor Irene Tutticci
Total pages 96
Language eng
Subjects 1501 Accounting, Auditing and Accountability
Abstract/Summary This thesis is the first research to examine the determinants of the accuracy of the target prices of sell-side analysts within a relative context. This is achieved by utilising a within analyst rank-correlation of target price expected returns and realised price returns, which measures whether analysts can accurately rank the price appreciation of stocks within their coverage cluster. The study then investigates whether the factors that determine the absolute accuracy of target prices also explain the relative accuracy of target prices. The evidence suggests that many of the determinants of the absolute accuracy of target prices are not necessarily determinants of the relative accuracy of target prices, providing a more nuanced understanding of their association with analyst forecasts. This thesis is also the first research to examine discordance between analysts’ recommendations and target price expected returns at an individual analyst level, documenting similar discordance to that found in prior research at a consensus level.

 
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Created: Mon, 03 Feb 2014, 14:06:21 EST by Karen Morgan on behalf of UQ Business School