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Applied Economics Letters Volume 24, 2017 - Issue 6
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Original Articles

The effect of industry classification on analyst following and the properties of their earnings forecasts

Dennis Y. ChungBeedie School of Business, Simon Fraser University, Burnaby, CanadaView further author information
,
Karel HrazdilBeedie School of Business, Simon Fraser University, Burnaby, CanadaCorrespondence[email protected]
View further author information
&
Xin LiBeedie School of Business, Simon Fraser University, Burnaby, CanadaView further author information
Pages 417-421 | Published online: 26 Jun 2016

References

  • Bhojraj, S., C. Lee, and D. Oler. 2003. “What’s My Line? A Comparison of Industry Classification Schemes for Capital Market Research.” Journal of Accounting Research 41: 745–774. doi:10.1046/j.1475-679X.2003.00122.x.
  • Boni, L., and K. Womack. 2006. “Analysts, Industries, and Price Momentum.” Journal of Financial and Quantitative Analysis 41: 85–109. doi:10.1017/S002210900000243X.
  • Chan, L., J. Lakonishok, and B. Swaminathan. 2007. “Industry Classifications and Return Comovement.” Financial Analysts Journal 63: 56–70. doi:10.2469/faj.v63.n6.4927.
  • De Franco, G., O.-K. Hope, and S. Larocque. 2015. “Analysts’ Choice of Peer Companies.” Review of Accounting Studies 20: 82–109. doi:10.1007/s11142-014-9294-7.
  • Fama, E., and K. French. 1997. “Industry Costs of Equity.” Journal of Financial Economics 43: 153–193. doi:10.1016/S0304-405X(96)00896-3.
  • Hrazdil, K., and T. Scott. 2013. “The Role of Industry Classification in Estimating Discretionary Accruals.” Review of Quantitative Finance and Accounting 40: 15–39. doi:10.1007/s11156-011-0268-6.
  • Hrazdil, K., K. Trottier, and R. Zhang. 2013. “A Comparison of Industry Classification Schemes: A Large Sample Study.” Economics Letters 118: 77–80. doi:10.1016/j.econlet.2012.09.022.
  • Hrazdil, K., K. Trottier, and R. Zhang. 2014. “An Intra- and Inter-Industry Evaluation of Three Classification Schemes Common in Capital Market Research.” Applied Economics 46: 2021–2033. doi:10.1080/00036846.2014.892200.
  • Hrazdil, K., and R. Zhang. 2012. “The Importance of Industry Classification in Estimating Concentration Ratios.” Economics Letters 114: 224–227. doi:10.1016/j.econlet.2011.10.001.
  • Kross, W., B. Ro, and I. Suk. 2011. “Consistency in Meeting or Beating Earnings Expectations and Management Earnings Forecasts.” Journal of Accounting & Economics 51: 37–57. doi:10.1016/j.jacceco.2010.06.004.
  • Lehavy, R., F. Li, and K. Merkley. 2011. “The Effect of Annual Report Readability on Analyst following and the Properties of Their Earnings Forecasts.” The Accounting Review 86: 1087–1115. doi:10.2308/accr.00000043.

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