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http://hdl.handle.net/11375/5635
Title: | An experimental study of the information choices of security analysts |
Authors: | Chan, Lilian Y. Montazemi, Ali Reza McMaster University, Faculty of Business |
Keywords: | Business;Business |
Publication Date: | Mar-1987 |
Series/Report no.: | Research and working paper series (McMaster University. Faculty of Business) no. 276 |
Abstract: | <p>This paper examines the information search behaviour of security analysts , the first stage of their decision process. Their information cho ice , the set of attributes they selected in valuing the s tocks of each and every sampled company , is evaluated agains t two theoretical models of stock valuation the discounted cash flow model (DCF) and the capital a sset pricing model (CAPM) . The results indicate that most analysts ' information choice corresponds to those attributes advocated in the DCF model , and attributes advocated in the CAPM are rarely included in the analysts ' information cho ice . Earnings per share , price - earnings ratio , a security 's historical prices , sales , net income , and return on comm on equity dominate the analysts ' information choice , and moderate agreement in the analysts ' information choice is evidenced.</p> |
Description: | <p>54, 2 leaves : ; Includes bibliographical references (leaves 33-35). ; "March, 1987."</p> <p>This research was supported by a grant from the National Sciences and Engineering Research Council of Canada .</p> |
URI: | http://hdl.handle.net/11375/5635 |
Identifier: | dsb/90 1089 4944112 |
Appears in Collections: | DeGroote School of Business Working Paper Series |
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