Empirical analysis reveals stock price movements align with management earnings forecasts and analyst revisions, indicating market prices rapidly reflect updated corporate expectations.
Robert Jennings, Unsystematic Security Price Movements, Management Earnings Forecasts, and Revisions in Consensus Analyst Earnings Forecasts, Journal of Accounting Research, Vol. 25, No. 1 (Spring, 1987), pp. 90-110
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Robert H. Jennings (1987) studied this question.
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