报告题目：When does the market overprice or underprice analyst forecasts? A comparison of market expectations with consensus earnings forecasts (投资者在什麼情況下会高估或者低估分析师预测？来自市场预期与会计利润预测的比较)

　　报告人：龚健  博士

　　主持人：石宝峰  博士

　　报告时间：2018年6月8日（周五）      下午15:00-17:00

　　报告地点：经管园林大楼C304会议室

　　内容简介：We examine how the market uses analysts’ consensus forecasts to form earnings expectations. We show that just meeting or beating analysts’ consensus forecasts triggers negative (positive) stock price responses when the prior errors of their consensus forecasts are consistently negative (positive). The evidence implies that the market’s earnings expectations are higher (lower) than analysts’ consensus forecasts. We also show that the prior forecast errors can predict overestimation and underestimation of earnings surprises. In summary, our findings suggest that the market overprices (underprices) analysts’ consensus forecasts to form earnings expectations when their prior consensus forecast errors are consistently negative (positive).

　　报告人简介：龚健，2016年获澳门大学工商管理博士学位，现任澳门旅游学院教师。在加入澳门旅游学院之前，与一群来自哈佛、麻省理工、剑桥、伦敦政经等名校的博士一起共事，致力于将欧美高等教育的成功经验本土化。他与国际著名的会计学专家Prof. In-Mu Haw，Prof. Simon Ho一起撰写的论文《投资者在什麼情況下会高估或者低估分析师预测？来自市场预期与会计利润预测的比较》（When does the market overprice or underprice analyst forecasts? A comparison of market expectations with consensus earnings forecasts）被邀请在2018年8月的美国会计年会（2018 American Accounting Association Annual Meeting）上做报告。

　　欢迎相关专业教师和研究生积极参加。

经济管理学院
2018年6月7日

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