Analysts' earnings forecasts have a negligible effect on a company's share price, according to new research that will raise further doubts over stock-pickers' ability to move markets.
The study will fuel the debate over the usefulness of analysts' predictions for hedge funds, which want research that affects share prices, at a time when banks are seeking to attract investors that trade frequently.
The authors of the study – Robert Hansen and Vadim Balashov of Tulane University and Oya Altinkilic of the University of Pittsburgh – looked at 196,000 revisions of quarterly and longer-term earnings forecasts by analysts between 1997 and 2007.
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