摘要： This paper examines firm-level valuations by financial analysts and by the market, using a traditional vector error-correction model (VECM) or threshold vector error-correction model (TVECM) to obtain the information shares of the two parties. While investors' valuations lead financial analysts' valuations in most firms, the reverse is not uncommon. A cross-sectional analysis reveals that analyst forecasts are more valuable for firms with less trading, less uncertainty, and weaker association between prices and earnings. •We examine the information shares of the market and financial analysts in firm-level valuations.•While the market leads analysts in most cases, the reverse is not uncommon.•Analyst forecasts are more valuable for firms with less trading, less uncertainty, and weaker price-earning association. 出版者： Greenwich: Elsevier Inc 出版日期： 2015-01 出處： International review of economics & finance, 2015-01, Vol.35, p.235-248 資源來源： Elsevier ScienceDirect Journals Complete 版權： 2014 Elsevier Inc. 版權： Copyright Elsevier Science Ltd. Jan 2015 識別號： ISSN: 1059-0560 識別號： EISSN: 1873-8036 識別號： DOI: 10.1016/j.iref.2014.10.004
