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The Earnings Expectations Life Cycle
Financial Analysts Journal
Vol. 49, No. 2 (Mar. - Apr., 1993), pp. 90-93
Published by: CFA Institute
Stable URL: http://www.jstor.org/stable/4479635
Page Count: 4
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This paper presents a graphic depiction of the relation between investor expectations and stock prices. The conclusions extend the use of earnings expectations beyond stock selection by demonstrating the influence that expectations have on both equity manager style and performance. In addition, the expectations "blue print" sheds new light on transaction costs.
Financial Analysts Journal © 1993 CFA Institute