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The Earnings Expectations Life Cycle

Richard Bernstein
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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Since scans are not currently available to screen readers, please contact JSTOR User Support for access. We'll provide a PDF copy for your screen reader.
The Earnings Expectations Life Cycle
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Abstract

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.

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