Trading Responses to Analysts' Earnings Forecasts, Transaction Sizes, News Types and Trader Types

The first author is at Concordia University, Montreal, Quebec and The Hong Kong Polytechnic University. The second author is at McMaster University, Hamilton, Ontario and The Hong Kong Polytechnic University. The third author is at Concordia University. They have received very helpful comments from the anonymous referee, Richard Chung, George Kanaan, and participants of the Winter 1994 Ph.D. Seminar of Financial Reporting and Capital Markets and Faculty Workshop at Concordia University. They are grateful to the Certified General Accountants-Canada Research Foundation for financial support. The first author also acknowledges financial support from Deloitte & Touche/CAAA Research Programme while he was involved in this project. They would also like to thank Sun H. Kim and Waldy Goleszny for their research assistance. Analysts' EPS forecast data were provided by the Institutional Brokers Estimation System (I/B/E/S) of I/B/E/S Inc. as part of a broad academic program to encourage earnings expectations research. The usual disclaimer applies.