Forthcoming and Online First Articles

International Journal of Financial Markets and Derivatives

International Journal of Financial Markets and Derivatives (IJFMD)

Forthcoming articles have been peer-reviewed and accepted for publication but are pending final changes, are not yet published and may not appear here in their final order of publication until they are assigned to issues. Therefore, the content conforms to our standards but the presentation (e.g. typesetting and proof-reading) is not necessarily up to the Inderscience standard. Additionally, titles, authors, abstracts and keywords may change before publication. Articles will not be published until the final proofs are validated by their authors.

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International Journal of Financial Markets and Derivatives (One paper in press)

Regular Issues

  • How accurate did financial analysts anticipate impact and recovery from the COVID-19 crisis?   Order a copy of this article
    by Peter Kotzian 
    Abstract: This paper analyses how financial analysts perceived the impact of the COVID-19 pandemic on European firms and how accurate their perceptions were. Analysts’ earnings estimates initially reacted strongly to the pandemic, expecting sharp drops in earnings. Earnings for 2020 were seen as being affected much more than earnings in 2021. Analysts perceived substantial differences among countries and industries in terms of the pandemic’s economic impact. For some industries, like automobiles, analysts expected a recovery and a catch-up effect in 2021. For others, like tourism, the economic losses of 2020 were seen as lost for good. Tracking earnings estimates shows that analyst’s initial estimates were substantially revised over the course of the pandemic. Comparing estimated and actual earnings indicates that for long periods, analysts’ estimates were in some cases far off the earnings ultimately realised. There is no indication that analysts’ earnings estimates responded to COVID-19-related events or national-level policies.
    Keywords: COVID-19; stock market; earnings estimates; economic recovery; financial analysts.
    DOI: 10.1504/IJFMD.2025.10067551
     

 

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