EPS estimates are more correlated at end of quarter #QuandlApps

Using Zacks Earning Surprises for the S&P500, I’ve binned the standard deviation of EPS predictions by month and got their average. You can see that the final month of each quarter gets the highest degree of consensus:

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In the final month of the quarter you also get the least number of predictions:

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Do number of predictions affect concensus? The clustering for the end-of-quarter predictions implies that concensus goes up (lower std. dev.) for those times, but is fairly flat otherwise:

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