Independent Academic Studies

Whisper Numbers Still Beating the Best Minds on Wall Street

The whisper number data collected and published by WhisperNumber.com continues to provide greater returns when used as an investment vehicle, and has a greater impact on stock movement than analysts consensus estimates.

These declarations are supported by not one but two academic studies and are published in the Financial Decisions journal. The first study released in late 2005 was titled 'Conflict in Whispers and Analysts Forecast: Which One Should Be Your Guide', and the second release was in mid-2007 titled "Do Bulls and Bears Listen to Whispers" (both courtesy of San Jose State University College of Business and Pepperdine University.) On a side note, there are no studies that show any significant impact or trading usefulness of analysts estimates.

To learn more about these studies and how WhisperNumber.com has used the results to develop their unique trading tool called 'Whisper Reactors', select from one of the following links.

Published Academic Studies Supporting 15 Years of Proven Data

'Conflict in Whispers and Analysts Forecast: Which One Should Be Your Guide'
    (Financial Decisions Journal)

Results of this study conclude investor estimates for quarterly earnings (whisper numbers) provide greater returns when used as an investment vehicle, and have a greater impact on stock movement than analysts consensus estimates. Click here to learn more.


'Do Bulls and Bears Listen to Whispers'
    (Financial Decisions Journal)

A post-earnings announcement drift associated with the market reaction to analyst forecasts errors remains a puzzle. This study suggests that whispers help to explain part of the puzzle. The study examines the market reaction to whispers and analysts in bull and bear markets, and finds that investors listen to whispers in the bull market and whispers help explain the post-announcement drift. Click here to learn more.

Reference Links:

  • Financial Decisions (journal) and Academic Studies:
    http://www.financialdecisionsonline.org

  • 'Conflict in Whispers and Analysts Forecast: Which One Should Be Your Guide'
    http://www.financialdecisionsonline.org/current/Zaima.pdf

  • 'Do Bulls and Bears Listen to Whispers?'
    http://www.financialdecisionsonline.org/current/ZaimaHarjoto.pdf

    Janis Zaima, Professor of Finance
    San Jose State University
    College of Business, Dept of Accounting & Finance
    408-924-3490


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