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Panic herding: Analysts' COVID-19 experiences and the interpretation of earnings news

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  • Vacca, Matteo

Abstract

This paper examines how local experiences of the COVID-19 pandemic affect sell- side analysts’ interpretation of earnings news. By exploiting the variation in the intensity and timing of local outbreaks, I show that analysts who are more exposed to the virus tend to herd more closely with the consensus forecast. However, I find no evidence of increases in forecast pessimism. The data are consistent with the intensity of exposure to the pandemic having a first-order effect on analysts’ risk attitudes, rather than on the bias of their stated expectations.

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  • Vacca, Matteo, 2024. "Panic herding: Analysts' COVID-19 experiences and the interpretation of earnings news," Journal of Economics and Business, Elsevier, vol. 132(C).
    • Handle: RePEc:eee:jebusi:v:132:y:2024:i:c:s0148619524000481
    DOI: 10.1016/j.jeconbus.2024.106206
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    More about this item

    Keywords

    Analysts; COVID-19; Earnings news; Forecast boldness;
    All these keywords.

    JEL classification:

    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
    • G41 - Financial Economics - - Behavioral Finance - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making in Financial Markets
    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting

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