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New Evidence on Serial Correlation in Analyst Forecast Errors


  • Stacey R Nutt
  • John C Easterwood
  • Cintia M Easterwood


Securities analysts react optimistically to new information, underreacting to bad news and overreacting to good news. This evidence suggests that securities analysts might produce optimistic earnings forecasts in response to their economic incentives.

Suggested Citation

  • Stacey R Nutt & John C Easterwood & Cintia M Easterwood, 1999. "New Evidence on Serial Correlation in Analyst Forecast Errors," Financial Management, Financial Management Association, vol. 28(4), Winter.
  • Handle: RePEc:fma:fmanag:nutt99

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    References listed on IDEAS

    1. Michael S. Rozeff, 1998. "Stock Splits: Evidence from Mutual Funds," Journal of Finance, American Finance Association, vol. 53(1), pages 335-349, February.
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    Cited by:

    1. Anna M. Cianci & Satoris S. Culbertson, 2010. "The Impact of Motivational and Cognitive Factors on Optimistic Earnings Forecasts," Chapters,in: Handbook of Behavioral Finance, chapter 11 Edward Elgar Publishing.
    2. April Knill & Kristina Minnick & Ali Nejadmalayeri, 2012. "Experience, information asymmetry, and rational forecast bias," Review of Quantitative Finance and Accounting, Springer, vol. 39(2), pages 241-272, August.

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