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The Forecast Accuracy Of Individual Analysts - Evidence Of Systematic Optimism And Pessimism

Citations

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Cited by:

  1. Philip Brown & Andrew Ferguson & Andrew B. Jackson, 2009. "Pierpont and the Capital Market," Abacus, Accounting Foundation, University of Sydney, vol. 45(2), pages 147-170, June.
  2. Brown, Philip & Clarke, Alex & How, Janice C. Y. & Lim, Kadir J. P., 2002. "Analysts' dividend forecasts," Pacific-Basin Finance Journal, Elsevier, vol. 10(4), pages 371-391, September.
  3. Vismara, Silvio & Signori, Andrea & Paleari, Stefano, 2015. "Changes in underwriters' selection of comparable firms pre- and post-IPO: Same bank, same company, different peers," Journal of Corporate Finance, Elsevier, vol. 34(C), pages 235-250.
  4. Sung Hwan Jung, 2017. "The contingent effect of analyst coverage: how does analyst coverage affect innovation and Tobin’s Q?," Asia-Pacific Journal of Accounting & Economics, Taylor & Francis Journals, vol. 24(1-2), pages 43-67, April.
  5. Praveen Sinha & Lawrence D. Brown & Somnath Das, 1997. "A Re†Examination of Financial Analysts' Differential Earnings Forecast Accuracy," Contemporary Accounting Research, John Wiley & Sons, vol. 14(1), pages 1-42, March.
  6. Batchelor, Roy, 2007. "Bias in macroeconomic forecasts," International Journal of Forecasting, Elsevier, vol. 23(2), pages 189-203.
  7. Emmanuel Mamatzakis & Anna Bagntasarian, 2021. "The nexus between CEO incentives and analysts' earnings forecasts," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 26(4), pages 6205-6248, October.
  8. Oleg V. Petrenko & Federico Aime & Tessa Recendes & Jeffrey A. Chandler, 2019. "The case for humble expectations: CEO humility and market performance," Strategic Management Journal, Wiley Blackwell, vol. 40(12), pages 1938-1964, December.
  9. Li, Xi, 2005. "The persistence of relative performance in stock recommendations of sell-side financial analysts," Journal of Accounting and Economics, Elsevier, vol. 40(1-3), pages 129-152, December.
  10. Daphne Yan Du & Qianqiu Liu & S. Ghon Rhee, 2009. "An Analysis of the Magnet Effect under Price Limits," International Review of Finance, International Review of Finance Ltd., vol. 9(1‐2), pages 83-110, March.
  11. Vishal Gaur & Saravanan Kesavan & Ananth Raman & Marshall L. Fisher, 2007. "Estimating Demand Uncertainty Using Judgmental Forecasts," Manufacturing & Service Operations Management, INFORMS, vol. 9(4), pages 480-491, April.
  12. Roy Batchelor, 2007. "Forecaster Behaviour and Bias in Macroeconomic Forecasts," ifo Working Paper Series 39, ifo Institute - Leibniz Institute for Economic Research at the University of Munich.
  13. Zitzewitz, Eric, 2001. "Measuring Herding and Exaggeration by Equity Analysts and Other Opinion Sellers," Research Papers 1802, Stanford University, Graduate School of Business.
  14. Henderson, Brian J. & Marks, Joseph M., 2013. "Predicting forecast errors through joint observation of earnings and revenue forecasts," Journal of Banking & Finance, Elsevier, vol. 37(11), pages 4265-4277.
  15. Hall, Jason L. & Tacon, Paul B., 2010. "Forecast accuracy and stock recommendations," Journal of Contemporary Accounting and Economics, Elsevier, vol. 6(1), pages 18-33.
  16. Gaétan Breton & Alain Schatt, 2000. "Rôle et caractérisation de l’analyse financière," Revue d'Économie Financière, Programme National Persée, vol. 59(4), pages 147-161.
  17. Hollander, S., 2007. "The merits and economic consequences of reputation : Three essays," Other publications TiSEM d9932a90-7aac-4b23-bf99-6, Tilburg University, School of Economics and Management.
  18. Ayres, Douglas & Huang, Xuerong (Sharon) & Myring, Mark, 2017. "Fair value accounting and analyst forecast accuracy," Advances in accounting, Elsevier, vol. 37(C), pages 58-70.
  19. Cox, Raymond A. K. & Kleiman, Robert T., 2000. "A stochastic model of superstardom: evidence from institutional investor's All-American Research Team," Review of Financial Economics, Elsevier, vol. 9(1), pages 43-53.
  20. Deniz Igan & Marcelo Pinheiro, 2012. "Incentive to manipulate earnings and its connection to analysts’ forecasts, trading, and corporate governance," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 36(4), pages 781-821, October.
  21. Marco Aiolfi & Marius Rodriguez & Allan Timmermann, 2010. "Understanding Analysts' Earnings Expectations: Biases, Nonlinearities, and Predictability," Journal of Financial Econometrics, Oxford University Press, vol. 8(3), pages 305-334, Summer.
  22. Kumar, Alok & Rantala, Ville & Xu, Rosy, 2022. "Social learning and analyst behavior," Journal of Financial Economics, Elsevier, vol. 143(1), pages 434-461.
  23. April Knill & Kristina Minnick & Ali Nejadmalayeri, 2006. "Selective Hedging, Information Asymmetry, and Futures Prices," The Journal of Business, University of Chicago Press, vol. 79(3), pages 1475-1502, May.
  24. Sunil Mohanty & Edward Aw, 2006. "Rationality of analysts' earnings forecasts: evidence from dow 30 companies," Applied Financial Economics, Taylor & Francis Journals, vol. 16(12), pages 915-929.
  25. Ackert, Lucy F. & Church, Bryan K. & Zhang, Ping, 2004. "Asset prices and informed traders' abilities: Evidence from experimental asset markets," Accounting, Organizations and Society, Elsevier, vol. 29(7), pages 609-626, October.
  26. Szakmary, Andrew C. & Conover, C. Mitchell & Lancaster, Carol, 2008. "An examination of Value Line's long-term projections," Journal of Banking & Finance, Elsevier, vol. 32(5), pages 820-833, May.
  27. Du, Yan & Liu, Qianqiu & Rhee, S. Ghon, 2006. "An Anatomy of the Magnet Effect: Evidence from the Korea Stock Exchange High-Frequency Data," CEI Working Paper Series 2005-17, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University.
  28. Lorenzo Casavecchia & Gerhard Hambusch & Justin Hitchen, 2022. "The impact of analyst forecast errors on fundamental indexation: the Australian evidence," Journal of Asset Management, Palgrave Macmillan, vol. 23(5), pages 400-418, September.
  29. Paul Hribar & John McInnis, 2012. "Investor Sentiment and Analysts' Earnings Forecast Errors," Management Science, INFORMS, vol. 58(2), pages 293-307, February.
  30. Amitabh Dugar & Siva Nathan, 1995. "The Effect of Investment Banking Relationships on Financial Analysts' Earnings Forecasts and Investment Recommendations," Contemporary Accounting Research, John Wiley & Sons, vol. 12(1), pages 131-160, September.
  31. Engelberg, Joseph & Manski, Charles F. & Williams, Jared, 2009. "Comparing the Point Predictions and Subjective Probability Distributions of Professional Forecasters," Journal of Business & Economic Statistics, American Statistical Association, vol. 27, pages 30-41.
  32. Robert G. Biscontri, 2012. "A Radial Basis Function Approach To Earnings Forecast," Intelligent Systems in Accounting, Finance and Management, John Wiley & Sons, Ltd., vol. 19(1), pages 1-18, January.
  33. Krolikowski, Marcin W. & Chen, Gaole & Mohr, Joseph E., 2016. "Optimism pattern of all-star analysts," International Review of Financial Analysis, Elsevier, vol. 47(C), pages 222-228.
  34. John Capstaff & Krishna Paudyal & William Rees, 1999. "The relative forecast accuracy of UK brokers," Accounting and Business Research, Taylor & Francis Journals, vol. 30(1), pages 3-16.
  35. Mozes, Haim A., 2003. "Accuracy, usefulness and the evaluation of analysts' forecasts," International Journal of Forecasting, Elsevier, vol. 19(3), pages 417-434.
  36. Paul E. Fischer & Mirko S. Heinle & Kevin C. Smith, 2020. "Constrained listening, audience alignment, and expert communication," RAND Journal of Economics, RAND Corporation, vol. 51(4), pages 1037-1062, December.
  37. Simon Hussain, 2002. "UK brokers' characteristics: does size matter?," Accounting and Business Research, Taylor & Francis Journals, vol. 32(3), pages 153-170.
  38. Barniv, Ran, 2009. "Does foreign investor demand for information affect forecast accuracy? Evidence from the Chinese stock markets," Journal of International Accounting, Auditing and Taxation, Elsevier, vol. 18(2), pages 101-118.
  39. Rados³aw Pastusiak & Jakub Keller, 2019. "Determinants of occurrence of excessive optimism among analysts of the Warsaw Stock Exchange," Zbornik radova Ekonomskog fakulteta u Rijeci/Proceedings of Rijeka Faculty of Economics, University of Rijeka, Faculty of Economics and Business, vol. 37(1), pages 259-275.
  40. Chen, Jaden Yang, 2022. "Biased learning under ambiguous information," Journal of Economic Theory, Elsevier, vol. 203(C).
  41. Yi Dong & Nan Hu & Xu Li & Ling Liu, 2017. "Analyst Firm Coverage and Forecast Accuracy: The Effect of Regulation Fair Disclosure," Abacus, Accounting Foundation, University of Sydney, vol. 53(4), pages 450-484, December.
  42. Derann Hsu & Cheng-Huei Chiao, 2011. "Relative accuracy of analysts’ earnings forecasts over time: a Markov chain analysis," Review of Quantitative Finance and Accounting, Springer, vol. 37(4), pages 477-507, November.
  43. Brown, Anna Bergman & Lin, Guoyu & Zhou, Aner, 2022. "Analysts’ forecast optimism: The effects of managers’ incentives on analysts’ forecasts," Journal of Behavioral and Experimental Finance, Elsevier, vol. 35(C).
  44. Fernando Rubio, 2005. "Eficiencia De Mercado, Administracion De Carteras De Fondos Y Behavioural Finance," Finance 0503028, University Library of Munich, Germany, revised 23 Jul 2005.
  45. Philip L. Baird, 2020. "Do investors recognize biases in securities analysts’ forecasts?," Review of Financial Economics, John Wiley & Sons, vol. 38(4), pages 623-634, October.
  46. Leon Li & Nen-Chen Richard Hwang & Gilbert V. Nartea, 2019. "Effects of Earnings Management Strategy on Earnings Predictability: A Quantile Regression Approach Based on Opportunistic Versus Efficient Earnings Management," Working Papers in Economics 19/09, University of Canterbury, Department of Economics and Finance.
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