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Information Uncertainty and Analyst Forecast Behavior

Citations

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Cited by:

  1. Florian Meier, 2020. "The Age of Cheap Money and Passive Investing: Are Pro Forma Earnings Value Relevant?," Journal of Finance and Investment Analysis, SCIENPRESS Ltd, vol. 9(2), pages 1-1.
  2. Skarlicki, Daniel & Lo, Kin & Rogo, Rafael & Avolio, Bruce J. & DeHaas, CodieAnn, 2023. "The role of CEO accounts and perceived integrity in analysts’ forecasts," Organizational Behavior and Human Decision Processes, Elsevier, vol. 176(C).
  3. Rui Ge & Clive Lennox, 2011. "Do acquirers disclose good news or withhold bad news when they finance their acquisitions using equity?," Review of Accounting Studies, Springer, vol. 16(1), pages 183-217, March.
  4. Wei Chen & Lili Dai & Hun‐Tong Tan, 2023. "When does analyst reputation matter? Evidence from analysts’ reliance on management guidance," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 50(7-8), pages 1305-1337, July.
  5. Boubakri, Narjess & Bouslimi, Lobna & Zhong, Rui, 2022. "Political uncertainty and analysts’ forecasts: International evidence," Journal of Financial Stability, Elsevier, vol. 59(C).
  6. Taoufik Elkemali, 2023. "Uncertainty and Financial Analysts’ Optimism: A Comparison between High-Tech and Low-Tech European Firms," Post-Print hal-05268609, HAL.
  7. Zhang, Xiqian & Wilson, Clevo, 2022. "Transition from brown to green: Analyst optimism, investor discount, and Paris Agreement," Energy Economics, Elsevier, vol. 116(C).
  8. Alexander T. Nicolai & Ann‐Christine Schulz & Thomas W. Thomas, 2010. "What Wall Street Wants – Exploring the Role of Security Analysts in the Evolution and Spread of Management Concepts," Journal of Management Studies, Wiley Blackwell, vol. 47(1), pages 162-189, January.
  9. Chang-Yi Hsu & Jean Yu & Shiow-Ying Wen, 2013. "The Analysts' Forecast of IPO Firms during the Global Financial Crisis," International Journal of Economics and Financial Issues, Econjournals, vol. 3(3), pages 673-682.
  10. Michel Magnan & Andrea Menini & Antonio Parbonetti, 2015. "Fair value accounting: information or confusion for financial markets?," Review of Accounting Studies, Springer, vol. 20(1), pages 559-591, March.
  11. Kong, Pengzhi & Cheng, Louis T.W. & Pan, Lulu & Shen, Jianfu & Yu, Qing, 2025. "Non-financial information uncertainty, firm growth, and market value during crisis: Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 91(C).
  12. Aiche Avishay & Cohen Gil & Griskin Vladimir, 2024. "Stocks Opening Price Gaps and Adjustments to New Information," Computational Economics, Springer;Society for Computational Economics, vol. 63(2), pages 877-891, February.
  13. Zhang, Qi & Cai, Charlie X. & Keasey, Kevin, 2013. "Market reaction to earnings news: A unified test of information risk and transaction costs," Journal of Accounting and Economics, Elsevier, vol. 56(2), pages 251-266.
  14. Gu, Zhenhua & Gu, Chen & Zhang, Chengping, 2025. "Analyst forecast behavior under trade uncertainty: Evidence from China," Finance Research Letters, Elsevier, vol. 85(PE).
  15. Cai, Wenwu & Quan, Xiaofeng & Zhu, Zhenmei (Judy), 2023. "Rumors in the sky: Corporate rumors and stock price synchronicity," International Review of Financial Analysis, Elsevier, vol. 88(C).
  16. Ruirui Fang & Nan Hu & Peng Liang & Ling Liu, 2023. "Cross‐market information transmission along the supply chain network," Production and Operations Management, Production and Operations Management Society, vol. 32(7), pages 2227-2244, July.
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  18. Lin, Mei-Chen, 2018. "The impact of aggregate uncertainty on herding in analysts' stock recommendations," International Review of Financial Analysis, Elsevier, vol. 57(C), pages 90-105.
  19. Fenner, Richard G. & Han, Yufeng & Huang, Zhaodan, 2020. "Idiosyncratic volatility shocks, behavior bias, and cross-sectional stock returns," The Quarterly Review of Economics and Finance, Elsevier, vol. 75(C), pages 276-293.
  20. Zhang, Chao & Shrider, David G. & Han, Dun & Wu, Yanran, 2022. "Accurate forecasts attract clients; Biased forecasts keep them happy," International Review of Financial Analysis, Elsevier, vol. 81(C).
  21. Wu, Runze, 2023. "Sports Mood Index and sell-side analysts," The Quarterly Review of Economics and Finance, Elsevier, vol. 92(C), pages 35-48.
  22. Beyer, Anne & Cohen, Daniel A. & Lys, Thomas Z. & Walther, Beverly R., 2010. "The financial reporting environment: Review of the recent literature," Journal of Accounting and Economics, Elsevier, vol. 50(2-3), pages 296-343, December.
  23. Leppin, Julian Sebstian, 2014. "The Relation Between Overreaction in Forecasts and Uncertainty: A Nonlinear Approach," VfS Annual Conference 2014 (Hamburg): Evidence-based Economic Policy 100284, Verein für Socialpolitik / German Economic Association.
  24. Akyol, Ali C. & Qian, Yiming & Yu, Frank, 2023. "How do experienced analysts improve price efficiency?," Journal of Banking & Finance, Elsevier, vol. 149(C).
  25. Sinha, Rajesh Kumar, 2021. "Macro disagreement and analyst forecast properties," Journal of Contemporary Accounting and Economics, Elsevier, vol. 17(1).
  26. Post, Thomas & Hanewald, Katja, 2013. "Longevity risk, subjective survival expectations, and individual saving behavior," Journal of Economic Behavior & Organization, Elsevier, vol. 86(C), pages 200-220.
  27. Seok, Sangik & Cho, Hoon & Ryu, Doojin, 2024. "Dual effects of investor sentiment and uncertainty in financial markets," The Quarterly Review of Economics and Finance, Elsevier, vol. 95(C), pages 300-315.
  28. Mak, Chun Yu, 2017. "How do financial analysts interpret industrial firms' corporate refocusing announcements?," The British Accounting Review, Elsevier, vol. 49(5), pages 493-511.
  29. Leppin, Julian Sebastian, 2014. "The relation between overreaction in forecasts and uncertainty: A nonlinear approachvon," HWWI Research Papers 158, Hamburg Institute of International Economics (HWWI).
  30. Lambert, David & Matolcsy, Zoltan & Wyatt, Anne, 2015. "Analysts' earnings forecasts and technological conditions in the firm's investment environment," Journal of Contemporary Accounting and Economics, Elsevier, vol. 11(2), pages 104-120.
  31. Ha, Wonsuk & Han, Seung-youb & Lee, Woo-Jong & Lim, Youngdeok, 2025. "Discretionary reporting and analyst forecasts of operating income under IFRS," The British Accounting Review, Elsevier, vol. 57(6).
  32. Yang, Lisa (Zongfei) & Goh, Jeremy & Chiyachantana, Chiraphol, 2016. "Valuation uncertainty, market sentiment and the informativeness of institutional trades," Journal of Banking & Finance, Elsevier, vol. 72(C), pages 81-98.
  33. Qi Zhang & Charlie Cai & Kevin Keasey, 2014. "The profitability, costs and systematic risk of the post-earnings-announcement-drift trading strategy," Review of Quantitative Finance and Accounting, Springer, vol. 43(3), pages 605-625, October.
  34. He, Feng & Yan, Yulin & Hao, Jing & Wu, Ji (George), 2022. "Retail investor attention and corporate green innovation: Evidence from China," Energy Economics, Elsevier, vol. 115(C).
  35. Joshua Anderson & Yiting Cao & Edward J. Riedl & Scarlett Xiaotong Song, 2023. "Other comprehensive income, its components, and analysts’ forecasts," Review of Accounting Studies, Springer, vol. 28(2), pages 792-826, June.
  36. Bouteska Ahmed & Regaieg Boutheina, 2017. "The accuracy of financial analysts’ earnings forecasts and the Tunisian market reliance with time," Cogent Economics & Finance, Taylor & Francis Journals, vol. 5(1), pages 1345186-134, January.
  37. Viet Anh Dang & Edward Lee & Yangke Liu & Cheng Zeng, 2018. "Corporate debt maturity and stock price crash risk," European Financial Management, European Financial Management Association, vol. 24(3), pages 451-484, June.
  38. Dai, Zhifeng & Jiang, Fuwei & Kang, Jie & Xue, Bowen, 2025. "Stock return predictability in the frequency domain," International Journal of Forecasting, Elsevier, vol. 41(3), pages 1126-1147.
  39. Min Chen & Lufei Ruan & Zhaobo Zhu & Fangjun Sang, 2020. "Macro uncertainty, analyst performance, and managerial ability," Eurasian Business Review, Springer;Eurasia Business and Economics Society, vol. 10(3), pages 333-353, September.
  40. Chahine, Salim & Daher, Mai & Saade, Samer, 2021. "Doing good in periods of high uncertainty: Economic policy uncertainty, corporate social responsibility, and analyst forecast error," Journal of Financial Stability, Elsevier, vol. 56(C).
  41. Li, Hao & Li, Zhisheng & Lin, Bingxuan & Xu, Xiaowei, 2019. "The effect of short sale constraints on analyst forecast quality: Evidence from a natural experiment in China," Economic Modelling, Elsevier, vol. 81(C), pages 338-347.
  42. Cui, Huijie & Liang, Shangkun & Xu, Canyu & Junli, Yu, 2024. "Robots and analyst forecast precision: Evidence from Chinese manufacturing," International Review of Financial Analysis, Elsevier, vol. 94(C).
  43. Zhu, Zhiliang & Song, Wuqi, 2025. "Does credit information sharing affect corporate debt concentration? Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 90(C).
  44. Fredj, Imen & Gana, Marjène Rabah & Trabelsi, Samir, 2025. "OCI information and analysts’ forecast accuracy: Evidence from US commercial banks☆," Research in International Business and Finance, Elsevier, vol. 73(PA).
  45. Jie Hao & Viet T. Pham, 2022. "COVID‐19 Disclosures and Market Uncertainty: Evidence from 10‐Q Filings," Australian Accounting Review, CPA Australia, vol. 32(2), pages 238-266, June.
  46. Guo, Yifeng & Mota, Lira, 2021. "Should information be sold separately? Evidence from MiFID II," Journal of Financial Economics, Elsevier, vol. 142(1), pages 97-126.
  47. Dehao Dai & Ding Ma & Dou Liu & Kerui Geng & Yiqing Wang, 2026. "Beyond Polarity: Multi-Dimensional LLM Sentiment Signals for WTI Crude Oil Futures Return Prediction," Papers 2603.11408, arXiv.org, revised Mar 2026.
  48. Ruan, Lei & Li, Jianing & Huang, Siqi, 2025. "ESG rating adjustment and capital market pricing efficiency: Evidence from China," International Review of Economics & Finance, Elsevier, vol. 98(C).
  49. Oesinghaus, Andreas, 2024. "Analysts’ extrapolative expectations in the cross-section," Journal of Economics and Business, Elsevier, vol. 130(C).
  50. Dan Bernhardt & Chi Wan & Zhijie Xiao, 2016. "The Reluctant Analyst," Journal of Accounting Research, John Wiley & Sons, Ltd., vol. 54(4), pages 987-1040, September.
  51. Félix, Luiz & Kräussl, Roman & Stork, Philip, 2018. "Predictable biases in macroeconomic forecasts and their impact across asset classes," CFS Working Paper Series 596, Center for Financial Studies (CFS).
  52. Syed Aliya Zahera & Rohit Bansal, 2018. "Do investors exhibit behavioral biases in investment decision making? A systematic review," Qualitative Research in Financial Markets, Emerald Group Publishing Limited, vol. 10(2), pages 210-251, May.
  53. Ning Jia, 2019. "Corporate innovation strategy and disclosure policy," Review of Quantitative Finance and Accounting, Springer, vol. 52(1), pages 253-288, January.
  54. Lorne N. Switzer & Mashal Dhamani, 2025. "Inflation differentials and the diversification benefits of small cap equities in emerging markets for US investors," Annals of Operations Research, Springer, vol. 346(1), pages 585-622, March.
  55. Luiz Félix & Roman Kräussl & Philip Stork, 2021. "Strategic bias and popularity effect in the prediction of economic surprises," Journal of Forecasting, John Wiley & Sons, Ltd., vol. 40(6), pages 1095-1117, September.
  56. Hyonok Kim & Jungwon Min & Konari Uchida, 2026. "Performance target setting for organizational impression management: overestimated earnings targets after previous target misses," Review of Managerial Science, Springer, vol. 20(5), pages 1427-1458, May.
  57. Li Xu & Alex Tang, 2012. "Internal control material weakness, analysts’ accuracy and bias, and brokerage reputation," Review of Quantitative Finance and Accounting, Springer, vol. 39(1), pages 27-53, July.
  58. Jiang, Tao & Wu, Gang, 2025. "Can strict financial regulation improve analysts’ forecast accuracy? Evidence based on a quasi-natural experiment in China," Finance Research Letters, Elsevier, vol. 74(C).
  59. Jin, Long & Pan, Changchun & Huang, Yuzhe, 2024. "Forecasting disorientation in the tax avoidance map: Tax haven subsidiaries and analyst forecasts," International Review of Financial Analysis, Elsevier, vol. 96(PA).
  60. Wang, Jiangyuan & Gan, Jiawu & Li, Zhen, 2021. "Industrial policy, uncertainty, and analysts’ earnings forecast: Evidence from China," Economic Analysis and Policy, Elsevier, vol. 70(C), pages 249-258.
  61. Mei-Chen Lin & J. Jimmy Yang, 2023. "Do lottery characteristics matter for analysts’ forecast behavior?," Review of Quantitative Finance and Accounting, Springer, vol. 61(3), pages 1057-1091, October.
  62. Kun Luo & Sirui Wu, 2022. "Corporate sustainability and analysts' earnings forecast accuracy: Evidence from environmental, social and governance ratings," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 29(5), pages 1465-1481, September.
  63. Wang, Zhiqiang & Su, Bingbai & Coakley, Jerry & Shen, Zhe, 2018. "Prospect theory and IPO returns in China," Journal of Corporate Finance, Elsevier, vol. 48(C), pages 726-751.
  64. Haw, In-Mu & Hu, Bingbing & Lee, Jay Junghun, 2015. "Product market competition and analyst forecasting activity: International evidence," Journal of Banking & Finance, Elsevier, vol. 56(C), pages 48-60.
  65. Houdou Basse Mama & Rachidi Kotchoni, 2017. "Investor Relations' Quality and Mispricing," EconomiX Working Papers 2017-33, University of Paris Nanterre, EconomiX.
  66. Ahsan Habib & Mostafa Monzur Hasan & Ahmed Al‐Hadi, 2020. "Financial Statement Comparability and Idiosyncratic Return Volatility," International Review of Finance, International Review of Finance Ltd., vol. 20(2), pages 383-413, June.
  67. Kerry Xiao & Amy Zang, 2025. "Vague Knowledge: Evidence from Analyst Reports," Papers 2505.12269, arXiv.org, revised May 2025.
  68. John R. Busenbark & Donald Lange & S. Trevis Certo, 2017. "Foreshadowing as Impression Management: Illuminating the Path for Security Analysts," Strategic Management Journal, Wiley Blackwell, vol. 38(12), pages 2486-2507, December.
  69. Wang, Qiping & Yiu Keung Lau, Raymond & Xie, Haoran & Liu, Hongyan & Guo, Xunhua, 2024. "Social Executives’ emotions and firm value: An empirical study enhanced by cognitive analytics," Journal of Business Research, Elsevier, vol. 175(C).
  70. Weiwei Gao & Guocan Lv & Zhengfeng Li, 2023. "The impact of government support on firm innovation: Evidence from China," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 44(7), pages 3907-3922, October.
  71. Chen, Shaw K. & Lin, Bing-Xuan & Wang, Yaping & Wu, Liansheng, 2010. "The frequency and magnitude of earnings management: Time-series and multi-threshold comparisons," International Review of Economics & Finance, Elsevier, vol. 19(4), pages 671-685, October.
  72. Chen, Yugang & Lu, Jihua & Ma, Weidong & Kumar, Satish & Shahab, Yasir, 2024. "Dispersion in news sentiment and M&As outcomes," Research in International Business and Finance, Elsevier, vol. 71(C).
  73. Taoufik Elkemali, 2023. "Uncertainty and Financial Analysts’ Optimism: A Comparison between High-Tech and Low-Tech European Firms," Sustainability, MDPI, vol. 15(3), pages 1-22, January.
  74. Sakawa, Hideaki & Watanabel, Naoki & Gu, Junjian, 2022. "Internationalization and the reliance of analyst forecasts in stakeholder-oriented corporate governance: Evidence from Japanese MNEs," Pacific-Basin Finance Journal, Elsevier, vol. 73(C).
  75. Huang, Chia-Wei, 2015. "Takeover vulnerability and the credibility of signaling: The case of open-market share repurchases," Journal of Banking & Finance, Elsevier, vol. 58(C), pages 405-417.
  76. Richardson, Scott & Tuna, Irem & Wysocki, Peter, 2010. "Accounting anomalies and fundamental analysis: A review of recent research advances," Journal of Accounting and Economics, Elsevier, vol. 50(2-3), pages 410-454, December.
  77. Kim, Sehee & Lee, Woo-Jong & Park, Sunyoung & Sunwoo, Hee-Yeon, 2022. "Busy analysts in uncertain times," Finance Research Letters, Elsevier, vol. 46(PB).
  78. Po‐Chang Chen & Ganapathi S. Narayanamoorthy & Theodore Sougiannis & Hui Zhou, 2020. "Analyst underreaction and the post‐forecast revision drift," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 47(9-10), pages 1151-1181, October.
  79. Kim, Jeong-Bon & Kim, Junwoo & Lee, Jay Junghun, 2025. "Earnings versus cash flows in equity valuation: Evidence from the COVID-19 crisis," Advances in accounting, Elsevier, vol. 69(C).
  80. Feng He & Hanyu Du & Youwei Li & Jing Hao, 2025. "Make it Right: Regulatory Intervention in Managers’ Misconduct and Corporate Risk," Journal of Business Ethics, Springer, vol. 202(1), pages 73-95, November.
  81. Russell Lundholm & Rafael Rogo, 2020. "Do excessively volatile forecasts impact investors?," Review of Accounting Studies, Springer, vol. 25(2), pages 636-671, June.
  82. Cai, Wenwu & Zhao, Yuyang & Li, Haohua & Xue, Zhongyi, 2025. "In the swirl of rumors: Corporate rumors and analyst forecast dispersion," International Review of Financial Analysis, Elsevier, vol. 104(PA).
  83. Avramov, D. & Ge, S. & Li, S. & Linton, O. B., 2025. "Dual Industry Effects and Cross-Stock Predictability," Cambridge Working Papers in Economics 2512, Faculty of Economics, University of Cambridge.
  84. Pham, Son D. & Nguyen, Thao T.T. & Do, Hung X., 2024. "Impact of climate policy uncertainty on return spillover among green assets and portfolio implications," Energy Economics, Elsevier, vol. 134(C).
  85. Hao, Xianfeng & Wang, Yudong & Wu, Chongfeng & Wu, Liangyu, 2024. "Oil information uncertainty and aggregate market returns: A natural experiment based on satellite data," Journal of Financial Markets, Elsevier, vol. 70(C).
  86. Avanidhar Subrahmanyam, 2010. "The Cross†Section of Expected Stock Returns: What Have We Learnt from the Past Twenty†Five Years of Research?," European Financial Management, European Financial Management Association, vol. 16(1), pages 27-42, January.
  87. Amanjot Singh & Harminder Singh & Venura Welagedara, 2024. "Aggregate uncertainty, information acquisition, and analyst stock recommendations," International Review of Finance, International Review of Finance Ltd., vol. 24(4), pages 604-640, December.
  88. Le, Cao Hoang Anh & Shan, Yaowen & Taylor, Stephen, 2024. "International economic policy uncertainty and analysts' earnings forecasts," Pacific-Basin Finance Journal, Elsevier, vol. 85(C).
  89. Shroff, Nemit & Verdi, Rodrigo S. & Yost, Benjamin P., 2017. "When does the peer information environment matter?," Journal of Accounting and Economics, Elsevier, vol. 64(2), pages 183-214.
  90. Li, Weiping & Zhang, Hanfang & Xia, Jingjing, 2025. "The perils of popularity: Retail investor attention and misguided M&As," Emerging Markets Review, Elsevier, vol. 68(C).
  91. Pattaragit Netiniyom, 2013. "Institutional Investor Recognition on Financial Asset Tranches: A Study of The Thai Property Sector," The Review of Finance and Banking, Academia de Studii Economice din Bucuresti, Romania / Facultatea de Finante, Asigurari, Banci si Burse de Valori / Catedra de Finante, vol. 5(2), pages 129-144, December.
  92. Ruiyang Niu & Guanghua Xie & Lin Chen & Longfeng Zhao & Meijun Wu, 2023. "Information gain in alternative data: Evidence from e‐commerce sales and analyst earnings forecasts," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 44(6), pages 3056-3076, September.
  93. Ramnath, Sundaresh & Rock, Steve & Shane, Philip, 2008. "The financial analyst forecasting literature: A taxonomy with suggestions for further research," International Journal of Forecasting, Elsevier, vol. 24(1), pages 34-75.
  94. Chen, Xin, 2021. "Lunar eclipses, analyst sentiment, and earnings forecasts: Evidence from China," International Review of Economics & Finance, Elsevier, vol. 76(C), pages 1007-1024.
  95. Qian, Binsheng & Tan, Yusen & Power, Gabriel & Mandal, Anandadeep, 2025. "Economic policy uncertainty, information production, and transparency," International Review of Financial Analysis, Elsevier, vol. 103(C).
  96. Sheng, Xuguang & Thevenot, Maya, 2012. "A new measure of earnings forecast uncertainty," Journal of Accounting and Economics, Elsevier, vol. 53(1), pages 21-33.
  97. Stephen P. Baginski & John L. Campbell & Patrick W. Ryu & James D. Warren, 2023. "The association between current earnings surprises and the ex post bias of concurrently issued management forecasts," Review of Accounting Studies, Springer, vol. 28(4), pages 2104-2149, December.
  98. Timothy Fogarty & Michel Magnan & Garen Markarian & Serge Bohdjalian, 2009. "Inside Agency: The Rise and Fall of Nortel," Journal of Business Ethics, Springer, vol. 84(2), pages 165-187, January.
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