Zeng, Yongliang; Chan, Kam C.; Chen, Yunzhu; Liu, Lingjie - In: Borsa Istanbul Review 23 (2023) 2, pp. 269-284
We examine the impact of managerial sentiment on analysts' following decisions and earnings forecast accuracy. By … analyzing the textual tone of management discussion and analysis sections in annual reports to capture managerial sentiment, we … find that when managerial sentiment is more positive, firms attract more analyst following, while analysts' earnings …