future. In addition, we draw on some contemporary measures of forecast quality (prediction-realization diagram, test of …

groups more than forecasts by laypeople; I observe a home bias in all subject groups, which can be mitigated by information … signals; all subject groups expect lower forecast errors for financial professionals than for laypeople, hence I also find …

We test the implications of anchoring bias associated with forecast earnings per share (FEPS) for forecast errors … more positive forecast revisions, more negative forecast errors, and more negative earnings surprises after a stock split …

before the actual earnings announcement. The second one is the optimistic bias channel. The optimistic bias channel means … that the stock is overpriced if the investors do not correct the analysts' bias. The self-selection is negatively … correlated with the stock return through the optimistic bias channel as more self-selection means more optimistic bias as low …

We show that understanding the role of analysts' forecast bias is central to discovering the behavior that causes some … dispersion contribute significantly to many important anomalies. We first explain how forecast bias produces significant negative … stocks to have high analyst forecast dispersion. This finding is important because stocks with high analyst forecast …