We present evidence of first impression bias among finance professionals in the field. Equity analysts' forecasts …, target prices, and recommendations suffer from first impression bias. If a firm performs particularly well (poorly) in the … negativity bias, we find that negative first impressions have a stronger effect than positive ones. The market adjusts for …

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

forecasts is found to be correlated with indicators of bias in a manner consistent with investors discounting optimistic …

This paper provides evidence of confirmation bias by sell-side analysts in their earnings forecasts. We show that … analysts tend to put higher weight on public information when the current forecast consensus is more consistent with their … earlier, or facing less dispersion in peer forecasts, tend to be more subject to confirmation bias, consistent with some of …

regulators are more likely to approve IPOs in China on hazy days. Our results are robust to specifications that control for …

analysts’ earnings forecast bias in Chinese multinational corporations. We find that analysts’ earnings forecast bias is … greater the bias in analysts’ earnings forecasts. Various methods, such as the Heckman two-stage least squares, propensity … analysts’ competence are critical factors that moderate the relationship between international diversification and forecast …

By obtaining a novel proprietary city-level panel dataset of stock returns and trading volume in China, this article …

partisan bias, which results in suboptimal forecasting behavior. In cross-sectional analyses, we find that this forecast over …Political science research finds that individuals exhibit partisan bias, which results in unduly favorable economic … expectations when their partisanship aligns with that of the US president. We examine whether partisan bias is present in …