Showing 1 - 10 of 1,404
We study exposure to pollution information and investment portfolio allocations, exploiting the rollout of air quality monitoring stations in India. Using a triple-differences framework, we show that retail investors' investments in "brown" stocks are negatively related to local air pollution...
Persistent link: https://www.econbiz.de/10014421239
distribution of earnings surprises, the market's response to surprises and forecast revisions, and in the predictability of non …
Persistent link: https://www.econbiz.de/10012469156
cross-sectional variation. On average, the bias increases in the forecast horizon, and analysts revise their expectations …. We show that analyst expectations are on average biased upwards, and that this bias exhibits substantial time-series and …
Persistent link: https://www.econbiz.de/10012481146
This paper quantifies the amount of noise and bias in analysts' forecast of corporate earnings at various horizons. We … next decompose the relative accuracy of these forecasts into three components: (i) noise, (ii) bias and (iii) analysts … both noise and bias are increase linearly. We then show most existing models lack a mechanism to account for these facts …
Persistent link: https://www.econbiz.de/10012585447
We survey a large, representative sample of retail investors in China to elicit their memories of stock market …
Persistent link: https://www.econbiz.de/10015171629
allows us to observe a long panel of managerial forecast errors for a sample of firms representative of the Italian economy …. We show that managerial forecast errors are <i>positively and significantly</i> autocorrelated. This persistence in … forecast error is consistent with managerial underreaction to new information. To quantify the economic significance of this …
Persistent link: https://www.econbiz.de/10012479353
additional tests, some of which utilize data on adverse health events, suggests that the forecast biases are at least partly due …
Persistent link: https://www.econbiz.de/10014635627
We study how negative sentiment around an industry impacts beliefs and behaviors, focusing on demands for racial justice after the murder of George Floyd and the salience of the "defund the police" movement. We assess stakeholder beliefs on the impact of protests on the stock prices of...
Persistent link: https://www.econbiz.de/10014635693
We decompose stock returns into components attributable to tangible and intangible information. A firm's tangible return is the component of its return attributable to fundamental accounting-performance information, and its intangible return is the component which is orthogonal to this...
Persistent link: https://www.econbiz.de/10012468955
/U.K. (1629-1812), U.K. (1813-1870) and U.S. (1871-2015). We show that dividend yields are stationary and consistently forecast …
Persistent link: https://www.econbiz.de/10012457852