Beshears, John; Milkman, Katherine L. - In: Journal of Economic Behavior & Organization 77 (2011) 3, pp. 304-317
This paper presents evidence that when an analyst makes an out-of-consensus forecast of a company's quarterly earnings that turns out to be incorrect, she escalates her commitment to maintaining an out-of-consensus view on the company. Relative to an analyst who was close to the consensus, the...