Cohn, Jonathan B.; Juergens, Jennifer L. - In: Quarterly Journal of Finance (QJF) 04 (2014) 03, pp. 1450017-1
This paper develops and applies a new approach for disentangling the influence of analysts on each other's earnings forecasts from the effects of correlated information shocks. We estimate that, on average, each cent a new forecast by an analyst is above (below) another analyst's most recent...