extraverted CEOs. Increased forecast uncertainty leads to even stronger stereotyping. Additionally, personality similarity between …

is mainly strategic or whether it also contains an element of cognitive bias. Despite the fact that forecast errors lack … stock returns, our new tests based on selection bias (SB1 and SB2), in conjunction with an analysis of abnormal trading … volume, confirm the presence of both cognitive bias and strategic behaviour in analyst forecasts. This shows that, although …

predict that this reluctance allows each firm's conservative forecast to be heavily influenced by the firm's past performance …

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 …

We investigate whether the well-known positive association between past stock returns and analysts' earnings forecast … (EMH), we find that investors discount earnings forecast revisions by analysts who treat winners and losers differently …

The purpose of this paper is to study the impact of beating analysts' forecasts and the impact of analysts' forecast …

-based valuations for the covered firm (i.e., tilt) is informative to investors. When analysts forecast price appreciation, tilt … incrementally predicts ex post valuation errors and realized returns; the predictive value of tilt disappears when analysts forecast … price declines. In additional analyses, we find that tilt appears to reflect an optimistic bias in target price forecasts as …

forecast bias is likely to be unintentional. In addition, I find that the relation between management earnings forecast bias …This study investigates whether investor sentiment is associated with behavioral bias in managers' annual earnings … earnings forecast optimism increases with investor sentiment. Furthermore, I find that managers' annual earnings forecasts are …