forecasts, this bias tending to be higher in countries with less investor protection. This forecast bias declined significantly …

Using a value-weighted rather than an equally weighted regression, Easton and Sommers (2007) show that the upward bias … that the impact of any bias attributable to analysts' forecasts can be reduced to a statistically insignificant 0 ….4%. Second, we show that our estimates of the implied equity risk premium after removing the effect of this bias are between 3 …

. Furthermore, a model that combines a naïve benchmark (last year's earnings) with the analyst long-term earnings growth forecast …

distorted on average. In the first 90 days after an IPO, this relative forecast bias even increases to 63 percentage points and …, 2009. Before this regulatory reform, the optimistic bias in post-IPO earnings forecasts is highly comparable across … for fiscal years further away from the forecast release date …

conduct panel data regressions. We show that the analysts' optimistic bias declined significantly after CSA rules, which …