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Several prior studies indicate that financial analysts exhibit systematic underreaction to information; others … illustrate systematic overreaction. We assume that cognitive biases influence analysts' behavior and that these misreactions are …-on financial analysts' reactions. We explore the effect of information conveyed by prior-year earnings announcements on the current …
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on extrapolative models' forecast errors is stronger than on analysts'. This finding is consistent with analysts' better … ability relative to extrapolative models to forecast the earnings of intangible firms, and with analysts' ability to process …This paper assesses the performance of securities analysts in forecasting the future earnings of intangible firms. The …
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Diether, Lee, and Werner (2009) show that, in general, short sellers are contrarian in both contemporaneous and past returns and able to impressively predict future returns, this study examines these trading characteristics during both the trading day and the after-hours period. Interestingly,...
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analysts' first revised forecasts following publication of high- versus low-complexity 10Ks. We hypothesize that: (1) analyst … efficiency increases with 10K complexity, and (3) the generally mitigating effect of analysts' forecasts on information asymmetry …
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