Whether a bad mood enhances or hinders problem-solving and financial decision making is an open question. Using the Gallup Analytics survey, we test the depressive realism hypothesis in the earnings forecasts provided by Estimize users. The depressive realism hypothesis states that mild forms of...

Finance researchers keep producing increasingly complex and computationally-intensive models of stock returns. Separately, professional analysts forecast stock returns daily for their clients. Are the sophisticated methods of researchers achieving better forecasts or are we better off relying on...

We address whether analysts bias earnings forecast revisions and convey the bias using forecast revision consistency, i.e., the extent to which analyst reports with earnings forecast revisions include stock recommendation and target price revisions consistent in sign with the earnings forecast...

This research investigates Value Line short-horizon and long-horizon earnings and stock price forecasts. From 1987-1998, Value Line analysts issued optimistic quarterly and annual EPS forecasts. This is consistent with prior research showing that analysts generally issued upwardly biased...

We show that analysts who display more consistent forecast errors have a greater effect on stock prices than analysts who provide more accurate but less consistent forecasts. This result leads to three implications. First, consistent analysts are less likely to be demoted to a less prestigious...

This paper tests whether increased rest during holidays improves judgment tasks. We find that earnings forecasts that are issued after holidays are, on average, 55 basis points more accurate than those issued before holidays. This impact is comparable to other determinants of analyst accuracy...