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

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 …

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

of forecast bias and (ii) investors' limited capability to adjust to this bias. We assume that the presence of a bias is … skills, all the more so the larger the uncertainty about the forecast bias … present a model in which forecast accuracy and timing are affected by information uncertainty stemming from (i) the presence …

, and financial analyst forecast optimistic bias. We find that firms that adopt clawback provisions are followed by more … provisions and similar non-adopters. In particular, we examine financial analyst following, financial analyst forecast accuracy … financial analysts. We also find that financial analysts provide more accurate forecasts, and with less optimistic bias …

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

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 …

before the actual earnings announcement. The second one is the optimistic bias channel. The optimistic bias channel means … that the stock is overpriced if the investors do not correct the analysts' bias. The self-selection is negatively … correlated with the stock return through the optimistic bias channel as more self-selection means more optimistic bias as low …

forecasts is found to be correlated with indicators of bias in a manner consistent with investors discounting optimistic …

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