Michalon, Karine; Lardic, Sandrine; Dossou, François - Université Paris-Dauphine (Paris IX) - 2005
reasons: Many empirical studies employ analysts' consensus forecasts as a proxy for the market's expectations of future … well-known phenomenon, namely the existence of a positive bias in experts' anticipations: the latter tend to over …-estimate earnings. In this paper, we study the properties of this bias according to various aspects, that is to say according to country …