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 …

' forecast bias. Based on the theoretical literature on sell-side analysts, I argue that forecast bias is correlated to investors …

-year forecast error. Our findings in the Saudi financial market reveal a tendency for overreaction to positive prior-year earnings … change (good performance) and positive prior-year forecast errors (good surprise). Conversely, there is an underreaction to … the negative prior-year earnings change (bad performance) and negative prior-year forecast error (bad surprise). Notably …