. Furthermore, a model that combines a naïve benchmark (last year's earnings) with the analyst long-term earnings growth forecast …

prior returns. This paper extends similar tests to examine management forecast characteristics. We find that, in contrast to … analyst forecast errors, management forecast errors cannot be predicted by prior returns or accruals. We also document that …

We test the implications of anchoring bias associated with forecast earnings per share (FEPS) for forecast errors … more positive forecast revisions, more negative forecast errors, and more negative earnings surprises after a stock split …

and all common-sized expenses except income tax, which they forecast pessimistically. Analysts are optimistic about both …

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

individual analysts' forecast bias tendencies, we show that the stronger return response they find to conservative analysts …' forecast revisions is restricted to poor information environments, where optimistic analyst bias is prevalent. Our results … suggest that analysts pay a price in market influence when their forecasts reinforce analysts' typical forecast bias for the …

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

, 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 …

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 … previous forecasts. Our results further suggest that the effect of confirmation bias on analyst forecasts is distinct from that …