relationship between a change in trend growth rates and forecast bias, as suggested in the literature, breaks down when only …-cycle states. We show that forecasts for recessions are subject to a large negative systematic forecast error (forecasters … overestimate growth), while forecasts for recoveries are subject to a positive systematic forecast error. Forecasts made for …

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 …

The "home bias" phenomenon states that empirically, economic agents often under-utilize opportunities beyond their … country borders, and it is well-documented in various international pricing and purchase patterns. This bias manifests in the … than theoretically predicted to be optimal. Our paper documents another form of home bias, where market participants appear …