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Why and How Investors Use ESG Information : Evidence from a Global Survey

Amel-Zadeh, Amir - 2020

Using survey data from a sample of senior investment professionals from mainstream (i.e. not SRI funds) investment organizations we provide insights into why and how investors use reported environmental, social and governance (ESG) information. Relevance to investment performance is the most...

Persistent link: https://www.econbiz.de/10012854598

International Evidence on Analyst Stock Recommendations, Valuations, and Returns

Barniv, Ran - 2010

This is the first large study to examine the relation between analysts' stock recommendations, earnings forecasts, and future excess stock returns in an international context. We first document that some of the peculiar findings established in the U.S. extend to other countries where individual...

Persistent link: https://www.econbiz.de/10013148574

The impact of analyst-investor disagreement on the cross-section of implied cost of capital

Makrominas, Michalis - In: Australian journal of management 40 (2015) 2, pp. 224-244

Persistent link: https://www.econbiz.de/10011342894

Under weighting of private information by top analysts

Aharoni, Gil; Einhorn, Eti; Zeng, Qi - In: Journal of accounting research 55 (2017) 3, pp. 551-590

Persistent link: https://www.econbiz.de/10011706248

Irrationality or efficiency of macroeconomic survey forecasts? : implications from the anchoring bias test

Hess, Dieter; Orbe, Sebastian - 2011

literature in two ways. First, we show that the cognitive bias is a statistical artifact. Despite highly significant anchoring … coefficients a bias adjustment does not improve forecasts' quality. To explain this counterintuitive result we take a closer look … information set, neglected in the anchoring bias test. Exactly this information advantage drives the misleading anchoring bias …

Persistent link: https://www.econbiz.de/10009270413

Irrationality or Efficiency of Macroeconomic Survey Forecasts? Implications from the Anchoring Bias Test

Hess, Dieter - 2012

. However, despite highly significant test coefficients a bias adjustment does not improve forecasts' quality. We find that the … cognitive bias is a statistical artifact and that the anchoring test is biased itself. In particular, it produces misleading …

Persistent link: https://www.econbiz.de/10013115740

Irrationality or Efficiency of Macroeconomic Survey Forecasts? Implications from the Anchoring Bias Test

Hess, Dieter - 2012

. However, despite highly significant test coefficients a bias adjustment does not improve forecasts' quality. We find that the … cognitive bias is a statistical artifact because the anchoring test is biased itself. In particular, it produces misleading …

Persistent link: https://www.econbiz.de/10013100577

Analyst Bias and Mispricing

Grinblatt, Mark - 2018

with hard-to-forecast earnings---those with extreme past returns, credit risk, idiosyncratic volatility, and other … anomaly strategies disappears once we account for analyst bias …

Persistent link: https://www.econbiz.de/10012937004

Analysts’ Incentive- and Cognitive-Based Processing Biases : Evidence from Recommendation Revisions

Wu, Ruei-Shian - 2018

This paper examines how incentive-based and behavior-based variables affect analyst recommendation revisions. Specifically, we use duration analysis to test analysts' underreaction to new information by isolating effects of incentives and cognitive processing biases (i.e., cognitive dissonance...

Persistent link: https://www.econbiz.de/10012940717

Analysts’ Over-Optimistic Bias – From the Asymmetric Market Reaction to the Recommendations

Li, Tao - 2020

and revisions. This market reaction asymmetry is attributed to two aspects of analysts' over-optimistic bias, the … conscious distortion due to the conflicts-of-interest and the unconscious over-optimism due to the cognitive and behavioral bias …

Persistent link: https://www.econbiz.de/10012854477