-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 …

changes explain market dynamics, in an exercise similar to Shiller (1981). Given forecast revisions and price movements, we …%), increased leverage (+1%) and interest rate reduction (-1%). Overall, analyst forecast revisions explain most of the decrease in …

Previous research finds that, owing to the representativeness heuristic bias, earnings seasonal rank negatively …

end of the term and when the analyst forecast date is closer to the earnings announcement, and becomes more pronounced …

Self attribution bias (SAB, hereafter) is a mechanism that engenders overconfidence by attributing good performance to … stronger governance regime of Sarbanes Oxley Act (SOX). Our results are robust after controlling for the selection bias to be …