commonly viewed as industry specialists, we fail to find evidence that analysts have an information advantage over managers at … the industry level. The two have comparable abilities to forecast earnings for firms with revenues or earnings that are …

forecasts is found to be correlated with indicators of bias in a manner consistent with investors discounting optimistic …

future. In addition, we draw on some contemporary measures of forecast quality (prediction-realization diagram, test of …

quality from “good/excellent” to “severely polluted” is associated with a more than 1 percentage point lower profit forecast …, relative to realized profits. We explore heterogeneity in the pollution-forecast relation to understand better the underlying …

We present evidence of first impression bias among finance professionals in the field. Equity analysts' forecasts …, target prices, and recommendations suffer from first impression bias. If a firm performs particularly well (poorly) in the … negativity bias, we find that negative first impressions have a stronger effect than positive ones. The market adjusts for …

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 … earlier, or facing less dispersion in peer forecasts, tend to be more subject to confirmation bias, consistent with some of …

This study examines whether firms’ political activism induces bias in the media’s coverage of earnings announcements … incongruent media outlets. Our results suggest that the prevalent bias across some media outlets in their coverage of political …

Variance after-effect is a perceptual bias in the dynamic assessment of variance. Experimental evidence shows that … construct a proxy of the adjustment factor using the sequence of dispersion of analysts earnings forecast. We provide empirical …

analysts’ forecast accuracy. We study whether analysts strategically manage decision fatigue. Firms within an analyst … lower, and the tendency to do so is further enhanced if the firm is also more difficult/complex to forecast. Analysts with …