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 …

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

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 …

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

I examine whether and why the completion of an acquisition affects the bias in managers' earnings forecasts, and three … acquisition characteristics that enhance managers' perceived commitment and control to an acquisition, and whether the bias is … departure. Together, these tests support the argument that managers' optimistic bias is related to unintentional, rather than …

distorted on average. In the first 90 days after an IPO, this relative forecast bias even increases to 63 percentage points and …, 2009. Before this regulatory reform, the optimistic bias in post-IPO earnings forecasts is highly comparable across … for fiscal years further away from the forecast release date …

conduct panel data regressions. We show that the analysts' optimistic bias declined significantly after CSA rules, which …

Using analysts' multi-period earnings forecasts, this paper investigates whether analyst forecast errors are related to … higher information uncertainty, and (3) forecasts with longer forecast horizons (e.g., forecasts issued far before fiscal … year end). Adding forecast errors to a growth-return regression substantially reduces the coefficient on asset growth …