analysts’ earnings forecast bias in Chinese multinational corporations. We find that analysts’ earnings forecast bias is … greater the bias in analysts’ earnings forecasts. Various methods, such as the Heckman two-stage least squares, propensity … analysts’ competence are critical factors that moderate the relationship between international diversification and forecast …

before the actual earnings announcement. The second one is the optimistic bias channel. The optimistic bias channel means … that the stock is overpriced if the investors do not correct the analysts' bias. The self-selection is negatively … correlated with the stock return through the optimistic bias channel as more self-selection means more optimistic bias as low …

management forecast bias behavior is purely unintentional. Overall, our evidence suggests that managers issue biased forecasts … announcement – a practice referred to as the “bundling” of earnings information. We examine whether managers bias these forecasts … (especially for optimistic bias when current earnings news is negative) are stronger when managers: (1) face less analyst …

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

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 …

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 …

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