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On the Determinants of Optimism in Financial Analyst Earnings Forecasts: The Effect of the Market's Ability to Adjust for the Bias
16 references·0 citing·43 second hop
On the Determinants of Optimism in Financial Analyst Earnings Forecasts: The Effect of the Market's Ability to Adjust for the Bias (2011)On the Determinants of Optimism in Financ…Analyzing the Analysts: Career Concerns and Biased Earnings Forecasts (2003)Analyzing the Analysts: Caree…Rationality and Analysts' Forecast Bias (2001)Rationality and Analysts' For…Timid Choices and Bold Forecasts: A Cognitive Perspective on Risk Taking (2000)Timid Choices and Bold Foreca…Inefficiency in Analysts' Earnings Forecasts: Systematic Misreaction or Systematic Optimism? (1999)Inefficiency in Analysts' Ear…Conflict of Interest and the Credibility of Underwriter Analyst Recommendations (1999)Conflict of Interest and the …Underwriting relationships, analysts' earnings forecasts and investment recommendations (1998)Underwriting relationships, a…Self-Selection and Analyst Coverage (1997)Self-Selection and Analyst Co…The pricing of discretionary accruals (1996)The pricing of discretionary …Corporate Disclosure Policy and Analyst Behavior. (1996)Corporate Disclosure Policy a…A Market-Based Evaluation of Discretionary Accrual Models (1996)A Market-Based Evaluation of …The information content of losses (1995)The information content of lo…Timid Choices and Bold Forecasts: A Cognitive Perspective on Risk Taking (1993)Timid Choices and Bold Foreca…Cross-Sectional Determinants of Analyst Ratings of Corporate Disclosures (1993)Cross-Sectional Determinants …Tests of Analysts' Overreaction/Underreaction to Earnings Information as an Explanation for Anomalous Stock Price Behavior (1992)Tests of Analysts' Overreacti…Analyst Following and Institutional Ownership (1990)Analyst Following and Institu…Risk, Return, and Equilibrium: Empirical Tests (1973)Risk, Return, and Equilibrium…Judgment under Uncertainty: Heuristics and Biases (1975)Prospect theory: An analysis of decision under risk (1988)Advances in prospect theory: Cumulative representation of uncertainty (1992)Representativeness Revisited: Attribute Substitution in Intuitive Judgment (2002)A perspective on judgment and choice: Mapping bounded rationality. (2003)Maps of Bounded Rationality: Psychology for Behavioral Economics (2003)Agency Problems and the Theory of the Firm (1980)Earnings Management During Import Relief Investigations (1991)Detecting Earnings Management. (1995)A Review of the Earnings Management Literature and Its Implications for Standard Setting (1999)Audit committee, board of director characteristics, and earnings management (2002)Performance matched discretionary accrual measures (2005)Specification Tests in Econometrics (1978)Why Firms Voluntarily Disclose Bad News (1994)Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature (2001)The economic implications of corporate financial reporting (2005)Voluntary Nonfinancial Disclosure and the Cost of Equity Capital: The Initiation of Corporate Social Responsibility Reporting (2010)INFORMATIONAL ASYMMETRIES, FINANCIAL STRUCTURE, AND FINANCIAL INTERMEDIATION (1977)Corporate financing and investment decisions when firms have information that investors do not have (1984)Causes and Consequences of Earnings Manipulation: An Analysis of Firms Subject to Enforcement Actions by the SEC* (1996)The Long‐Run Performance of initial Public Offerings (1991)Earnings Management and the Long‐Run Market Performance of Initial Public Offerings (1998)Herd Behavior in Financial Markets (2000)Stock price reaction to news and no-news: drift and reversal after headlines (2003)Analyzing the Analysts: When Do Recommendations Add Value? (2004)CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* (1964)The Behavior of Stock-Market Prices (1965)THE VALUATION OF RISK ASSETS AND THE SELECTION OF RISKY INVESTMENTS IN STOCK PORTFOLIOS AND CAPITAL BUDGETS**This paper is another in a series of interrelated theoretical and statistical studies of corporate financial and investment policies being made under grants from the Rockefeller Foundation, and more recently the Ford Foundation, to the Harvard Business School. The generous support for this work is most gratefully acknowledged. The author is also much indebted to his colleagues Professors Bishop, Christenson, Kahr, Raiffa, and (especially) Schlaifer, for extensive discussion and commentary on an earlier draft of this paper; but responsibility for any errors or imperfections remains strictly his own.[Professor Sharpe's paper, “Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk” (Journal of Finance, September 1964) appeared after this paper was in final form and on its way to the printers. My first section, which parallels the first half of his paper (with corresponding conclusions), sets the algebraic framework for sections II, III and VI, (which have no counterpart in his paper) and for section IV on the equilibrium prices of risk assets, concerning which our results differ significantly for reasons which will be explored elsewhere. Sharpe does not take up the capital budgeting problem developed in section V below.] (1975)The Cross-Section of Expected Stock Returns (1992)Common risk factors in the returns on stocks and bonds (1993)On Persistence in Mutual Fund Performance (1997)Performance Pay and Top-Management Incentives (1990)Good Day Sunshine: Stock Returns and the Weather (2003)Why Has IPO Underpricing Changed Over Time (2004)Who Blows the Whistle on Corporate Fraud? (2010)The conservatism principle and the asymmetric timeliness of earnings1 (1997)Earnings Management through Real Activities Manipulation (2003)Understanding earnings quality: A review of the proxies, their determinants and their consequences (2010)Capital markets research in accounting (2001)Corporate Governance and Firm Value: The Impact of Corporate Social Responsibility (2011)Overconfidence and Excess Entry: An Experimental Approach (1999)Investor Psychology and Asset Pricing (2001)Flawed Self-Assessment (2004)
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References

  • 1973Risk, Return, and Equilibrium: Empirical Tests14,248 cited
  • 1996Corporate Disclosure Policy and Analyst Behavior.2,743 cited
  • 1993Cross-Sectional Determinants of Analyst Ratings of Corporate Disclosures2,643 cited
  • 1995The information content of losses2,315 cited
  • 1993Timid Choices and Bold Forecasts: A Cognitive Perspective on Risk Taking2,041 cited
  • 1996The pricing of discretionary accruals1,662 cited
  • 1999Conflict of Interest and the Credibility of Underwriter Analyst Recommendations1,549 cited
  • 2003Analyzing the Analysts: Career Concerns and Biased Earnings Forecasts1,471 cited
  • 2000Timid Choices and Bold Forecasts: A Cognitive Perspective on Risk Taking1,277 cited
  • 1998Underwriting relationships, analysts' earnings forecasts and investment recommendations1,248 cited
  • 2001Rationality and Analysts' Forecast Bias1,012 cited
  • 1992Tests of Analysts' Overreaction/Underreaction to Earnings Information as an Explanation for Anomalous Stock Price Behavior1,003 cited
  • 1997Self-Selection and Analyst Coverage968 cited
  • 1990Analyst Following and Institutional Ownership843 cited
  • 1996A Market-Based Evaluation of Discretionary Accrual Models

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  • 1999Inefficiency in Analysts' Earnings Forecasts: Systematic Misreaction or Systematic Optimism?766 cited
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