Analyzing the Analysts: Career Concerns and Biased Earnings Forecasts  

Oleh:

Hong, Harrison ; Kubik, Jeffrey D.

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 58 no. 1 (Feb. 2003), page 313-351.
Topik: analyst carrier; Relatively accurate
Fulltext: p 313.pdf (273.7KB)

Isi artikel

We examine securitya nalysts’career concerns by relating their earnings forecasts to job separations. Relativelya ccurate forecasters are more likely to experience favorable career outcomes like moving up to a high-status brokerage house. Controlling for accuracy, analysts who are optimistic relative to the consensus are more likelyto experience favorable job separations. For analysts who cover stocks underwritten by their houses, job separations depend less on accuracya nd more on optimism. Job separations were less sensitive to accuracya nd more sensitive to optimism during the recent stock market mania. Brokerage houses apparentlyre ward optimistic analysts who promote stocks.

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