Financial markets forecasts revisited: Are they rational, stubborn or jumpy?

Ippei Fujiwara, Hibiki Ichiue (), Yoshiyuki Nakazono and Yosuke Shigemi

Economics Letters, 2013, vol. 118, issue 3, 526-530

Abstract: This paper evaluates professional forecasters’ behavior using a panel data of individual forecasts. We find that (i) professional forecasts are behavioral, and (ii) there exists a stock–bond dissonance: the forecasting behavior seems to be stubborn in the stock market, but jumpy in the bond market. Even in the same country, forecasting behavior is quite different by market.

Keywords: Anchoring; Forecast revisions; Over-reaction; Under-reaction; Survey forecasts (search for similar items in EconPapers)
JEL-codes: D03 G17 (search for similar items in EconPapers)
Date: 2013
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (14)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:ecolet:v:118:y:2013:i:3:p:526-530

DOI: 10.1016/j.econlet.2012.12.037

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