New Evidence on Serial Correlation in Analyst Forecast Errors

Stacey R Nutt, John C Easterwood and Cintia M Easterwood

Financial Management, 1999, vol. 28, issue 4

Abstract: Securities analysts react optimistically to new information, underreacting to bad news and overreacting to good news. This evidence suggests that securities analysts might produce optimistic earnings forecasts in response to their economic incentives.

Date: 1999
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