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New Evidence on Serial Correlation in Analyst Forecast Errors

Author

Listed:
  • Stacey R Nutt
  • John C Easterwood
  • Cintia M Easterwood

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.

Suggested Citation

  • Stacey R Nutt & John C Easterwood & Cintia M Easterwood, 1999. "New Evidence on Serial Correlation in Analyst Forecast Errors," Financial Management, Financial Management Association, vol. 28(4), Winter.
    • Handle: RePEc:fma:fmanag:nutt99
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    Cited by:

    1. Markku Kaustia & Eeva Alho & Vesa Puttonen, 2008. "How Much Does Expertise Reduce Behavioral Biases? The Case of Anchoring Effects in Stock Return Estimates," Financial Management, Financial Management Association International, vol. 37(3), pages 391-412, September.
    2. C. S. Agnes Cheng & K. C. Kenneth Chu & James Ohlson, 2020. "Analyst forecasts: sales and profit margins," Review of Accounting Studies, Springer, vol. 25(1), pages 54-83, March.
    3. Guojin Gong & Laura Y. Li & Jeff J. Wang, 2011. "Serial Correlation in Management Earnings Forecast Errors," Journal of Accounting Research, Wiley Blackwell, vol. 49(3), pages 677-720, June.
    4. Anna M. Cianci & Satoris S. Culbertson, 2010. "The Impact of Motivational and Cognitive Factors on Optimistic Earnings Forecasts," Chapters, in: Brian Bruce (ed.), Handbook of Behavioral Finance, chapter 11, Edward Elgar Publishing.
    5. April Knill & Kristina Minnick & Ali Nejadmalayeri, 2012. "Experience, information asymmetry, and rational forecast bias," Review of Quantitative Finance and Accounting, Springer, vol. 39(2), pages 241-272, August.

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