| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w9544 |
| 来源ID | Working Paper 9544 |
| Analysts' Conflict of Interest and Biases in Earnings Forecasts | |
| Louis K. C. Chan; Jason Karceski; Josef Lakonishok | |
| 发表日期 | 2003-03-10 |
| 出版年 | 2003 |
| 语种 | 英语 |
| 摘要 | Analysts' earnings forecasts are influenced by their desire to win investment banking clients. We hypothesize that the equity bull market of the 1990s, along with the boom in investment banking business, exacerbated analysts' conflict of interest and their incentives to adjust strategically forecasts to avoid earnings disappointments. We document shifts in the distribution of earnings surprises, the market's response to surprises and forecast revisions, and in the predictability of non-negative surprises. Further confirmation is based on subsamples where conflicts of interest are more pronounced, including growth stocks and stocks with consecutive non-negative surprises; however shifts are less notable in international markets. |
| 主题 | Financial Economics ; Portfolio Selection and Asset Pricing ; Financial Markets |
| URL | https://www.nber.org/papers/w9544 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/567166 |
| 推荐引用方式 GB/T 7714 | Louis K. C. Chan,Jason Karceski,Josef Lakonishok. Analysts' Conflict of Interest and Biases in Earnings Forecasts. 2003. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w9544.pdf（228KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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