Rationality and Analysts' Forecast Bias

By Terence Lim. 2001

1,019 citations recorded by the source corpus.

Subfields: Accounting, Finance, Strategy and Management

View Paper: https://www.semanticscholar.org/paper/040cfa65e964a2d8b5755b0ca0fb0a2994e72607

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Citations in the corpus

Investor Psychology in Capital Markets: Evidence and Policy Implications (2001, neutral): “…may result from agency problems, such as incentives of analysts to ingratiate themselves with management to maintain access to information (e.g. Lim (2001)), to benefit the corporate finance side of the investment bank (Michaely and Womack (1999)), to enhance stocks held in-house by the…”
Analyst Coverage, Corporate Social Responsibility, and Firm Risk (2014, background): “As the number of analysts is highly skewed to the right (Lim 2001, Bushman et al. 2005), we measure analyst coverage with the natural logarithm of one plus the number of analysts following the firm (ANALYST).”
Credulity, lies, and costly talk (2007, neutral): “Third, analysts might tend to release favorable reports that please management in order to gain access to internal information from the firms they cover [16].”
Air pollution, affect, and forecasting bias: Evidence from Chinese financial analysts (2019, background): “See Lim (2001), for a discussion of why analysts who utilize management information on profitability may optimally provide forecasts that are positively biased.”
Revisiting the Relation Between Environmental Performance and Environmental Disclosure: An Empirical Analysis (2008, background): “…chosen proxies for information asymmetry are: monthly stock return volatility measured (VOLAT) over the 12 month period represented by fiscal 2003 (Lim, 2001) and Tobin’s Q, based on the argument that firms with greater unbooked intangibles and a positive NPV investment opportunity set enjoy…”
The Informational Role of Bond Analysts (2009, neutral): “6 As a different example, Beaver, Shakespeare, and Soliman (2006) study the differential properties of”
Do accurate earnings forecasts facilitate superior investment recommendations (2006, methodology): “Following Lim (2001), we remove observations with forecast errors exceeding 10 dollars as these most probably resulted from a data input error.”
Information Uncertainty and Stock Returns (2004, positive): “Following Lim (2001), I measure weekly returns from Thursday to Wednesday to mitigate nonsynchronous trading or bid-ask bounce effects in daily prices.”