Analysts’ Forecasts: What Do We Know after Decades of Work?

By Mark Bradshaw. 2011

344 citations recorded by the source corpus.

Subfields: Accounting, Finance, Management Information Systems

View Paper: https://www.semanticscholar.org/paper/24c7aa15df589fb248b932602818d9bae1d7e9d0

How researchers see this paper

The researchers whose trusted networks rank it highest, strongest advocate first. Every researcher gets a different order.

In Accounting

In Finance

In Management Information Systems

Citations in the corpus

Inside the 'Black Box' of Sell-Side Financial Analysts (2014, positive): “Specifically, we help academic researchers and investors penetrate the “black box” of analysts’ decision processes and the incentives they face, as called for by Bradshaw (2011), Brown (1993), and Schipper (1989).”
Seeing is believing: analysts’ corporate site visits (2016, background): “These studies focus more on analysts’ attributes— who they are, and less on what they do (Bradshaw 2011).”
The benefits of specific risk-factor disclosures (2016, neutral): “While extensive research has examined analysts’ behaviors in forecasting earnings and recommending stocks (see Bradshaw 2015 for an overview of such research), research on analysts’ behavior in assessing fundamental risk is scarce, with only a few exceptions.”
Who Uses Financial Reports and for What Purpose? Evidence from Capital Providers (2014, positive): “Analysts also produce biased recommendations and target prices on average (Mokoaleli-Mokoteli et al., 2009; Bradshaw, 2011), but despite this, professional investors still rely on analysts’ outputs (Barker, 1998; Clement and Tse, 2003) and are well aware of potential biases (Clatworthy, 2005).”
Analysts’ Forecasts and Asset Pricing: A Survey (2016, neutral): “…it has been over 20 years since Schipper (1991) highlighted a disproportionate focus within academic research on analysts’ forecasts, largely because of the availability of analyst forecast data and the use of this data within studies of earnings news (see Bradshaw (2011) for a similar remark).”
Accounting Earnings and Gross Domestic Product (2014, background): “Third, although several studies provide evidence that sell-side analysts' forecasts are inefficient (see, e.g., Bradshaw, 2011, for a literature review), professional macro forecasters are known to outperform sophisticated time-series models (e.g., Zarnowitz and Braun, 1993; Stark, 2010).”
Analyst Information Discovery and Interpretation Roles: A Topic Modeling Approach (2018, neutral): “face value due to their discrete nature and the well-documented optimistic bias (Bradshaw 2011).”
Evidence on the Information Content of Text in Analyst Reports (2014, background): “Despite the apparent importance of analyst report text, the extant literature largely overlooks it and focuses almost exclusively on analysts’ quantitative research outputs (Ramnath, Rock, and Shane 2008; Bradshaw 2011).”