Do Managers Always Know Better? The Relative Accuracy of Management and Analyst Forecasts

By Amy P. Hutton, Lian Fen Lee, Susan Shu. 2012

294 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/d37601f915590acc807d25ee8e848e535f9bcd96

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Citations in the corpus

Externalities of Public Firm Presence: Evidence from Private Firms’ Investment Decisions (2013, unknown): “Prior research finds that financial analysts play a significant role in analyzing firms’ disclosures and providing additional insights about the firm and the industry (Asquith et al., 2005; Hutton et al., 2012; Kadan et al., 2012).”
Management Forecast Quality and Capital Investment Decisions (2014, unknown): “Consistent with this intuition, prior studies, such as Ajinkya et al. (2005) and Hutton et al. (2012), document that timelines is an important determinant of forecasting accuracy.”
Seeing is believing: analysts’ corporate site visits (2016, background): “helps analysts better process information (Piotroski and Roulstone 2004), and that analysts make more accurate forecasts when target firms’ operations are more synchronous with industry trend (Hutton et al. 2012).”
What Do Management Earnings Forecasts Convey About the Macroeconomy (2013, unknown): “…Ben-David, Graham, and Harvey (2012) document that managers exhibit significant miscalibration in their predictions of stock market returns and Hutton, Lee, and Shu (2012) document that analyst forecasts are more accurate than management forecasts when a firm’s prospects are tied to…”
The Effect of Institutional Ownership on Firm Transparency and Information Production (2015, unknown): “For example, analysts serve as processers or producers of both firm and macroeconomic information (e.g., Hutton et al., 2012).”