Stock market reactions and optimism bias in analysts' earnings forecasts: An analysis of China's stock markets

被引：0
|
作者：
Ji, Xu [1 ]
Dong, Yan [1 ]
Vagnani, Gianluca [2 ]
Yang, Xiaoqi [1 ]
机构：
[1] Southwestern Univ Finance & Econ, Res Inst Econ & Management, Chengdu, Peoples R China
[2] Sapienza Univ Rome, Fac Econ, Rome, Italy
来源：
FINANCE RESEARCH LETTERS | 2024年 / 59卷
关键词：
Financial analysts' earnings forecast; Optimism premium; Catering behavior; Conflict of interest; INVESTOR SENTIMENT; MATTER; RISK;
D O I：
10.1016/j.frl.2023.104822
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This paper examines analysts' catering behavior to current investor demand, proxied by the unbalanced stock market reaction toward optimistic forecasts and non-optimistic forecasts (i.e., optimism premium). Using data on earnings forecasts issued by sell-side analysts in China from 2014 to 2018, we show that the optimism premium significantly increases analysts' tendency to issue optimistic forecasts-in short, that analysts do cater to investor demand. The implications of our findings for theory and practices are discussed.
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页数：8
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