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

被引：3

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.

引用

页数：8

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