Panic herding: Analysts' COVID-19 experiences and the interpretation of earnings news

IF 3.3 Q1 BUSINESS, FINANCE
Matteo Vacca
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引用次数: 0

Abstract

This paper examines how local experiences of the COVID-19 pandemic affect sell- side analysts’ interpretation of earnings news. By exploiting the variation in the intensity and timing of local outbreaks, I show that analysts who are more exposed to the virus tend to herd more closely with the consensus forecast. However, I find no evidence of increases in forecast pessimism. The data are consistent with the intensity of exposure to the pandemic having a first-order effect on analysts’ risk attitudes, rather than on the bias of their stated expectations.
恐慌羊群:分析师的 COVID-19 经验与盈利新闻解读
本文研究了当地 COVID-19 大流行的经历如何影响卖方分析师对盈利新闻的解读。通过利用当地疫情爆发强度和时间的变化,我发现受病毒影响较大的分析师往往更倾向于与一致预测保持一致。但是,我没有发现预测悲观情绪上升的证据。这些数据表明,疫情爆发的强度对分析师的风险态度有一阶影响,而不是对他们的预期偏差有一阶影响。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
CiteScore
6.20
自引率
2.60%
发文量
31
期刊介绍: Journal of Economics and Business: Studies in Corporate and Financial Behavior. The Journal publishes high quality research papers in all fields of finance and in closely related fields of economics. The Journal is interested in both theoretical and applied research with an emphasis on topics in corporate finance, financial markets and institutions, and investments. Research in real estate, insurance, monetary theory and policy, and industrial organization is also welcomed. Papers that deal with the relation between the financial structure of firms and the industrial structure of the product market are especially encouraged.
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