分析师在盈利预测中的利益冲突和偏见

L. Chan, Jason Karceski, Josef Lakonishok
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引用次数: 178

摘要

分析师的盈利预测受到他们赢得投行客户愿望的影响。我们假设,20世纪90年代的股市牛市,以及投资银行业务的繁荣,加剧了分析师的利益冲突,以及他们调整战略预测以避免收益令人失望的动机。我们记录了收益意外分布的变化、市场对意外和预测修正的反应,以及非负面意外的可预测性。进一步的确认是基于利益冲突更明显的子样本,包括成长型股票和连续非负意外值的股票;然而,国际市场的变化就不那么明显了。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Analysts' Conflict of Interest and Biases in Earnings Forecasts
Analysts' earnings forecasts are influenced by their desire to win investment banking clients. We hypothesize that the equity bull market of the 1990s, along with the boom in investment banking business, exacerbated analysts' conflict of interest and their incentives to adjust strategically forecasts to avoid earnings disappointments. We document shifts in the distribution of earnings surprises, the market's response to surprises and forecast revisions, and in the predictability of non-negative surprises. Further confirmation is based on subsamples where conflicts of interest are more pronounced, including growth stocks and stocks with consecutive non-negative surprises; however shifts are less notable in international markets.
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