Analysts' Conflict of Interest and Biases in Earnings Forecasts

Topics:
Equity
Tags:
Analyst,
Earnings Forecast,
Finance,
Financial Services,
Investment,
Investment Banking,
National Bureau Of Economic Research
Source:
National Bureau of Economic Research

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Overview: Analysts' earnings forecasts are influenced by their desire to win investment banking clients. This report hypothesizes 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. It documents shifts in the distribution of earnings surprises, the market's response to surprises and forecast revisions, and in the predictability of non-negative surprises.

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Format: PDF | Size: 228KB | Date: Mar 2003 | Pages: 48

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