Forecast persistence and clustering: Additional evidence
- Authors
- 곽승욱
- Issue Date
- Sep-2007
- Publisher
- Springer Verlag
- Citation
- Journal of Economics and Finance, v.31, no.3, pp 319 - 330
- Pages
- 12
- Journal Title
- Journal of Economics and Finance
- Volume
- 31
- Number
- 3
- Start Page
- 319
- End Page
- 330
- URI
- https://scholarworks.sookmyung.ac.kr/handle/2020.sw.sookmyung/148369
- DOI
- 10.1007/BF02885722
- ISSN
- 1055-0925
1938-9744
- Abstract
- This study intends to address the persistence of the bias in analysts' earnings forecasts and clustering effects of time, industry classification, and stock exchange listing. Following Kwag and Shrieves (2006), I use a look-back portfolio formation method that captures salient features of analysts' past forecasting behavior and form quintile portfolios that describe the range of analysts' forecasting behavior. Consistent with Kwag and Shrieves, empirical evidence suggests that analyst optimism and pessimism tend to persist. Time, industry classification, and stock exchange listing do not seem to influence such phenomenon. (JEL G14, G19).
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