Analysts' conflicts of interest and biases in earnings forecasts

被引：57

作者：

Chan, Louis K. C. ^{[1
]}

Karceski, Jason ^{[2
]}

Lakonishok, Josef ^{[1
]}

机构：

[1] Univ Illinois, Coll Business, Dept Finance, Champaign, IL 61820 USA

[2] Univ Florida, Warrington Coll Business Adm, Dept Finance, Gainesville, FL 32611 USA

来源：

JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS | 2007年 / 42卷 / 04期

关键词：

D O I：

10.1017/S0022109000003434

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

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' conflicts of interest and their incentives to strategically adjust forecasts to avoid earnings disappointments. We document shifts in the distribution of earnings surprises and related changes in the market's response to surprises and forecast revisions. The evidence for shifts is stronger for growth stocks, where conflicts of interest are more pronounced. However, shifts are less notable for analysts without ties to investment banking and in international markets.

引用

页码：893 / 913

页数：21

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