Does Competition Improve Analysts’ Forecast Informativeness?

Published Online:https://doi.org/10.1287/mnsc.2019.3544

References

  • Aharoni G, Einhorn E, Zeng Q (2017) Under weighting of private information by top analysts. J. Accounting Res. 55(3):551–590.CrossrefGoogle Scholar
  • Barth ME, Kasznik R, McNichols MF (2001) Analyst coverage and intangible assets. J. Accounting Res. 39(1):1–34.CrossrefGoogle Scholar
  • Beyer A, Guttman I (2011) The effect of trading volume on analysts’ forecast bias. Accounting Rev. 86(2):451–481.CrossrefGoogle Scholar
  • Blackwell D (1951) Comparison of experiments. Neyman J, ed. Proc. 2nd Berkeley Sympos. Math. Statist. Probab. (University of California Press, Berkeley), 93–102.Google Scholar
  • Brown LD, Call AC, Clement MB, Sharp NY (2015) Inside the black box of sell-side financial analysts. J. Accounting Res. 53(1):1–47.CrossrefGoogle Scholar
  • Cheynel E, Levine CB (2012) Analysts’ sale and distribution of non fundamental information. Rev. Accounting Stud. 17(2):352–388.CrossrefGoogle Scholar
  • Dranove D, Jin GZ (2010) Quality disclosure and certification: Theory and practice. J. Econom. Literature 48(4):935–963.CrossrefGoogle Scholar
  • Ganuza J-J, Penalva JS (2010) Signal orderings based on dispersion and the supply of private information in auctions. Econometrica 78(3):1007–1030.CrossrefGoogle Scholar
  • Glicksberg IL (1952) A further generalization of the Kakutani fixed point theorem, with application to Nash equilibrium points. Proc. Amer. Math. Soc. 3(1):170–174.Google Scholar
  • Groysberg B, Healy PM, Maber DA (2011) What drives sell-side analyst compensation at high-status investment banks? J. Accounting Res. 49(4):969–1000.CrossrefGoogle Scholar
  • Hong H, Kacperczyk M (2010) Competition and bias. Quart. J. Econom. 125(4):1683–1725.CrossrefGoogle Scholar
  • Hong H, Kubik JD (2003) Analyzing the analysts: Career concerns and biased earnings forecasts. J. Finance 58(1):313–351.CrossrefGoogle Scholar
  • Keane MP, Runkle DE (1998) Are financial analysts’ forecasts of corporate profits rational? J. Political Econom. 106(4):768–805.CrossrefGoogle Scholar
  • Lichtendahl KC, Winkler RL (2007) Probability elicitation, scoring rules, and competition among forecasters. Management Sci. 53(11):1745–1755.LinkGoogle Scholar
  • Lichtendahl KC, Grushka-Cockayne Y, Pfeifer PE (2013) The wisdom of competitive crowds. Oper. Res. 61(6):1383–1398.LinkGoogle Scholar
  • Malmendier U, Shanthikumar D (2014) Do security analysts speak in two tongues? Rev. Financial Stud. 27(5):1287–1322.CrossrefGoogle Scholar
  • Meng X (2015) Analyst reputation, communication, and information acquisition. J. Accounting Res. 53(1):119–173.CrossrefGoogle Scholar
  • Merkley K, Michaely R, Pacelli J (2017) Does the scope of the sell-side analyst industry matter? An examination of bias, accuracy, and information content of analyst reports. J. Finance 72(3):1285–1334.CrossrefGoogle Scholar
  • Ottaviani M, Sørensen PN (2006) The strategy of professional forecasting. J. Financial Econom. 81(2):441–466.CrossrefGoogle Scholar
  • Xue H (2016) Independent and affiliated analysts: Disciplining and herding. Accounting Rev. 92(4):243–267.CrossrefGoogle Scholar
INFORMS site uses cookies to store information on your computer. Some are essential to make our site work; Others help us improve the user experience. By using this site, you consent to the placement of these cookies. Please read our Privacy Statement to learn more.