Strategic distortions in analyst forecasts in the presence of short-term institutional investors
We document that analysts cater to short-term investors by issuing optimistic target prices. Catering dominates among analysts at brokers without an investment banking arm as they face lower reputational cost. The market does not see through the analyst catering activity and their forecasts lead to...
Main Authors: | BilinskSi, P. (Author), Cumming, D. (Author), Hass, L. (Author), Stathopoulos, K. (Author), Walker, M. (Author) |
---|---|
Format: | Article |
Language: | English |
Published: |
Routledge
2019
|
Subjects: | |
Online Access: | View Fulltext in Publisher |
Similar Items
-
Does earnings guidance contribute to investor short-termism?
by: Lao, Yi Yi
Published: (2013) -
Analyst Herding, Shareholder Investment Horizon, and Management Earnings Guidance
by: White, Todd Palmer
Published: (2014) -
Management earnings forecasts and analyst forecasts: Evidence from mandatory disclosure system
by: Yutao Wang, et al.
Published: (2015-06-01) -
Analysts' Selective Provisions of Cash Flow Forecasts
by: Yoo, CHOONG-YUEL
Published: (2009) -
Research into the Impact of Analysts´ Forecasts on Management Earnings Forecasts – Evidence from China
by: Xiaobei Huang, Jianming Zheng
Published: (2017-01-01)