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Are Analysts’ Loss Functions Asymmetric?
Recent research suggests that optimistically biased earnings forecasts issued by analysts are attributable to analysts minimizing symmetric, linear loss functions. We test an alternative explanation, namely that analysts have asymmetric loss functions. Theory predicts that if loss functions are asymmetric then forecast error bias depends on forecast error variance, but not necessarily on skewne...
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We consider a canonical model of monetary policy in which the central bank learns about underlying fundamentals by estimating the parameters of a Phillips curve while disregarding the role of the public’s expectations. We show that the bank’s loss function is endogenously asymmetric with respect to these estimates such that overestimates may be more or less costly than underestimates, introduci...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2006
ISSN: 1556-5068
DOI: 10.2139/ssrn.875790