Social learning and analyst behavior
نویسندگان
چکیده
This study examines whether sell-side equity analysts engage in “social learning” which their earnings forecasts for certain firms are influenced by the and outcomes of “peer” associated with other respective portfolios. We find that analyst optimism is negatively correlated recent forecast errors, peers, on analyst's portfolio. An also more likely to issue “bold” when peers recently issued similar portfolio firms. Analysts learn from personal characteristics. Overall, social learning benefits improves accuracy.
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ژورنال
عنوان ژورنال: Journal of Financial Economics
سال: 2022
ISSN: ['1879-2774', '0304-405X']
DOI: https://doi.org/10.1016/j.jfineco.2021.06.011