Analysts' Interim Earnings Forecasts: Evidence on the Forecasting Process

@article{Kang1994AnalystsIE,
  title={Analysts' Interim Earnings Forecasts: Evidence on the Forecasting Process},
  author={Sok-Hyon Kang and J. O'Brien and K. Sivaramakrishnan},
  journal={Journal of Accounting Research},
  year={1994},
  volume={32},
  pages={103-112}
}
  • Sok-Hyon Kang, J. O'Brien, K. Sivaramakrishnan
  • Published 1994
  • Economics
  • Journal of Accounting Research
  • Existing empirical evidence indicates that analyst forecasts of corporate earnings do not meet the strict rationality standards prescribed by econometric tests of the rational expectations hypothesis.1 In this paper, we address the question of whether the expectation formation process underlying analyst forecasts is adaptive, or whether these forecasts are influenced by noninformational factors, such as incentives arising from the market for their forecasts (O'Brien [1988], Lin and McNichols… CONTINUE READING
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