... sell-side analysts analyst incentives earnings forecasts forecast bias Third, analysts could communicate with clients in such a way that the analysis provided is proportional to the value of the insights delivered to clients (i.e., communication frictions). Numerous studies document that public...

... forecast pessimism earnings announcements mispricing earnings surprise benchmark beating analyst incentives Overall, we conclude that the nature (i.e., pessimistic) and potential consequences (for earnings surprises and market reactions to earnings announcements) of bias in analysts' short-term...