... headquartered outside the counties affected by hurricanes. As we cannot directly measure how analysts perceive risk, we use the variation in forecast optimism relative to the consensus forecast as a proxy for analysts' risk perception. We exploit the variation to measure how analysts assess risk. We conduct...

... discussant), Stephannie Larocque, and Kelvin Law for detailed comments. Editor's note: Accepted by Bin Ke. December 2013 May 2015 2016 sell-side analyst forecast optimism macroeconomist GDP price efficiency Although the state of the economy has a large impact...