Theoretical explanations to security analysts＇ forecast bias  

作　　者：ZHAO Xiao-yan 

机构地区：[1]School of Economics and Management, Tsinghua Universitk [2] Beijing 100084, China

出　　处：《Chinese Business Review》2007年第5期1-4,共4页中国经济评论（英文版）

摘　　要：As the representative of mature investors, security analysts＇ recommendations are guidance for most investors, However, a great deal of studies nearly draws the consistent conclusion, i.e. they are not as smart as we imagine, or the market doesn＇t trust their recommendations so much. The existence of optimistic bias in their recommendations has been supported by empirical data widely. Hence these make many papers to explore the reasons and try to give theoretical explanations. Based on prior researches, this paper mainly compares two theoretical models both based on mathematical methods.

关 键 词：security analysts＇ forecast optimistic bias earning skewness 

分 类 号：F832.48[经济管理—金融学]