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| Author: | Mikhail, M. B. Walther, B. R. Willis, R. H. |
| Title: | Do security analysts improve their performance with experience ? |
| Journal: | Journal of Accounting Research
1997 : VOL. 35, suppl., p. 131-157 |
| Index terms: | POLICY MAKING INVESTMENTS PAY FORECASTING TIME SERIES |
| Language: | eng |
| Abstract: | The paper investigates if sell-side security analysts generate more accurate quarterly earnings forecasts and more profitable stock recommendations as their experience following a specific firm increases. There is firm specific experience measured as the number of prior quarters for which the analyst has issued an earnings forecast for the firm. If analysts improve their forecasting performance with repetition, as suggested by the "Learning By Doing" (LBD) model, an analyst's earnings forecasts will become more accurate with experience. |
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