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| Author: | Ackert, L.F. Athanassakos, G. |
| Title: | A simultaneous equations analysis of analysts' forecast bias, analyst following, and institutional ownership |
| Journal: | Journal of Business Finance and Accounting
2003 : SEP/OCT, VOL. 30:7/8, p. 1017-1041 |
| Index terms: | Earnings Financial analysis Financial forecasting Institutional investors |
| Language: | eng |
| Abstract: | A simultaneous equations model is used to examine the relationship between analysts' forecasts, analyst following and institutions' investment decisions. Estimates of the three equation model using U.S. data show that higher institutional demand leads to greater optimism among analysts and lower analyst following. Simultaneously, institutional demand increases with increasing optimism in analysts' forecasts but decreases with analyst following. |
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