search query: @author Subramanian, A. / total: 9
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| Author: | Clarke, J. Subramanian, A. |
| Title: | Dynamic forecasting behavior by analysts: Theory and evidence |
| Journal: | Journal of Financial Economics
2006 : APR, VOL. 80:1, p. 81-113 |
| Index terms: | forecasting careers employment risk models |
| Language: | eng |
| Abstract: | This study develops a multi-period learning model to examine the relation btw. analysts' forecasting behaviour and their performance. In a competitive market for banking services, the surplus and the analyst's payoff are convex in her reputation. The convexity and the presence of employment risk lead to a U-shaped relation. There is support found for the predictions in this study's empirical analysis. Significant underperformers (outperformers) face higher (lower) employment risk and are more likely to issue bolder forecasts. |
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