New Evidence on Serial Correlation in Analyst Forecast Errors
发现证券分析师对新信息反应乐观，对坏消息反应不足、对好消息反应过度，表明分析师可能因经济激励而发布乐观盈利预测。
Securities analysts react optimistically to new information, underreacting to bad news and overreacting to good news. This evidence suggests that securities analysts might produce optimistic earnings forecasts in response to their economic incentives.