Over‐Reaction by Security Market Analysts: The Impact of Broker Status and Firm Size
检验分析师短期盈利预测是否存在系统性过度反应，通过比较预测与实际盈利变化识别系统误差，并分析公司规模和券商地位的影响。
The aim of this study is to provide an examination of short‐term earnings forecasts for evidence of systematic over‐reaction. Analysts' predicted changes in earnings are compared with the realised changes to identify the contribution of systematic error (bias and generalised over‐reaction) to the mean square error. A second analysis investigates whether analysts over‐react to prior earnings changes. For both analyses, the impact of firm size and analysts' broker status are investigated.