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Research Details
Expertise in Forecasting Performance of Security Analysts, Journal of Accounting and Economics
Abstract
In this study of sell-side analysts forecasts, we explore the effects of analyst aptitude, learning by-doing, and the internal environment of the brokerage house on forecast accuracy. Our results indicate that analysts' aptitude and brokerage house characteristics are associated with forecast accuracy, while learning-by-doing is only associated with forecast accuracy when we do not control for analysts' company-specific aptitude in forecasting. It is unlikely that this result is caused by measurement errors because it is robust when we use a sub-sample where we can accurately measure experience.
Type
Article
Author(s)
Date Published
1999
Citations
. 1999. Expertise in Forecasting Performance of Security Analysts. Journal of Accounting and Economics.(1): 51-82.