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https://hdl.handle.net/2142/87432
Description
Title
Three Essays in Financial Economics
Author(s)
Marks, Joseph M.
Issue Date
2005
Doctoral Committee Chair(s)
Neil Pearson
Department of Study
Finance
Discipline
Finance
Degree Granting Institution
University of Illinois at Urbana-Champaign
Degree Name
Ph.D.
Degree Level
Dissertation
Keyword(s)
Economics, Finance
Language
eng
Abstract
In the last chapter, the quality of information produced by investment analysts is studied. In particular, newly available analyst forecasts of revenue per share are examined to assess accuracy and potential biases. Revenue forecasts are shown to be terminally unbiased, while earnings forecasts during the same period exhibit a significant pessimism bias. Evidence is provided that indicates the source of earnings forecast biases is management pressure to deflate forecasts, consistent with recent work on earnings forecast management.
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