Are Financial Analysts Forecasts Of Corporate Profits Rational?

Univ Chicago Press
Publication Type:
Journal Article
Journal of Political Economy, 1998, 106 (4), pp. 768 - 805
Issue Date:
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This paper develops generalized method-of-moments tests for the rationality of earnings per share forecasts made by individual stock analysts. We fail to reject the hypothesis of rationality as long as we take into account two complications: (1) the corr
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