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:
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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