The Effect of CEO Extraversion on Analyst Forecasts: Stereotypes and Similarity Bias

被引：15

作者：

Becker, Jochen ^{[1
]}

Medjedovic, Josip ^{[1
]}

Merkle, Christoph ^{[2
]}

机构：

[1] German Grad Sch Business & Law, Heilbronn, Germany

[2] Kuhne Logist Univ, Hamburg, Germany

来源：

FINANCIAL REVIEW | 2019年 / 54卷 / 01期

关键词：

financial analyst; CEO personality; nonfinancial information; stereotyping heuristic; similarity bias; extraversion; TRANSFORMATIONAL LEADERSHIP; STOCK RECOMMENDATIONS; SELF-ESTEEM; DARK-SIDE; PERSONALITY; OVERCONFIDENCE; NARCISSISM; FIRM; OVERREACTION; PERFORMANCE;

D O I：

10.1111/fire.12173

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

In an experiment with professional analysts, we study their reliance on CEO personality information when producing financial forecasts. Drawing on social cognition research, we suggest analysts apply a stereotyping heuristic, believing that extraverted CEOs are more successful. The between-subjects results with CEO extraversion as treatment variable confirm that analysts issue more favorable forecasts (earnings per share, long-term earnings growth, and target price) for firms led by extraverted CEOs. Increased forecast uncertainty leads to even stronger stereotyping. Additionally, personality similarity between analysts and CEOs has a large effect on financial forecasts. Analysts issue more positive forecasts for CEOs similar to themselves.

引用

页码：133 / 164

页数：32

共 48 条

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