Buy-side vs. sell-side analysts' earnings forecasts

被引：31
|
作者：
Groysberg, Boris [1 ]
Healy, Paul [1 ]
Chapman, Craig [1 ]
机构：
[1] Harvard Univ, Sch Business, Boston, MA 02163 USA
来源：
FINANCIAL ANALYSTS JOURNAL | 2008年 / 64卷 / 04期
关键词：
D O I：
10.2469/faj.v64.n4.3
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
The study reported here is a comparison of the earnings-forecasting performance of analysts at a large buy-side firm with the performance of sell-side analysts in the 1997-2004 period. The tests show that the buy-side analysts made more optimistic and less accurate forecasts than their counterparts on the sell side. The performance differences appear to be partially explained by the buy-side firm's greater retention of poorly performing analysts and by differences in the performance benchmarks used to evaluate buy-side and sell-side analysts.
引用
收藏
页码：25 / 39
页数：15
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