Journal of Accounting and Economics Vol. 28 No. 1 1999
Expertise in forecasting performance of security analysts
Abstract
In this study of sell-side analysts’ forecasts, we explore the effects of analyst aptitude, learning-by-doing, and the internal environment of the brokerage house on forecast accuracy. Our results indicate that analysts’ aptitude and brokerage house characteristics are associated with forecast accuracy, while learning-by-doing is only associated with forecast accuracy when we do not control for analysts’ company-specific aptitude in forecasting. It is unlikely that this result is caused by measurement errors because it is robust when we use a sub-sample where we can accurately measure experience.
- DOI
- 10.1016/s0165-4101(99)00016-6
- Volume
- 28
- Issue
- 1
- Pages
- 51-82
- Language
- en
- Sources
- bibtex:phds-export.bib openalex crossref