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DO CORPORATE PROFIT FORECASTER HERD?-EVIDENCE FROM CANADA, UK AND THE UNITED STATES

International journal of finance and economics, 2013-01, Vol.18 (1), p.93-102 [Peer Reviewed Journal]

Copyright © 2012 John Wiley & Sons, Ltd. ;Copyright Wiley Periodicals Inc. Jan 2013 ;ISSN: 1076-9307 ;EISSN: 1099-1158 ;DOI: 10.1002/ijfe.1462

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  • Title:
    DO CORPORATE PROFIT FORECASTER HERD?-EVIDENCE FROM CANADA, UK AND THE UNITED STATES
  • Author: Rülke, Jan-Christoph
  • Subjects: Accuracy ; Business forecasts ; Corporate profits ; Economic forecasting ; forecasting ; herding ; Profitability ; rationality ; Studies
  • Is Part Of: International journal of finance and economics, 2013-01, Vol.18 (1), p.93-102
  • Description: ABSTRACT Using more than 25 000 corporate profit forecasts for Canada, the United Kingdom and the United States, we find strong evidence of an anti‐herding behaviour. Apparently, corporate profit forecaster intentionally scatter their forecasts around the consensus forecast. We also document that the cross‐sectional heterogeneity of forecasts with regard to anti‐herding translates into cross‐sectional heterogeneity with regard to forecast accuracy. Forecasters who anti‐herd have a substantially higher forecast accuracy that may help to explain the rational bias in macroeconomic forecasting. Copyright © 2012 John Wiley & Sons, Ltd.
  • Publisher: Chichester, UK: John Wiley & Sons, Ltd
  • Language: English
  • Identifier: ISSN: 1076-9307
    EISSN: 1099-1158
    DOI: 10.1002/ijfe.1462
  • Source: Alma/SFX Local Collection
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