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Publikováno v:
Journal of Financial Economics. 143:434-461
This study examines whether sell-side equity analysts engage in “social learning” where their earnings forecasts are influenced by the forecasts and outcomes of other analysts associated with other firms (i.e., the “peers”) in their respectiv
Publikováno v:
SSRN Electronic Journal.
Bayesian learning implies that corporate owners’ performance expectations for their CEO are affected by their firm’s performance prior to the CEO’s appointment because firm asset quality is persistent. Accordingly, we find that the sensitivity