Hugon, Artur; Muslu, Volkan - In: Journal of Accounting and Economics 50 (2010) 1, pp. 42-57
Sell-side analysts, on balance, have incentives to emphasize good company news and downplay the bad, resulting in inefficient forecasts. We conjecture that this behavior generates a demand for forecasts from conservative analysts who unwind this pattern, at least in part, resulting in more...