Mest, David P; Plummer, Elizabeth - In: Review of Quantitative Finance and Accounting 21 (2003) 2, pp. 103-22
When optimistic forecasts can improve access to management, rational analysts have incentives to issue optimistically-biased forecasts (Lim, 2001). This paper proposes that the extent of this optimistic forecast bias will depend on the forecast's importance to management. If management attaches...
