题 目： Are analyst teams’ forecasts more accurate?
报告人：何 文 副教授
主持人：张国清 教授
时 间：2017年5月16日(星期二)，15:00-17:30
地 点：厦门大学嘉庚一409室
论文摘要： Using archival data of 106,264 analyst forecasts, we find forecasts by analyst teams are more accurate and less optimistically biased than forecasts by individual analysts. The finding supports the experimental evidence that groups outperform individuals in quantitative judgment tasks. We also find that analyst teams with a clear hierarchy outperform other teams, suggesting that a hierarchy facilitates group decision making. Finally, we show that investors understand the superior forecasts of analyst teams and respond more strongly to analyst teams’ forecast revisions.