“厦门大学会计学科教师与研究生系列Seminar"之九

题     Are analyst teams’ forecasts more accurate?

报告人:何   文 副教授


主持人:张国清  教授  

    间:2017年5月16(星期二)15:00-17:30

    点:厦门大学嘉庚409

 

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.