Analysts’ Forecasts: What Do We Know after Decades of Work?

Abstract:     
Sell-side analysts have been the subject of hundreds of academic studies. In this paper, I offer perspectives on the state of our understanding of analysts based on prior academic research. Additionally, several observations are offered, which question how descriptive certain widely held beliefs are in light of the evidence. These observations on the literature serve as both criticisms and suggestions for future research.

Number of Pages in PDF File: 55

Keywords: analyst forecasts, capital markets, suggestions for future research

JEL Classification: G17, M40, M41

working papers series