Ferrer Zubiate, Elena

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https://academica-e.unavarra.es/handle/2454/49029

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Ferrer Zubiate

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Elena

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Gestión de Empresas

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INARBE. Institute for Advanced Research in Business and Economics

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0000-0002-1761-9120

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88766

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810096

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2014 - 20182
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Subject: Analyst forecasts × Subject: Investor sentiment × Author: Corredor Casado, María Pilar × Has files: true × Item Type: Publication ×

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    PublicationOpen Access
    Is cognitive bias really present in analyst forecasts? The role of investor sentiment
    (Elsevier, 2014) Corredor Casado, María Pilar; Ferrer Zubiate, Elena; Santamaría Aquilué, Rafael; Gestión de Empresas; Enpresen Kudeaketa
    This paper analyses four key markets within the European context. In this context, where the level of analyst coverage is lower than in the US setting, we aim to ascertain whether the origin of optimism in analyst forecasts in these markets is mainly strategic or whether it also contains an element of cognitive bias. Despite the fact that forecast errors lack the explanatory power to account for a significant percentage of the relationship between market sentiment and future stock returns, our new tests based on selection bias (SB1 and SB2), in conjunction with an analysis of abnormal trading volume, confirm the presence of both cognitive bias and strategic behaviour in analyst forecasts. This shows that, although regulation can reduce analyst optimism bias, the benefits are constrained by the fact that optimism bias is partly associated with cognitive bias.
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    PublicationOpen Access
    Analysts herding: when does sentiment matter?
    (Routledge, 2018) Blasco de las Heras, Natividad; Corredor Casado, María Pilar; Ferrer Zubiate, Elena; Enpresen Kudeaketa; Institute for Advanced Research in Business and Economics - INARBE; Gestión de Empresas
    Herding among analysts emerges when analysts give priority to their peers’ opinions instead of their own beliefs or information. Some circumstances may enhance or restrain this type of behaviour. We postulate that market sentiment is one of them. This article analyses the effect that investor sentiment may have on analysts’ herding behaviour in the U.K. Our results suggest that ‘easy situations’ such as analysing easy-to-value securities and releasing optimistic information at times of high market sentiment clearly reduce herding practices, whereas herding clearly increases in difficult situations when analysts have to release negative information at moments of high investor sentiment.