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dc.creatorCorredor Casado, María Pilares_ES
dc.creatorFerrer Zubiate, Elenaes_ES
dc.creatorSantamaría Aquilué, Rafaeles_ES
dc.description.abstractThis 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.en
dc.description.sponsorshipThis paper has received financial support from the Spanish Ministry of Science and Innovation (ECO2009-12819) and from the Spanish Ministry of Economy and Competitiveness (ECO2012-35946-C02-01). Elena Ferrer would also like to thank the Scientific Research Grant from Fundación Banco Herrero 2012.en
dc.relation.ispartofInternational Business Review 23 (2014) 824–837en
dc.rights© 2014 Elsevier Ltd. The manuscript version is made available under the CC BY-NC-ND 4.0 license.en
dc.subjectAnalyst forecastsen
dc.subjectStrategic Behaviouren
dc.subjectInvestor sentimenten
dc.subjectCognitive Biasen
dc.titleIs cognitive bias really present in analyst forecasts? The role of investor sentimenten
dc.typeArtículo / Artikuluaes
dc.contributor.departmentGestión de Empresases_ES
dc.contributor.departmentEnpresen Kudeaketaeu
dc.rights.accessRightsAcceso abierto / Sarbide irekiaes
dc.type.versionVersión aceptada / Onetsi den bertsioaes

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© 2014 Elsevier Ltd. The manuscript version is made available under the CC BY-NC-ND 4.0 license.
Except where otherwise noted, this item's license is described as © 2014 Elsevier Ltd. The manuscript version is made available under the CC BY-NC-ND 4.0 license.

El Repositorio ha recibido la ayuda de la Fundación Española para la Ciencia y la Tecnología para la realización de actividades en el ámbito del fomento de la investigación científica de excelencia, en la Línea 2. Repositorios institucionales (convocatoria 2020-2021).
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