The prominence of behavioural biases in analysts' earnings forecast accuracy
by Semra Bank; Duygu Arslantürk Çöllü
J. for International Business and Entrepreneurship Development (JIBED), Vol. 14, No. 4, 2022

Abstract: Some studies in the relevant literature imply that financial analysts' earnings forecasts are biased. To further investigate these prior results, this study aims to list and prioritise three groups of factors and sub-factors in each factor group that have an effect on analysts' earnings forecast accuracy. In line with this aim, this study uses a combined DEMATEL-ANP hybrid model. The results reveal that optimism and herding behaviour have greater prominence than others among a list of factors affecting financial analysts' earnings forecast accuracy. In turn, this result confirms the irrationality of financial analysts in their earnings forecasts.

Online publication date: Tue, 18-Apr-2023

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