Is information really efficient for the market? Evidence of confirmatory bias in China

We use the earnings forecast revisions during the period 2005–2019 to study the performance of confirmatory bias in China. As we have found, analysts are less likely to make earnings forecast revisions when the latest two signals are opposite or different from their previous beliefs. In addition, we...

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Veröffentlicht in:	Accounting and finance (Parkville) 2021-12, Vol.61 (5), p.5965-5997
Hauptverfasser:	Chen, Qingchong, Xiong, Xiong, Gao, Ya
Format:	Artikel
Sprache:	eng
Schlagworte:	Bias Confirmatory bias Earnings forecasting Information diffusion Pricing efficiency Revisions
Online-Zugang:	Volltext
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