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Panic herding: analysts' Covid-19 experiences and the interpretation of earnings news

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dc.contributor Aalto-yliopisto fi
dc.contributor Aalto University en
dc.contributor.author Vacca, Matteo
dc.date.accessioned 2020-12-02T10:00:15Z
dc.date.available 2020-12-02T10:00:15Z
dc.date.issued 2020
dc.identifier.isbn 978-952-64-0204-8 (electronic)
dc.identifier.issn 1799-4829 (electronic)
dc.identifier.issn 1799-4810 (ISSN-L)
dc.identifier.uri https://aaltodoc.aalto.fi/handle/123456789/73171
dc.description.abstract This paper examines how local experiences of the Covid-19 pandemic affect sell-side analysts’ processing of earnings news. Exploiting variation in the intensity and timing of local outbreaks, I show that analysts who are more exposed to the virus tend to herd more closely with the consensus forecast. However, I find no evidence of increases in forecast pessimism. The data are consistent with the intensity of exposure to pandemic having a first order effect on analysts’ risk attitudes, rather than on the bias of their stated expectations. en
dc.format.extent 65
dc.format.mimetype application/pdf en
dc.language.iso en en
dc.publisher Aalto University en
dc.publisher Aalto-yliopisto fi
dc.relation.ispartofseries Aalto University publication series BUSINESS + ECONOMY en
dc.relation.ispartofseries 4/2020
dc.subject.other Economics en
dc.subject.other Finance en
dc.subject.other Management en
dc.title Panic herding: analysts' Covid-19 experiences and the interpretation of earnings news en
dc.type D4 Julkaistu kehittämis- tai tutkimusraportti tai -selvitys fi
dc.contributor.school Kauppakorkeakoulu fi
dc.contributor.school School of Business en
dc.contributor.department Rahoituksen laitos fi
dc.contributor.department Department of Finance en
dc.subject.keyword analysts en
dc.subject.keyword Covid-19 en
dc.subject.keyword earnings news en
dc.subject.keyword forecast boldness en
dc.subject.keyword risk attitudes en
dc.identifier.urn URN:ISBN:978-952-64-0204-8
dc.type.dcmitype text en
local.aalto.formfolder 2020_12_01_klo_16_37


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