2023
04.13
暨南经院财贸系列 Seminar第23期:裴光宇(香港中文大学)
主题:Heterogeneous Overreaction in Expectation Formation:Evidence and Theory主讲人:裴光宇 香港中文大学主持人:上官若 暨南大学时间:2023年4月14日(周五)11:00地点:暨南大学石牌校区经济学院大楼(中惠楼)102室摘要Using firm-level earnings forecasts and managerial guidance data, we construct guidance surprises for analysts, i.e., differences between managerial guidance and analysts’ initial forecasts. We document new evidence on expectation formation: (i) analysts overreact to guidance surprises; (ii) the overreaction is state-dependent, i.e., it is stronger