Financial markets forecasts revisited: Are they rational, stubborn or jumpy?
Date
2013
Authors
Fujiwara, Ippei
Ichiue, Hibiki
Nakazono, Yoshiyuki
Shigemi, Yosuke
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Publisher
Elsevier
Abstract
This paper evaluates professional forecasters' behavior using a panel data of individual forecasts. We find that (i) professional forecasts are behavioral, and (ii) there exists a stock-bond dissonance: the forecasting behavior seems to be stubborn in the stock market, but jumpy in the bond market. Even in the same country, forecasting behavior is quite different by market.
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Keywords
Keywords: Anchoring; Forecast revisions; Over-reaction; Survey forecasts; Under-reaction
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Source
Economics Letters
Type
Journal article
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Restricted until
2037-12-31
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