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003			ZW-GwMSU
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008			231121b |||||||| |||| 00| 0 eng d
040			_aMSU _cMSU _erda
100	1		_aCao, Jian _eauthor
245	1	0	_aAnalyst quality, optimistic bias, and reactions to major news _cby Jian Cao and Mark Kohlbeck
264			_aThousand Oaks, CA: _bSage Publications; _c2011.
336			_2rdacontent _atext _btxt
337			_2rdamedia _aunmediated _bn
338			_2rdacarrier _avolume _bnc
440			_aJournal Auditing Accounting and Finance _vVolume 26, number 3,
520			_aThis article investigates whether financial analysts’ characteristics are associated with their asymmetric response of stock recommendations between positive and negative information shocks. The authors hypothesize that incentives exist such that quality attributes that differentiate analysts are positively associated with the timely revelation of negative news about a firm. As a result, the authors expect the asymmetric response to be reduced for superior analysts. Using the stock return/recommendation changes relationship, they find that the asymmetric reaction is less for analysts with characteristics that are indicative of higher quality. Furthermore, the reduction is more pronounced for analysts in the top decile and is only present when analysts have negative private information. This article therefore contributes to the research on differing analyst characteristics and report quality, and provides additional insights on analyst bias.
650			_aInformation asymmetry
650			_aOptimistic bias
650			_aAnalysts
700	1		_aKohlbeck, Mark _eco-author
856			_3https://doi.org/10.1177/0148558X11401555
942			_2lcc _cJA
999			_c163481 _d163481