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The Sobering Up Effect: Why Analysts Become Less Optimistic as the Release of Actual Earnings Gets Closer

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Using companies listed on the Taiwan Stock Exchange and the Taipei Exchange between 2000 and 2017, this study explores whether the sobering-up effect exists in analysts’ earnings forecasts. Further... Click to show full abstract

Using companies listed on the Taiwan Stock Exchange and the Taipei Exchange between 2000 and 2017, this study explores whether the sobering-up effect exists in analysts’ earnings forecasts. Further...

Keywords: effect analysts; analysts become; less optimistic; become less; effect; sobering effect

Journal Title: Journal of Behavioral Finance
Year Published: 2020

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