I explore whether participation on Estimize.com, a crowdsourced earnings-forecasting platform aimed primarily at novices, improves professional analysts’ forecast accuracy and career outcomes. Estimize provides its contributors with frequent and timely feedback on their forecast performance and offers them a new channel for disseminating their forecasts to a wider public, features that could help analysts improve their forecast accuracy and raise their online visibility. Using proprietary data obtained from Estimize and a difference-in-differences research design, I find that IBES analysts who are active on Estimize improve their EPS forecast accuracy by 13% relative to the sample-mean forecast error, as well as reduce forecast bias. These improvements in performance vary predictably in ways consistent with learning through feedback. Additionally, I find increased market reaction to the positive earnings-forecasts revisions issued by analysts who are active on Estimize. I also find that analysts active on Estimize enjoy incremental positive career outcomes after controlling for forecast accuracy. My results suggest that professional analysts can learn to become better forecasters through online feedback and consequently garner more attention from the market. My results also suggest analysts can improve their career outcomes by gaining additional online visibility. / Business Administration/Accounting
| Identifer | oai:union.ndltd.org:TEMPLE/oai:scholarshare.temple.edu:20.500.12613/1609 |
| Date | January 2019 |
| Creators | Khavis, Joshua A. |
| Contributors | Brown, Lawrence D. (Lawrence David), 1946-, Basu, Sudipta, 1965-, Byzalov, Dmitri, Press, Eric, Shoham, Amir |
| Publisher | Temple University. Libraries |
| Source Sets | Temple University |
| Language | English |
| Detected Language | English |
| Type | Thesis/Dissertation, Text |
| Format | 112 pages |
| Rights | IN COPYRIGHT- This Rights Statement can be used for an Item that is in copyright. Using this statement implies that the organization making this Item available has determined that the Item is in copyright and either is the rights-holder, has obtained permission from the rights-holder(s) to make their Work(s) available, or makes the Item available under an exception or limitation to copyright (including Fair Use) that entitles it to make the Item available., http://rightsstatements.org/vocab/InC/1.0/ |
| Relation | http://dx.doi.org/10.34944/dspace/1591, Theses and Dissertations |
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