TY  - SER
AU  - Lo,Kin
AU  - Shuo Wu,Serena
TI  - The impact of seasonal affective disorder on financial analysts
KW  - Contabilidad
KW  - Publicaciones seriadas
KW  - Inversiones
KW  - Control de precios
KW  - Finanzas
KW  - Toma de decisiones
N2  - We examine the impact of Seasonal Affective Disorder (SAD) on financial analysts. We hypothesize and find that analysts are more pessimistic, less precise, and more asymmetric in their boldness in the fall, as indicated by their forecasts of quarterly earnings. The effects are apparent in all forecast horizons analyzed and robust across multiple specifications. Importantly, pessimism in fall forecast revisions shows analyst-specific persistence, providing a strong indication that the effect is a result of SAD rather than other coincident factors. We also find evidence of a reversal in pessimism in the spring. Additional analyses show that analyst forecasts exhibit less seasonality than equity returns, and that the presence of analyst forecasts in the fall is associated with attenuation in the seasonal pattern in stock returns. Overall, the evidence suggests that SAD affects both financial analysts and equity investors, but the effect on the latter is stronger
ER  -