This study presents direct evidence on the question whether investors recognize the widely documented biases in securities analysts’ earnings forecasts. The internal rate of return implied by current stock price and consensus earnings forecasts is found to be correlated with indicators of bias in a manner consistent with investors discounting optimistic earnings forecasts at higher rates of return and less optimistic forecasts at lower rates of return. In a departure from studies of excess returns, the evidence in implied returns indicates that investors recognize the biases in analysts’ earnings forecasts. JEL Codes: G11, G12, G14, G41

中文翻译：

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投资者是否认识到证券分析师预测的偏差？

本研究为投资者是否认识到证券分析师盈利预测中广泛记录的偏见这一问题提供了直接证据。发现当前股价和一致盈利预测所隐含的内部收益率与偏差指标相关，其方式与投资者在较高回报率下贴现乐观的盈利预测以及在较低回报率下不太乐观的预测一致。与超额回报研究不同的是，隐含回报的证据表明投资者认识到分析师盈利预测中的偏差。JEL 代码：G11、G12、G14、G41