Abstract We examine the association between analysts' stock recommendations and their tendency to round annual EPS forecasts to nickel intervals (i.e. placing a zero or five in the penny location of the forecast). We find that prior to Regulation Fair Disclosure (Reg FD), analysts were more likely to provide rounded EPS forecasts in association with unfavorable (underperform and sell) recommendations. However, after Reg FD, we find no significant association between rounded forecasts and unfavorable stock recommendations. Further, other regulations (NASD 2711, NYSE 472, and Global Research Analyst Settlement) have no impact on analyst rounding behavior. The findings in this study suggest that analyst rounding behavior is a particular form of forecasting optimism motivated, at least in part, by management relations incentives. Further, Reg FD appears partially successful at curbing the influence of management relations incentives on analysts' research.

中文翻译：

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分析师对每股收益预测和股票推荐的四舍五入

摘要我们研究了分析师的股票推荐与他们将年度每股收益预测四舍五入到镍间隔的趋势之间的关联（即在预测的便士位置放置零或五）。我们发现，在《公平信息披露法规》（Reg FD）之前，分析师更有可能提供全面的EPS预测以及不利的（跑输大盘）建议。但是，在FD FD之后，我们发现四舍五入的预测与不利的股票推荐之间没有显着的关联。此外，其他规定（NASD 2711，NYSE 472和Global Research Analyst Settlement）对分析师的四舍五入行为没有影响。这项研究的发现表明，分析师四舍五入的行为是一种预测乐观主义的特殊形式，至少部分是由于管理关系的激励。进一步，