It seems like an obviously true claim that people can reasonably disagree. But we should wonder whether it is rational for people to continue to believe what they believe knowing that what they believe is controversial. Under normal circumstances, this question can be satisfacto…
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In this thesis, I study three aspects of sell-side analysts’ stock price forecasts, henceforth target prices: analyst teams’ target price forecast characteristics, analysts’ use of information to revise target prices, and determinants of target price disagreement between analyst…