Buy-side vs. Sell-side analysts' earnings forecasts

Boris Groysberg*, Paul Healy, Craig Chapman

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review

34 Scopus citations


The study reported here is a comparison of the earnings-forecasting performance of analysts at a large buy-side firm with the performance of sell-side analysts in the 1997-2004 period. The tests show that the buy-side analysts made more optimistic and less accurate forecasts than their counterparts on the sell side. The performance differences appear to be partially explained by the buy-side firm's greater retention of poorly performing analysts and by differences in the performance benchmarks used to evaluate buy-side and sell-side analysts.

Original languageEnglish (US)
Pages (from-to)25-39
Number of pages15
JournalFinancial Analysts Journal
Issue number4
StatePublished - Jul 1 2008

ASJC Scopus subject areas

  • Accounting
  • Finance
  • Economics and Econometrics


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