Chen Wang | Notre Dame
Home
CV
Research
Discussions
Links
diagnostic
The Macro Alibi: Subjective Risk Attribution in Analyst Scenarios
Sell-side analysts over-attribute a stock's downside risk to macroeconomic forces. We document this *Macro Bear Bias* in 63,191 Morgan Stanley scenario-based valuation reports. Bear-case narratives assign 6.5 percentage points more weight to macro …
Cite
×