Chen Wang | Notre Dame
Home
CV
Research
Discussions
Links
downside risk
The Macro Alibi: Subjective Risk Attribution in Analyst Scenarios
Sell-side analysts over-attribute stocks' downside scenarios to macroeconomic forces. We document this *Macro Bear Bias* in scenario-based valuation reports: conditional on the same market state, bear-case narratives emphasize aggregate macro risk …
Cite
×