Exogenous and Endogenous Attention and the Convergence of Analysts’ Forecasts

Robert B. Durand*, Manapon Limkriangkrai, Lucia FUNG

*Corresponding author for this work

    Research output: Contribution to journalJournal articlepeer-review

    5 Citations (Scopus)


    The propensity of the forecasts of sell-side financial analysts to converge (or diverge) is a function of their exogenous and endogenous selective attention and overconfidence. When returns are negative, the endogenous form of selective attention—a static measure of analysts’ goal-driven attention at a particular point in time—has a positive association with convergence. The exogenous form of selective attention—a relatively involuntary dynamic process of exogenous attentional shift driven by external changes in the market over time—is associated with a tendency for forecasts to diverge.

    Original languageEnglish
    Pages (from-to)154-172
    Number of pages19
    JournalJournal of Behavioral Finance
    Issue number2
    Publication statusPublished - 3 Apr 2019

    Scopus Subject Areas

    • Experimental and Cognitive Psychology
    • Finance

    User-Defined Keywords

    • Behavioral finance
    • Converging/diverging forecasts
    • Distraction
    • Endogenous and exogenous selective attention
    • Overconfidence
    • Sell-side analysts


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