The Social Influence of Confidence in Group Decision Making

Zarnoth, Paul; Sniezek, Janet A.

doi:10.1006/jesp.1997.1326

Cited by 134 publications

(126 citation statements)

References 45 publications

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“…It is also well documented in the psychology literature that people use a confidence heuristic; that is, they assume a more confident communicator to be more accurate, competent, and credible (Zarnoth and Sniezek 1997;Sniezek and Van Swol 2001;Price and Stone 2004). Therefore, investors likely perceive a more assertively written analyst report as reflecting higher information quality, and thus react more strongly to it.…”

Section: Assertiveness Of Textmentioning

confidence: 99%

Evidence on the Information Content of Text in Analyst Reports

Huang

Zang

Zheng

2014

The Accounting Review

343

193

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ABSTRACT:We document that textual discussions in a sample of 363,952 analyst reports provide information to investors beyond that in the contemporaneously released earnings forecasts, stock recommendations, and target prices, and also assist investors in interpreting these signals. Cross-sectionally, we find that investors react more strongly to negative than to positive text, suggesting that analysts are especially important in propagating bad news. Additional evidence indicates that analyst report text is more useful when it places more emphasis on nonfinancial topics, is written more assertively and concisely, and when the perceived validity of other information signals in the same report is low. Finally, analyst report text is shown to have predictive value for future earnings growth in the subsequent five years.

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Section: Assertiveness Of Textmentioning

confidence: 99%

Evidence on the Information Content of Text in Analyst Reports

Huang

Zang

Zheng

2014

The Accounting Review

343

193

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show abstract

“…According to Anderson et al (2012), when individuals are more confident in their abilities, others also perceive them as more competent (also see Bass, 2008, De Cremer & van Knippenberg, 2004, Sniezek & Van Swol, 2001, Zarnoth & Sniezek, 1997. Confidence is compelling to observers because, in the absence of information to the contrary, observers assume it reflects superior ability (Tenney & Spellman, 2010;Tenney, Spellman, & MacCoun, 2008).…”

Section: The Status-enhancement Theory Of Overconfidencementioning

confidence: 99%

When overconfidence is revealed to others: Testing the status-enhancement theory of overconfidence

Kennedy

Anderson

Moore

2013

Organizational Behavior and Human Decision Processes

133

101

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“…Confident leaders can have more influence over others (Van Swol & Sniezek, 2005;Zarnoth & Sniezek, 1997), attain status more readily (Anderson et al, 2012), and are viewed as more competent (Anderson & Kilduff, 2009). Price and Stone (2004) argue that people use what they dubbed a 'confidence heuristic': People assume that more confident advice will be better, even when prior accuracy information suggests it wasn't always so.…”

Section: When Does Confidence Help and When Does It Hurt?mentioning

confidence: 99%