FORTUNE -- As someone who has been tracking the forecasts of Apple (AAPL) analysts for nearly five years, I was not entirely surprised to learn that when 365 sell-side analysts (not just covering Apple) were asked what factors affected their compensation, the accuracy and timeliness of their earnings forecasts came in dead last.
This revelation comes from a survey conducted by a team of business school academics and posted online last month by Social Science Electronic Publishing. Among its other findings:
There's lots more where that came from.
Link: Inside the "Black Box" of Sell-Side Financial Analysts, by Lawrence Brown, Andrew Call, Michael Clement and Nathan Sharp.
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