This paper explores how sports-induced bad mood affects the sentiment and behavior of sell-side financial analysts. I construct the Sports Mood Index (SMI) of metropolitan areas in the U.S. based on the performance of Big 4 professional sports teams. In sports-induced bad mood settings, sell-side analysts tend to issue more pessimistic forecasts in both earnings forecast and price target samples. Sports-induced bad mood also leads to inattention, associated with larger forecast errors, and analysts are slower or less likely to respond to earnings announcements. The results are robust to various measurements of pessimism, forecast errors and activity levels.

本文探讨了体育引发的不良情绪如何影响卖方金融分析师的情绪和行为。我根据四大职业运动队的表现构建了美国大都市地区的运动情绪指数（SMI）。在体育引发的不良情绪环境中，卖方分析师往往会在盈利预测和目标价格样本中发布更为悲观的预测。体育引发的不良情绪也会导致注意力不集中，从而导致更大的预测误差，分析师对盈利公告的反应速度会更慢或不太可能做出反应。结果对于悲观情绪、预测误差和活动水平的各种衡量都是稳健的。