Buy-side versus sell-side analysts' earnings forecasts. The Financial Analysts Journal (July/August 2008) published a study comparing the earnings forecasts of buy-side and sell-side analysts. A team of Harvard Business School professors used regression to model the relative optimism (y) of the analysts' 3-month horizon forecasts based on the following independent variables. Determine the type (quantitative or qualitative) of each variable.
(a) Whether the analyst worked for a buy-side firm or a sell-side firm.
(b) Number of days between forecast and fiscal year-end (i.e., forecast horizon).
(c) Number of quarters the analyst had worked with the firm.