재무 분석가의 경험, 가용자원, 예측특성이 예측정확성에 영향을 미치는가?

Abstract

This paper assesses the impact of financial analysts’ characteristics on their earnings forecast accuracy in Korea. We find that forecasting experience, resources available to analysts, forecast frequency, and forecast horizon affect forecast accuracy. These results are generally consistent with U.S. findings. However, Regulation Fair Disclosure is not as effective in Korea as in the U.S. in leveling the playing field for analysts and bold forecasts are not more accurate than herding forecasts in Korea, suggesting that the analyst forecast market and the incentives of financial analysts in Korea differ from those of the U.S. Investors may utilize the findings of this paper to identify more accurate earnings forecasters in Korea.