재무 분석가의 경험, 가용자원, 예측특성이 예측정확성에 영향을 미치는가?Do Analysts’ Experience, Resources, and Forecast Characteristics Affect Forecast Accuracy? Korean Evidence
- Other Titles
- Do Analysts’ Experience, Resources, and Forecast Characteristics Affect Forecast Accuracy? Korean Evidence
- Authors
- 정석우; 배진한; 박성화
- Issue Date
- 2013
- Publisher
- 명지대학교(서울캠퍼스) 금융지식연구소
- Keywords
- Forecast Accuracy; Earnings; Forecasting Experience; Regulation Fair Disclosure; Bold Forecasts; 예측 정확성; 이익; 예측경험; 공정 공시; 혁신적 예측
- Citation
- 금융지식연구, v.11, no.2, pp.67 - 109
- Indexed
- KCI
- Journal Title
- 금융지식연구
- Volume
- 11
- Number
- 2
- Start Page
- 67
- End Page
- 109
- URI
- https://scholar.korea.ac.kr/handle/2021.sw.korea/104849
- ISSN
- 2093-4610
- 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.
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Collections - Korea University Business School > Department of Business Administration > 1. Journal Articles
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