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Properties of analyst forecasts and bond underwriting relationship: Evidence from Korea
- Authors
- Bae, S.H.; Jeong, S.W.; Lee, W.J.; Oh, K.
- Issue Date
- 2017
- Publisher
- CIBER Institute
- Keywords
- Analysts’ Forecast Accuracy; Analysts’ Forecast Bias; Bond Issuance; Underwriting Contract
- Citation
- Journal of Applied Business Research, v.33, no.4, pp.809 - 826
- Indexed
- SCOPUS
- Journal Title
- Journal of Applied Business Research
- Volume
- 33
- Number
- 4
- Start Page
- 809
- End Page
- 826
- ISSN
- 0892-7626
- Abstract
- Previous studies find that analysts forecast earnings more optimistically but inaccurately when they face the conflict of interest (COI). We extend this line of research by examining whether analysts’ forecasting behavior affected by the mere existence of potential COI are related with underwriting contracts. We document that analysts affiliated with security companies that become underwriters ex post issue more optimistic but less accurate forecasts for firms to issue bonds in Korea. We also find that firms to issue bonds are likely to award underwriting contracts to security companies with analysts who issue more optimistic but less accurate forecasts. © 2017, CIBER Institute. All rights reserved.
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Related Researcher
- Oh, Kwang Wuk
- 글로벌비즈니스대학 (융합경영학부 글로벌경영전공)