Analyst Forecast Accuracy and Media Independence
Research output: Journal Publications and Reviews › RGC 21 - Publication in refereed journal › peer-review
Author(s)
Detail(s)
| Original language | English |
|---|---|
| Pages (from-to) | 1023-1051 |
| Journal / Publication | Financial Management |
| Volume | 46 |
| Issue number | 4 |
| Online published | 23 Mar 2017 |
| Publication status | Published - Dec 2017 |
| Externally published | Yes |
Link(s)
Abstract
Using a large international sample of 47,307 firm-years from 52 countries, we investigate the impact of media independence on the forecast quality of financial analysts. We find that analyst forecast errors are positively associated with the extent of a country's state media ownership and its lack of freedom of the press. We also find that financial analysts with more inaccurate forecasts disappear from the institutional broker's estimate system more quickly in countries with more independent media.
Research Area(s)
Citation Format(s)
Analyst Forecast Accuracy and Media Independence. / Kim, Jeong-Bon; Li, Liuchuang; Zhang, Hao.
In: Financial Management, Vol. 46, No. 4, 12.2017, p. 1023-1051.
In: Financial Management, Vol. 46, No. 4, 12.2017, p. 1023-1051.
Research output: Journal Publications and Reviews › RGC 21 - Publication in refereed journal › peer-review
