Analyst Forecast Accuracy and Media Independence

Jeong-Bon Kim; Liuchuang Li; Hao Zhang

doi:10.1111/fima.12175

Analyst Forecast Accuracy and Media Independence

Jeong-Bon Kim
, Liuchuang Li
, Hao Zhang

Research output: Journal Publications and Reviews › RGC 21 - Publication in refereed journal › peer-review

17 Citations (Scopus)

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.

Original language	English
Pages (from-to)	1023-1051
Journal	Financial Management
Volume	46
Issue number	4
Online published	23 Mar 2017
DOIs	https://doi.org/10.1111/fima.12175
Publication status	Published - Dec 2017
Externally published	Yes

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This output contributes to the following UN Sustainable Development Goals (SDGs)

SDG 16 Peace, Justice and Strong Institutions

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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.",

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DO - 10.1111/fima.12175

M3 - RGC 21 - Publication in refereed journal

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JO - Financial Management

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Analyst Forecast Accuracy and Media Independence

Abstract

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