Analyst Forecast Accuracy and Media Independence

Research output: Journal Publications and Reviews (RGC: 21, 22, 62)21_Publication in refereed journalpeer-review

9 Scopus Citations
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Author(s)

Detail(s)

Original languageEnglish
Pages (from-to)1023-1051
Journal / PublicationFinancial Management
Volume46
Issue number4
Online published23 Mar 2017
Publication statusPublished - Dec 2017
Externally publishedYes

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.

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.

Research output: Journal Publications and Reviews (RGC: 21, 22, 62)21_Publication in refereed journalpeer-review