FINANCIAL MANAGEMENT · Volume 46, Issue 4·Winter 2017

分析师预测准确度与媒体独立性

作者：Jeong‐Bon Kim(University of Waterloo)

Liuchuang Li(Xian Jiaotong University)

Hao Zhang(Hong Kong Baptist University)

摘要：利用来自52个国家的47307个国际样本，我们研究了媒体独立性对财务分析师预测质量的影响。我们发现，分析师预测错误与一国国家媒体所有权的程度以及新闻自由缺乏度正相关。我们还发现，在媒体更为独立的国家，预测更不准确的金融分析师会更快地从机构经纪人的评估系统中消失。

Analyst Forecast Accuracy and Media Independence

Jeong‐Bon Kim(University of Waterloo), Liuchuang Li(Xian Jiaotong University), Hao Zhang(Hong Kong Baptist University)

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.

原文链接：

https://onlinelibrary.wiley.com/doi/full/10.1111/fima.12175

翻译：施懿