How does foreign economic policy uncertainty affect domestic analyst earnings forecasts?

IF 5.5 2区经济学 Q1 BUSINESS, FINANCE

Global Finance Journal Pub Date : 2025-02-12 DOI:10.1016/j.gfj.2025.101087

Jian Song , Xiaozhou Zhou

引用次数: 0

Abstract

This study examines the impact of foreign economic policy uncertainty (EPU) on the performance of domestic analyst earnings forecasts. We separately analyze how U.S. EPU affects the accuracy of analyst earnings forecasts in other markets and the reverse relationship. Our findings indicate that the U.S. EPU (non-U.S. Global EPU) negatively (positively) affects the accuracy of analyst earnings forecasts in other economies (the U.S.). We find that the economic dependency of a given economy on the U.S. (capital flow to the U.S.) is a channel for this negative (positive) impact. Our results remain robust after controlling for a comprehensive set of variables.

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国外经济政策的不确定性如何影响国内分析师的盈利预测？

本研究探讨国外经济政策不确定性（EPU）对国内分析师收益预测绩效的影响。我们分别分析了美国EPU如何影响其他市场分析师收益预测的准确性以及反向关系。我们的研究结果表明，美国EPU（非美国）。全球EPU对其他经济体（美国）分析师收益预测的准确性有负（正）影响。我们发现，一个特定经济体对美国的经济依赖（资本流向美国）是这种负（正）影响的一个渠道。在控制了一组全面的变量之后，我们的结果仍然是稳健的。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Global Finance Journal BUSINESS, FINANCE-

CiteScore

7.30

自引率

13.50%

发文量

106

审稿时长

53 days

期刊介绍： Global Finance Journal provides a forum for the exchange of ideas and techniques among academicians and practitioners and, thereby, advances applied research in global financial management. Global Finance Journal publishes original, creative, scholarly research that integrates theory and practice and addresses a readership in both business and academia. Articles reflecting pragmatic research are sought in areas such as financial management, investment, banking and financial services, accounting, and taxation. Global Finance Journal welcomes contributions from scholars in both the business and academic community and encourages collaborative research from this broad base worldwide.