Product Market Competition And Analysts’ Forecasting Properties: Evidence From Korea

Q4 Business, Management and Accounting

Journal of Applied Business Research Pub Date : 2017-10-31 DOI:10.19030/JABR.V33I6.10052

Jaeho Lee, Kyoungwon Mo

引用次数: 0

Abstract

In this paper, we examine the association between product market competition and financial analysts’ forecasting properties in a sample of 76,621 analyst-firm-year observations in South Korea between 2000 and 2014. Using the Herfindahl–Hirschman Index to proxy for product market competition, we document that financial analysts are likely to issue less accurate and more optimistic forecasts in highly competitive product markets. In addition, we find that analysts’ reports show more optimism in stock recommendations in firms with high market competition.

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产品市场竞争与分析师预测性质:来自韩国的证据

在本文中，我们研究了产品市场竞争与金融分析师预测属性之间的关系，样本为2000年至2014年间韩国76,621家分析师公司的年度观察结果。使用赫芬达尔-赫希曼指数来代表产品市场竞争，我们证明金融分析师可能会在高度竞争的产品市场中发布更不准确和更乐观的预测。此外，我们发现分析师报告对市场竞争激烈的公司的股票推荐更为乐观。

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

Journal of Applied Business Research Business, Management and Accounting-Business and International Management

CiteScore

0.60

自引率

0.00%

发文量

期刊介绍： The Journal of Applied Business Research (JABR) welcomes articles in all areas of applied business and economics research. Both theoretical and applied manuscripts will be considered for publication; however, theoretical manuscripts must provide a clear link to important and interesting business and economics applications. Using a wide range of research methods including statistical analysis, analytical work, case studies, field research, and historical analysis, articles examine significant applied business and economics research questions from a broad range of perspectives. The intention of JABR is to publish papers that significantly contribute to these fields.