애널리스트 이익추정치 오차의 일관성에 관한 연구

애널리스트;이익추정치;일관성;정확성;보수적 추정(Lowball);658

경영대학 경영학과 ;

University:서울대학교 대학원

关键词: 애널리스트;    이익추정치;    일관성;    정확성;    보수적 추정(Lowball);    658;   

Others  :  http://s-space.snu.ac.kr/bitstream/10371/124370/1/000000002637.pdf

美国|英语

来源: Seoul National University Open Repository

【 摘 要 】

First of all, an analyst with consistent forecast errors affects more on prices rather than an accurate analyst while the accuracy is not significantstatistically. The main reason for the result is that sophisticated investors who can remove the systematic bias have increased in Korean stock market.Secondly, another hypothesis, an analyst who makes conservative forecast earnings affects more on the informativeness, is partially supported from our empirical test. We also found that it is statistically significant that an analyst reports conservative forecast earnings(lowball) to increase his/her consistency.Lastly, with the informativeness based on revision of target prices instead of earnings revision, results between up-revision and down-revision of target prices are different. Consistency’s significance is weak despite that its coefficient is positive on the informativeness. And Accuracy is significantonly when an analyst revises down target prices.