메뉴 건너뛰기




Volumn 61, Issue 6, 2009, Pages 453-471

International evidence on the relative importance of the determinants of earnings forecast accuracy

Author keywords

Analysts' forecasts; Country factors; Firm specific factors; Forecast accuracy; Forecast bias; Industrial structure

Indexed keywords


EID: 70350208819     PISSN: 01486195     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jeconbus.2009.06.004     Document Type: Article
Times cited : (18)

References (69)
  • 1
    • 0000790309 scopus 로고
    • Do analysts' earnings forecast incorporate information in prior stock price changes?
    • Abarbanell J. Do analysts' earnings forecast incorporate information in prior stock price changes?. Journal of Accounting and Economics 14 (1991) 147-165
    • (1991) Journal of Accounting and Economics , vol.14 , pp. 147-165
    • Abarbanell, J.1
  • 2
    • 0742304035 scopus 로고    scopus 로고
    • Biased forecast or biased earnings? The role of reported earnings in explaining apparent bias and over/underreaction in analysts' earnings forecasts
    • Abarbanell J., and Lehavy R. Biased forecast or biased earnings? The role of reported earnings in explaining apparent bias and over/underreaction in analysts' earnings forecasts. Journal of Accounting and Economics 36 (2003) 105-146
    • (2003) Journal of Accounting and Economics , vol.36 , pp. 105-146
    • Abarbanell, J.1    Lehavy, R.2
  • 3
    • 84990394373 scopus 로고    scopus 로고
    • A simultaneous equations analysis of forecasts accuracy, analysts following, and trading volume
    • Alford A.W., and Berger P.G. A simultaneous equations analysis of forecasts accuracy, analysts following, and trading volume. Journal of Accounting, Auditing & Finance 14 (1999) 219-246
    • (1999) Journal of Accounting, Auditing & Finance , vol.14 , pp. 219-246
    • Alford, A.W.1    Berger, P.G.2
  • 4
    • 0031068512 scopus 로고    scopus 로고
    • Earnings forecasts errors: Comparative evidence from the Pacific-Basin capital markets
    • Allen A., Cho J.Y., and Jung K. Earnings forecasts errors: Comparative evidence from the Pacific-Basin capital markets. Pacific-Basin Finance Journal 5 (1997) 115-129
    • (1997) Pacific-Basin Finance Journal , vol.5 , pp. 115-129
    • Allen, A.1    Cho, J.Y.2    Jung, K.3
  • 5
    • 2342498521 scopus 로고    scopus 로고
    • Cross country examination of characteristics and determinants of analysts' forecast errors
    • Allen A., Cho J.Y., and Jung K. Cross country examination of characteristics and determinants of analysts' forecast errors. The Mid-Atlantic Journal of Business 35 (1999) 119-133
    • (1999) The Mid-Atlantic Journal of Business , vol.35 , pp. 119-133
    • Allen, A.1    Cho, J.Y.2    Jung, K.3
  • 6
    • 85185433120 scopus 로고    scopus 로고
    • Ang, J. S., & Ciccone, S. J. (2001). International differences in analyst forecast properties. Working Paper (Florida State University and University of New Hampshire).
    • Ang, J. S., & Ciccone, S. J. (2001). International differences in analyst forecast properties. Working Paper (Florida State University and University of New Hampshire).
  • 7
    • 0010055024 scopus 로고    scopus 로고
    • International variation in accounting measurement rules and analysts' earnings forecasts errors
    • Basu S., Hwang L.S., and Jan C.L. International variation in accounting measurement rules and analysts' earnings forecasts errors. Journal of Business Finance & Accounting 25 (1998) 1207-1247
    • (1998) Journal of Business Finance & Accounting , vol.25 , pp. 1207-1247
    • Basu, S.1    Hwang, L.S.2    Jan, C.L.3
  • 8
    • 12344267943 scopus 로고    scopus 로고
    • Loss function assumptions in rational expectations tests on financial analysts' earnings forecasts
    • Basu S., and Markov S. Loss function assumptions in rational expectations tests on financial analysts' earnings forecasts. Journal of Accounting and Economics 38 (2004) 171-203
    • (2004) Journal of Accounting and Economics , vol.38 , pp. 171-203
    • Basu, S.1    Markov, S.2
  • 11
    • 33748742722 scopus 로고    scopus 로고
    • Analysts' forecasts in Asian-Pacific markets: The relationship among macroeconomic factors, accounting systems, bias and accuracy
    • Black E.L., and Carnes T.A. Analysts' forecasts in Asian-Pacific markets: The relationship among macroeconomic factors, accounting systems, bias and accuracy. Journal of International Financial Management and Accounting 17 (2006) 208-227
    • (2006) Journal of International Financial Management and Accounting , vol.17 , pp. 208-227
    • Black, E.L.1    Carnes, T.A.2
  • 12
    • 33746883582 scopus 로고    scopus 로고
    • The relation between corporate financing activities, analysts' forecasts and stock returns
    • Bradshaw M., Richardson S., and Sloan R. The relation between corporate financing activities, analysts' forecasts and stock returns. Journal of Accounting and Economics 42 (2006) 53-85
    • (2006) Journal of Accounting and Economics , vol.42 , pp. 53-85
    • Bradshaw, M.1    Richardson, S.2    Sloan, R.3
  • 13
    • 14844284694 scopus 로고    scopus 로고
    • The rise in comovement across national stockmarkets: Market integration or IT bubble?
    • Brooks R., and Del Negro M. The rise in comovement across national stockmarkets: Market integration or IT bubble?. Journal of Empirical Finance 11 (2004) 649-680
    • (2004) Journal of Empirical Finance , vol.11 , pp. 649-680
    • Brooks, R.1    Del Negro, M.2
  • 14
    • 0003323223 scopus 로고    scopus 로고
    • Analysts forecasts errors: Additional evidence
    • Brown L.D. Analysts forecasts errors: Additional evidence. Financial Analysts Journal 53 (1997) 81-88
    • (1997) Financial Analysts Journal , vol.53 , pp. 81-88
    • Brown, L.D.1
  • 21
    • 0041607669 scopus 로고    scopus 로고
    • Why so much error in analysts' earnings forecasts?
    • Chopra V.K. Why so much error in analysts' earnings forecasts?. Financial Analysts Journal 54 (1998) 35-42
    • (1998) Financial Analysts Journal , vol.54 , pp. 35-42
    • Chopra, V.K.1
  • 24
    • 4043109377 scopus 로고    scopus 로고
    • The evolution of financial analysts' forecasts on Asian emerging markets
    • Coën A., and Desfleurs A. The evolution of financial analysts' forecasts on Asian emerging markets. Journal of Multinational Financial Management 14 (2004) 335-352
    • (2004) Journal of Multinational Financial Management , vol.14 , pp. 335-352
    • Coën, A.1    Desfleurs, A.2
  • 25
    • 0010033810 scopus 로고
    • Analysts' earnings forecasts in Japan: Accuracy and sell-side optimism
    • Conroy R.M., and Harris R.S. Analysts' earnings forecasts in Japan: Accuracy and sell-side optimism. Pacific-Basin Finance Journal 3 (1995) 393-408
    • (1995) Pacific-Basin Finance Journal , vol.3 , pp. 393-408
    • Conroy, R.M.1    Harris, R.S.2
  • 26
    • 8744258405 scopus 로고    scopus 로고
    • Investor psychology and security market under- and overreactions
    • Daniel K., Hishleifer D., and Subrahmanyam A. Investor psychology and security market under- and overreactions. Journal of Finance 53 (1998) 1839-1885
    • (1998) Journal of Finance , vol.53 , pp. 1839-1885
    • Daniel, K.1    Hishleifer, D.2    Subrahmanyam, A.3
  • 27
    • 0032220238 scopus 로고    scopus 로고
    • Earnings predictability and bias in analysts' earnings forecasts
    • Das S., Levine C., and Sivarmakrishnan K. Earnings predictability and bias in analysts' earnings forecasts. The Accounting Review 73 (1998) 277-294
    • (1998) The Accounting Review , vol.73 , pp. 277-294
    • Das, S.1    Levine, C.2    Sivarmakrishnan, K.3
  • 28
  • 29
    • 0003188650 scopus 로고    scopus 로고
    • The relation between analysts' long-term earnings forecasts and stock price performance following equity offerings
    • Dechow P., Hutton A., and Sloan R. The relation between analysts' long-term earnings forecasts and stock price performance following equity offerings. Contemporary Accounting Research 17 (2000) 1-32
    • (2000) Contemporary Accounting Research , vol.17 , pp. 1-32
    • Dechow, P.1    Hutton, A.2    Sloan, R.3
  • 30
    • 0037376435 scopus 로고    scopus 로고
    • An empirical analysis of analysts' cash flow forecasts
    • DeFond M., and Hung M. An empirical analysis of analysts' cash flow forecasts. Journal of Accounting and Economics 35 (2003) 75-100
    • (2003) Journal of Accounting and Economics , vol.35 , pp. 75-100
    • DeFond, M.1    Hung, M.2
  • 32
    • 0030639979 scopus 로고    scopus 로고
    • Analyst reaction to negative earnings for large well-known firms
    • Dowen R.J. Analyst reaction to negative earnings for large well-known firms. The Journal of Portfolio Management 21 (1996) 49-55
    • (1996) The Journal of Portfolio Management , vol.21 , pp. 49-55
    • Dowen, R.J.1
  • 34
    • 0038850183 scopus 로고    scopus 로고
    • Inefficiency in analysts' earnings forecasts: Systematic misreaction or systematic optimism
    • Easterwood J., and Nutt S. Inefficiency in analysts' earnings forecasts: Systematic misreaction or systematic optimism. Journal of Finance 54 (1999) 1777-1797
    • (1999) Journal of Finance , vol.54 , pp. 1777-1797
    • Easterwood, J.1    Nutt, S.2
  • 35
    • 0036628332 scopus 로고    scopus 로고
    • Using forecast of earnings to simultaneously estimate growth and the rate of return on equity investment
    • Easton P., Taylor G., Shroff P., and Sougiannis T. Using forecast of earnings to simultaneously estimate growth and the rate of return on equity investment. Journal of Accounting Research 40 (2002) 657-676
    • (2002) Journal of Accounting Research , vol.40 , pp. 657-676
    • Easton, P.1    Taylor, G.2    Shroff, P.3    Sougiannis, T.4
  • 40
    • 84984207803 scopus 로고
    • Valuation and clean surplus accounting for operating and financial activities
    • Feltham G., and Ohlson J. Valuation and clean surplus accounting for operating and financial activities. Contemporary Accounting Research 11 (1995) 689-731
    • (1995) Contemporary Accounting Research , vol.11 , pp. 689-731
    • Feltham, G.1    Ohlson, J.2
  • 41
    • 33845772435 scopus 로고    scopus 로고
    • The importance of industry and country effects in the EMU equity markets
    • Ferreira M.A., and Ferreira M. The importance of industry and country effects in the EMU equity markets. European Financial Management Journal 12 3 (2006) 341-373
    • (2006) European Financial Management Journal , vol.12 , Issue.3 , pp. 341-373
    • Ferreira, M.A.1    Ferreira, M.2
  • 43
    • 0000660071 scopus 로고    scopus 로고
    • Another look at the role of the industrial structure of markets for international diversification strategies
    • Griffin J.M., and Karolyi G.A. Another look at the role of the industrial structure of markets for international diversification strategies. Journal of Financial Economics 50 3 (1998) 351-373
    • (1998) Journal of Financial Economics , vol.50 , Issue.3 , pp. 351-373
    • Griffin, J.M.1    Karolyi, G.A.2
  • 44
  • 45
    • 34247850922 scopus 로고    scopus 로고
    • What are the sources of country and industry diversification
    • Hargis K., and Mei J. What are the sources of country and industry diversification. European Financial Management Journal 12 3 (2006) 319-340
    • (2006) European Financial Management Journal , vol.12 , Issue.3 , pp. 319-340
    • Hargis, K.1    Mei, J.2
  • 46
    • 0002268752 scopus 로고
    • Does industrial structure explain the benefits of international diversification?
    • Heston S.L., and Rouwenhorst K.G. Does industrial structure explain the benefits of international diversification?. Journal of Financial Economics 36 (1994) 3-27
    • (1994) Journal of Financial Economics , vol.36 , pp. 3-27
    • Heston, S.L.1    Rouwenhorst, K.G.2
  • 47
    • 0010189941 scopus 로고
    • Industry and country effects in international stock returns
    • Heston S.L., and Rouwenhorst K.G. Industry and country effects in international stock returns. Journal of Portfolio Management 21 3 (1995) 53-58
    • (1995) Journal of Portfolio Management , vol.21 , Issue.3 , pp. 53-58
    • Heston, S.L.1    Rouwenhorst, K.G.2
  • 48
    • 2842518263 scopus 로고    scopus 로고
    • Analysts forecasting performance in seven countries
    • Higgins H.N. Analysts forecasting performance in seven countries. Financial Analysts Journal 54 (1998) 58-62
    • (1998) Financial Analysts Journal , vol.54 , pp. 58-62
    • Higgins, H.N.1
  • 49
    • 0037725009 scopus 로고    scopus 로고
    • Disclosure practices, enforcement of accounting standards and analysts' forecast accuracy: An international study
    • Hope O.-K. Disclosure practices, enforcement of accounting standards and analysts' forecast accuracy: An international study. Journal of Accounting Research 41 3 (2003) 235-272
    • (2003) Journal of Accounting Research , vol.41 , Issue.3 , pp. 235-272
    • Hope, O.-K.1
  • 51
    • 0042095452 scopus 로고    scopus 로고
    • The impact of strategy, industry and culture on forecasting the performance of global competitors: A strategic perspective
    • Katz J.P., Zarzeski M.T., and Hall H.J. The impact of strategy, industry and culture on forecasting the performance of global competitors: A strategic perspective. Journal of Business Strategies 17 2 (2000) 119-143
    • (2000) Journal of Business Strategies , vol.17 , Issue.2 , pp. 119-143
    • Katz, J.P.1    Zarzeski, M.T.2    Hall, H.J.3
  • 53
    • 0042012826 scopus 로고    scopus 로고
    • Earnings management and investor protection: An international comparison
    • Leuz C., Nanda D., and Wysocki P.D. Earnings management and investor protection: An international comparison. Journal of Financial Economics 69 (2003) 505-527
    • (2003) Journal of Financial Economics , vol.69 , pp. 505-527
    • Leuz, C.1    Nanda, D.2    Wysocki, P.D.3
  • 54
    • 0038845431 scopus 로고    scopus 로고
    • Rationality and analysts' forecast bias
    • Lim T. Rationality and analysts' forecast bias. Journal of Finance 56 (2001) 369-385
    • (2001) Journal of Finance , vol.56 , pp. 369-385
    • Lim, T.1
  • 55
    • 0001250001 scopus 로고    scopus 로고
    • Underwriting relationships and analysts' earnings forecasts and investment recommendations
    • Lin H., and Mc Nichols M. Underwriting relationships and analysts' earnings forecasts and investment recommendations. Journal of Accounting and Economics 25 (1998) 101-127
    • (1998) Journal of Accounting and Economics , vol.25 , pp. 101-127
    • Lin, H.1    Mc Nichols, M.2
  • 56
    • 77951887513 scopus 로고    scopus 로고
    • The quality of analysts' earnings forecasts during the Asian crisis: Evidence from Singapore
    • Loh R.K., and Mian M. The quality of analysts' earnings forecasts during the Asian crisis: Evidence from Singapore. Journal of Business Finance and Accounting 30 5-6 (2002) 715-747
    • (2002) Journal of Business Finance and Accounting , vol.30 , Issue.5-6 , pp. 715-747
    • Loh, R.K.1    Mian, M.2
  • 57
    • 84987576629 scopus 로고
    • Identifying factors consistently related to value line earnings predictability
    • Luttman S.M., and Silhan P.A. Identifying factors consistently related to value line earnings predictability. The Financial Review 30 3 (1995) 445-468
    • (1995) The Financial Review , vol.30 , Issue.3 , pp. 445-468
    • Luttman, S.M.1    Silhan, P.A.2
  • 59
    • 0033442404 scopus 로고    scopus 로고
    • Conflict of interest and the credibility of underwriter analyst recommendations
    • Michaely R., and Womack K. Conflict of interest and the credibility of underwriter analyst recommendations. Review of Financial Studies 12 (1999) 653-686
    • (1999) Review of Financial Studies , vol.12 , pp. 653-686
    • Michaely, R.1    Womack, K.2
  • 61
    • 50849083500 scopus 로고    scopus 로고
    • Diversification in Euro area stock markets: Country vs. industry
    • Moerman G.A. Diversification in Euro area stock markets: Country vs. industry. Journal of International Money and Finance 27 (2008) 1122-1134
    • (2008) Journal of International Money and Finance , vol.27 , pp. 1122-1134
    • Moerman, G.A.1
  • 62
  • 63
    • 0038066723 scopus 로고    scopus 로고
    • Discussion of international variation in accounting measurement rules and analysts' earnings forecasts errors
    • O'Brien P.C. Discussion of international variation in accounting measurement rules and analysts' earnings forecasts errors. Journal of Business Finance & Accounting 25 (1998) 1249-1254
    • (1998) Journal of Business Finance & Accounting , vol.25 , pp. 1249-1254
    • O'Brien, P.C.1
  • 64
    • 84984180909 scopus 로고
    • Earnings, book values, and dividends in equity valuation
    • Ohlson J. Earnings, book values, and dividends in equity valuation. Contemporary Accounting Research 11 (1995) 661-687
    • (1995) Contemporary Accounting Research , vol.11 , pp. 661-687
    • Ohlson, J.1
  • 65
    • 0036889167 scopus 로고    scopus 로고
    • Measuring transparency and disclosure at firm-level in emerging markets
    • Patel S.A., Balic A., and Bwakira L. Measuring transparency and disclosure at firm-level in emerging markets. Emerging Markets Review 3 (2002) 325-337
    • (2002) Emerging Markets Review , vol.3 , pp. 325-337
    • Patel, S.A.1    Balic, A.2    Bwakira, L.3
  • 66
    • 24144460912 scopus 로고    scopus 로고
    • Determinants of prediction performance of earnings forecasts internationally: The effects of disclosure, economic risk, and alignment of financial and tax accounting
    • Riahi-Belkaoui A. Determinants of prediction performance of earnings forecasts internationally: The effects of disclosure, economic risk, and alignment of financial and tax accounting. Advances in International Accounting 11 (1998) 69-79
    • (1998) Advances in International Accounting , vol.11 , pp. 69-79
    • Riahi-Belkaoui, A.1
  • 68
    • 0002370236 scopus 로고    scopus 로고
    • A re-examination of financial analysts' differential earnings forecast accuracy
    • Sinha P., Brown L.D., and Das S. A re-examination of financial analysts' differential earnings forecast accuracy. Contemporary Accounting Research 14 (1997) 1-42
    • (1997) Contemporary Accounting Research , vol.14 , pp. 1-42
    • Sinha, P.1    Brown, L.D.2    Das, S.3
  • 69
    • 0016264378 scopus 로고
    • Judgement under uncertainty: Heuristic and biases
    • Tversky A., and Kahneman D. Judgement under uncertainty: Heuristic and biases. Science 185 (1984) 1124-1131
    • (1984) Science , vol.185 , pp. 1124-1131
    • Tversky, A.1    Kahneman, D.2


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.