지원사업
학술연구/단체지원/교육 등 연구자 활동을 지속하도록 DBpia가 지원하고 있어요.
커뮤니티
연구자들이 자신의 연구와 전문성을 널리 알리고, 새로운 협력의 기회를 만들 수 있는 네트워킹 공간이에요.
초록· 키워드
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This paper presents an empirical analysis of analyst herding and optimism phenomena in twelve Asia-Pacific markets. The sample contains 17 years of 224,841 observations from 1988 to 2003. The twelve Asia-Pacific countries are Australia, China, Hong Kong, Indonesia, Japan, Korea, Malaysia,New Zealand, Philippines, Singapore, Taiwan, and Thailand. The empirical findings suggest that analyst optimism is widespread across Asia-Pacific markets. Systematic herding behavior of analysts is observed as analysts forecast earnings farther out into the future. A bivariate regression analysis indicates that when analysts are more inclined to the herd, they tend to issue less optimistic forecasts.
The multiple regression shows that analyst herding tends to strengthen as analyst coverage and forecast horizon increase. In general, evidence in this paper supports the findings in the existing US and European studies, and suggests world-wide phenomena of analyst optimism and herding behavior. The herding behavior of analysts seems to be a major component of analyst optimism.
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참고문헌 (26)
참고문헌 신청
Abarbanell, J. S / 2003 / Biased forecasts or biased earnings? The role of reported earnings in explaining apparent bias and over/underreaction in analysts’ earnings forecas
Abarbanell,J.S / 1991 / Do analysts? earnings forecasts incorporate information in prior stock price changes / Journal of Accounting and Economics 14 : 147 ~ 165
Abarbanell,J.S / 1999 / A framework for analyzing earnings management: implications for stock prices, earnings and analysts’ forecasts errors
Ackert, L. F / 1997 / Prior uncertainty,analyst bias,and subsequent abnormal returns / Journal of Financial Research 20 : 263 ~ 273
Brown,L.D / 1996 / Analyst forecasting errors and their implications for security analysis:An alternative perspective / Financial Analysts Journal 52 : 40 ~ 47
Abarbanell,J.S / 1991 / Do analysts? earnings forecasts incorporate information in prior stock price changes / Journal of Accounting and Economics 14 : 147 ~ 165
Abarbanell,J.S / 1999 / A framework for analyzing earnings management: implications for stock prices, earnings and analysts’ forecasts errors
Ackert, L. F / 1997 / Prior uncertainty,analyst bias,and subsequent abnormal returns / Journal of Financial Research 20 : 263 ~ 273
Brown,L.D / 1996 / Analyst forecasting errors and their implications for security analysis:An alternative perspective / Financial Analysts Journal 52 : 40 ~ 47
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