Group-Affiliated Analysts' Strategic Forecasts: Evidence from Korea

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In examining the family-controlled business groups in Korea, prior literature shows that group-affiliated analysts’ forecasts are optimistically biased. This article investigates whether the group-affiliated analysts strategically time the level of accuracy and bias in their forecasts for the same group-affiliated firms due to the change in information asymmetry in the market. The results show that the group-affiliated analysts issue more accurate and less optimistic earnings forecasts for the affiliated firms when the level of information asymmetry is low; particularly, in April, which is right after annual earnings announcements.
Publisher
TAYLOR & FRANCIS LTD
Issue Date
2019-01
Language
English
Citation

EMERGING MARKETS FINANCE AND TRADE, v.55, no.1

ISSN
1540-496X
DOI
10.1080/1540496X.2018.1505611
URI
http://hdl.handle.net/10203/246291
Appears in Collection
MT-Journal Papers(저널논문)
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