US Analyst Regulation and the Earnings Forecast Bias around the World

Armen Hovakimian · Ekkachai Saenyasiri

22 citations0/0 files storedEuropean Financial Management

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Auditing, Earnings Management, Governance Financial Markets and Investment Strategies Corporate Finance and Governance

Abstract

Abstract We examine the spillover effects of the Global Analyst Research Settlement (or Global Settlement) on analysts’ earnings forecasts in 40 developed and emerging markets. Prior to the Global Settlement, analysts generally made overly optimistic forecasts, this bias tending to be higher in countries with less investor protection. This forecast bias declined significantly after passage of the Global Settlement, the spillover effect being stronger for countries with lower investor protection. The spillover effect is also stronger for countries with a more significant presence of the analysts of the 12 banks directly involved in the Global Settlement.

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References

1998Law and Finance 1996Financial Dependence and Growth 2002Investor Protection and Corporate Valuation 2000Tunneling 2008Mandatory IFRS Reporting around the World: Early Evidence on the Economic Consequences 1999Conflict of Interest and the Credibility of Underwriter Analyst Recommendations 2003Disclosure Practices, Enforcement of Accounting Standards, and Analysts' Forecast Accuracy: An International Study 1999GOLBALIZATION, CORPORATE FINANCE, AND THE COST OF CAPITAL

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