Article2017

Analyst Forecast Accuracy and Media Independence

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Auditing, Earnings Management, Governance Financial Markets and Investment Strategies Forecasting Techniques and Applications

Abstract

Abstract Using a large international sample of 47,307 firm‐years from 52 countries, we investigate the impact of media independence on the forecast quality of financial analysts. We find that analyst forecast errors are positively associated with the extent of a country's state media ownership and its lack of freedom of the press. We also find that financial analysts with more inaccurate forecasts disappear from the institutional broker's estimate system more quickly in countries with more independent media.

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References

1998Law and Finance 1999Corporate Ownership Around the World 2010The financial reporting environment: Review of the recent literature 2002Government Ownership of Banks 1996Do Brokerage Analysts' Recommendations Have Investment Value?2010Who Blows the Whistle on Corporate Fraud?1998State versus Private Ownership 1999Conflict of Interest and the Credibility of Underwriter Analyst Recommendations

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