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Media type:
E-Article
Title:
Analyst Forecast Accuracy and Media Independence
Contributor:
Kim, Jeong‐Bon;
Li, Liuchuang;
Zhang, Hao
Published:
Wiley, 2017
Published in:
Financial Management, 46 (2017) 4, Seite 1023-1051
Language:
English
DOI:
10.1111/fima.12175
ISSN:
0046-3892;
1755-053X
Origination:
Footnote:
Description:
AbstractUsing 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.