재무분석가의 이익예측정확성에 영향을 주는 요인분석

다국어 초록 (Multilingual Abstract)

The purpose of this study is to identify the determinants which affect the accuracy of earnings forecasts by financial analysts. Potential determinants are explored based on the survey from financial analysts. This survey allows us to measure the in-depth variables as to how many firms financial analysts follow, how intensive they analyze firms, how they utilize information, and so on. Understanding these determinants is important to improve earnings forecasts environments which will eventually enhance the usefulness of earnings forecasts. The results show that the magnitude of forecast errors is positively associated with the number of firms analysts follow and forecast horizons, and negatively associated with the existence of firm-specific databases. This suggests that our forecasting environment be improved in the following areas: specialization of earnings forecasts, revision of accounting standards and disclosure requirements, construction of databases to share preliminary information, and maintenance of an active investor relation.