Abstract:
This paper examines the effect of brokerage covering foreign listing companies on domestic analyst earnings forecast accuracy. We find that the analyst forecasts of an A-share company is more accurate after the brokerage covers a foreign listing company in the same industry, indicating that covering foreign listing companies can create spillover effects to domestic analysts. Further analysis shows that this spillover effect is more pronounced for experienced analysts and for less informative companies. This study provides further insights on the spillover effect brought by the brokerage extending overseas business and the factors that affect analyst forecast accuracy.
罗棪心, 麻志明, 王亚平. 券商跟踪海外上市公司对国内分析师盈余预测准确性的影响[J]. 金融研究, 2018, 458(8): 190-206.
LUO Yanxin, MA Zhiming, WANG Yaping. The Effect of Covering Foreign Listing Companies on the Domestic Analysts’ Earnings Forecast Accuracy. Journal of Financial Research, 2018, 458(8): 190-206.
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