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| The Effect of Covering Foreign Listing Companies on the Domestic Analysts’ Earnings Forecast Accuracy |
| LUO Yanxin, MA Zhiming, WANG Yaping
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| Guanghua School of Management, Peking University |
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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.
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Received: 19 July 2017
Published: 01 November 2018
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