The impact of economic freedom on financial analysts' earnings forecast: Evidence from the Asia-Pacific region
نویسندگان
چکیده
This study investigates the impact of economic freedom (EcF) on analysts’ earnings forecast (AEF) accuracy. EcF is measured from five aspects: Government, Protection, Money, Trade, and Regulation. With sample 7,014 firms 12 economies in Asia-Pacific region over 18-year period, this finds an optimistic bias AEFs. The stronger for large firms, value stock with high analyst coverage, low dispersion Also, analysts less than more ones. Analysts are making accurate forecasts EcF. In addition, optimism reduced These findings may suggest that increase would lead to transparent financial statements, which further reduces bias.
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ژورنال
عنوان ژورنال: Finance Research Letters
سال: 2021
ISSN: ['1544-6131', '1544-6123']
DOI: https://doi.org/10.1016/j.frl.2021.102009