Analysts' Forecasts and the Broker Relationship
AbstractAnalysts' ability to forecast earnings per share has been the subject of considerable debate. A concern highlighted in previous research is the agency problem which may arise when analysts have a close working relationship with the firms for which they are providing forecasts. This paper provides evidence that this relationship does not improve the accuracy of the earnings forecasts, but stimulates optimistic forecasts. In addition, the paper examines whether firm size is a factor in forecast accuracy or bias. Copyright Blackwell Publishers Ltd 2001.
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Bibliographic InfoArticle provided by Wiley Blackwell in its journal Journal of Business Finance & Accounting.
Volume (Year): 28 (2001-09)
Issue (Month): 7&8 ()
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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0306-686X
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