• 제목/요약/키워드: Analyst

검색결과 279건 처리시간 0.033초

Do Analyst Practices and Broker Resources Affect Target Price Accuracy? An Empirical Study on Sell Side Research in an Emerging Market

  • Sayed, Samie Ahmed
    • The Journal of Asian Finance, Economics and Business
    • /
    • 제1권3호
    • /
    • pp.29-36
    • /
    • 2014
  • This paper attempts to measure the impact of non-financial factors including analyst practices and broker resources on performance of sell side research. Results reveal that these non-financial factors have a measurable impact on performance of target price forecasts. Number of pages written by an analyst (surrogate for analyst practice) is significantly and directly linked with target price accuracy indicating a more elaborate analyst produces better target price forecasts. Analyst compensation (surrogate for broker resource) is significantly and inversely linked with target price accuracy. Out performance by analysts working with lower paying firms is possibly associated with motivation to migrate to higher paying broking firms. The study finds that employing more number of analysts per research report has no significant impact on target price accuracy -negative coefficient indicates that team work may not result in better target price forecasts. Though insignificant, long term forecast horizon negatively affects target price accuracy while stock volatility improves target price accuracy.

임상병리사 명칭 변경을 위한 타당성 연구 (A Study on the Validity of Changing the Job Title of Medical Technologist)

  • 구본경;김원식;박선구;박종오;윤성민
    • 대한임상검사과학회지
    • /
    • 제53권1호
    • /
    • pp.105-121
    • /
    • 2021
  • 임상병리사 명칭 변경과 관련한 의견을 수렴하기 위해 사단법인 대한임상병리사협회에서는 정회원으로 등록된 총 22,638명에게 온라인을 통해 제시된 명칭에서 2개를 선택하는 설문 답변을 요구하였으며 이 중 3,999명(17.66%)이 설문조사에 회신답변하였다. 명칭 선호도는 회원 1인당 2개를 선택하는 답변을 통해서 6,958건이 산출되었으며 그 중 5,555건(79.83%)가 '분석사' 레벨을 선호하였다. 명칭에 대한 조사결과는 진단검사분석사가 2,417건(34.73%)으로 가장 많았고, 임상검사분석사는 1,710건(24.57%), 의생명병리사는 758건(10.89%), 의생명분석사는 730건(10.49%), 의생명검사분석사는 730건(10.03%), 임상검사과학사는 646건(9.26%) 순으로 조사되었다. 따라서 조사된 회원들의 요구도, 자문, 문헌고찰, 표준직업분류, 주요대상국 현황을 기반으로 "진단검사분석사(Diagnostic Laboratory Analyst), 의생명검사분석사(Biomedical Laboratory Analyst), 의생명분석사(Biomedical Analyst)"를 명칭 정립으로 제언하고자 한다.

Earnings Forecasts and Firm Characteristics in the Wholesale and Retail Industries

  • LIM, Seung-Yeon
    • 유통과학연구
    • /
    • 제20권12호
    • /
    • pp.117-123
    • /
    • 2022
  • Purpose: This study investigates the relationship between earnings forecasts estimated from a cross-sectional earnings forecast model and firm characteristics such as firm size, sales volatility, and earnings volatility. Research design, data and methodology: The association between earnings forecasts and the aforementioned firm characteristics is examined using 214 firm-year observations with analyst following and 848 firm-year observations without analyst following for the period of 2011-2019. I estimate future earnings using a cross-sectional earnings forecast model, and then compare these model-based earnings forecasts with analysts' earnings forecasts in terms of forecast bias and forecast accuracy. The earnings forecast bias and accuracy are regressed on firm size, sales volatility, and earnings volatility. Results: For a sample with analyst following, I find that the model-based earnings forecasts are more accurate as the firm size is larger, whereas the analysts' earnings forecasts are less biased and more accurate as the firm size is larger. However, for a sample without analyst following, I find that the model-based earnings forecasts are more pessimistic and less accurate as firms' past earnings are more volatile. Conclusions: Although model-based earnings forecasts are useful for evaluating firms without analyst following, their accuracy depends on the firms' earnings volatility.

미국기업의 CSR 활동에 애널리스트가 미치는 영향에 관한 연구 (The Impact of Analyst Expectations and Coverage on CSR Engagement of U.S. Firms)

  • 안혜성;강일주
    • 무역학회지
    • /
    • 제46권2호
    • /
    • pp.245-262
    • /
    • 2021
  • Despite the numerous advantages that CSR engagement can potentially offer, top managers may not always be willing to invest in CSR as they are expected to meet expectations of external constituents in the short run. Given that financial analysts' expectations are important short-term performance targets that top managers are motivated to meet, this study examines how performance relative to earnings forecasts issued by analysts affect top managers' decisions about CSR engagement. Using a sample of publicly listed U.S. firms from 2000 to 2016, we find that top managers are more likely to reduce discretionary expenditure on CSR activities as performance falls below analyst forecasts to improve financial performance in the following fiscal year. As performance exceeds analyst forecasts, top managers are motivated to reduce CSR investments in order to meet higher expectations of analysts. As financial analysts closely monitor the firms that they follow in order to publish investment advice to market participants, we find that analyst coverage weakens top managers' incentive to reduce CSR engagement. Overall, this research sheds meaningful insight into the contextual background in which the top managers are situated in when they make decisions on CSR engagement.

The Impact of Overvaluation on Analysts' Forecasting Errors

  • CHA, Sang-Kwon;CHOI, Hyunji
    • 산경연구논집
    • /
    • 제11권1호
    • /
    • pp.39-47
    • /
    • 2020
  • Purpose: This study investigated the effects of valuation errors on the capital market through the earnings forecasting errors of financial analysts. As a follow-up to Jensen (2005)'s study, which argued of agency cost of overvaluation, it was intended to analyze the effect of valuation errors on the earnings forecasting behavior of financial analysts. We hypothesized that if the manager tried to explain to the market that their firms are overvalued, the analysts' earnings forecasting errors would decrease. Research design, data and methodology: To this end, the analysis period was set from 2011 to 2018 of KOSPI and KOSDAQ-listed markets. For overvaluation, the study methodology of Rhodes-Kropf, Robinson, and Viswanathan (2005) was measured. The earnings forecasting errors of the financial analyst was measured by the accuracy and bias. Results: Empirical analysis shows that the accuracy and bias of analysts' forecasting errors decrease as overvaluation increase. Second, the negative relationship showed no difference, depending on the size of the auditor. Third, the results have not changed sensitively according to the listed market. Conclusions: Our results indicated that the valuation error lowered the financial analyst earnings forecasting errors. Considering that the greater overvaluation, the higher the compensation and reputation of the manager, it can be interpreted that an active explanation of the market can promote the accuracy of the financial analyst's earnings forecasts. This study has the following contributions when compared to prior research. First, the impact of valuation errors on the capital market was analyzed for the domestic capital market. Second, while there has been no research between valuation error and earnings forecasting by financial analysts, the results of the study suggested that valuation errors reduce financial analyst's earnings forecasting errors. Third, valuation error induced lower the earnings forecasting error of the financial analyst. The greater the valuation error, the greater the management's effort to explain the market more actively. Considering that the greater the error in valuation, the higher the compensation and reputation of the manager, it can be interpreted that an active explanation of the market can promote the accuracy of the financial analyst's earnings forecasts.

비정상투자가 재무분석가의 이익예측에 미치는 영향 (The Effect of Abnormal Investment on Analyst Earnings Forecast)

  • 전진호
    • 한국융합학회논문지
    • /
    • 제9권2호
    • /
    • pp.207-215
    • /
    • 2018
  • 본 연구는 유가증권 및 코스닥상장기업을 대상으로 기업의 비정상 투자가 재무분석가의 이익예측과 어떠한 관계가 있는지 실증적으로 분석하였다. 본 연구의 분석기간은 관심변수를 기준으로 2003년부터 2015년까지(종속변수는 2004년부터 2016년까지)이며 재무분석가가 주당이익예측치를 발표한 기업 중 연구조건을 만족하는 최종표본 4,917개 기업/년 자료를 분석대상으로 선정하여 연구를 진행하였다. 실증분석결과는 다음과 같다. 첫째, 비정상 총투자, 비정상 R&D, 비정상 CAPEX 투자가 많을수록 재무분석가의 이익예측정확성은 유의하게 향상되었다. 둘째, 비정상 총투자, 비정상 R&D, 비정상 CAPEX 투자가 많을수록 재무분석가의 이익예측은 비관적인 성향을 갖는 것으로 나타났다. 추가분석을 통해 이러한 결과는 과소투자 집단보다는 주로 과잉투자 집단에 의해 발생되는 결과임이 입증되었다. 본 연구결과는 재무분석가의 이익예측 결정요인으로 비정상투자가 고려된다는 점에서 기존 연구에 추가적인 공헌점이 있을 것으로 기대된다.

애널리스트 보고서 텍스트의 주가예측력에 대한 검증 (Verification on stock return predictability of text in analyst reports)

  • 이영선;야마다 아키히코;양철원;노호석
    • 응용통계연구
    • /
    • 제36권5호
    • /
    • pp.489-499
    • /
    • 2023
  • 온라인 플랫폼을 통한 애널리스트 보고서의 공유가 가능해짐에 따라 애널리스트들이 생성한 보고서는 시장 참여자들 간 금융 정보 격차를 줄일 수 있는 유용한 도구가 되었으며, 애널리스트 보고서의 정량적 정보가 주식수익률 예측에 다수 활용되었다. 하지만 상대적으로 애널리스트 보고서 내 텍스트 정보의 주식수익률 예측 정보력에 대한 국내 자료 기반 연구는 상대적으로 많이 부족하다. 본 연구는 애널리스트 보고서에서 추출 가능한 텍스트로부터 어조 변수를 생성하여 주식수익률 예측에 정보력이 있는지를 검증하되, 기존 연구들의 선형모형 가정 기반 검정의 한계를 해결하고자 랜덤 포레스트 기반의 F-test를 사용하여 기업수익률 예측력을 검증하였다.

Visualization Data Mining Tool을 활용한 보험사기 적발 (Dectection of Insurance Fraud using Visualization Data Mining Tool)

  • 성태경
    • 경영정보학연구
    • /
    • 제5권1호
    • /
    • pp.49-60
    • /
    • 2003
  • 본 연구의 목적은 현재 심각한 사회 및 경제 문제로 대두되고 있는 보험사기를 효과적으로 적발하기 위하여, visualization 데이터마이닝 tool을 실제 사례에 적용하여 그 타당성을 검증하는데 있다. 이를 위하여 최근 가장 효과적인 visualization 데이터마이닝 tool로 인정되고 있는 i2사의 Analyst's Notebook을 활용하여 대량의 보험금 청구 자료로부터 보험사기의 혐의가 가는 거래를 찾고, 이를 근거로 보첩사기의 혐의를 입증하는 일련의 과정을 검토하였다. 그 결과 visualization 데이터마이닝 tool이 대량의 보험금 청구 자료에서 혐의가 가는 거래를 찾는 단순한 예측의 수준을 넘어, 관련 범죄를 추적하여 체계적, 계획적으로 기획된 보험사기단을 추적해내는 성과를 올렸다. 따라서 보험사기 둥과 같은 부정거래나 범죄 행위를 적발하는 데는 visualization 데이터마이닝 tool이적합한 것으로 판명되었다.

A Study on an Automatical BKLS Measurement By Programming Technology

  • Shin, YeounOuk;Kim, KiBum
    • International journal of advanced smart convergence
    • /
    • 제7권3호
    • /
    • pp.73-78
    • /
    • 2018
  • This study focuses on presenting the IT program module provided by BKLS measure in order to solve the problem of capital cost due to information asymmetry of external investors and corporate executives. Barron at al(1998) set up a BKLS measure to guide the market by intermediate analysts. The BKLS measure was measured by using the changes in the analyst forecast dispersion and analyst mean forecast error squared. This study suggests a model of the algorithm that the BKLS measure can be provided to all investors immediately by IT program in order to deliver the meaningful value in the domestic capital market as measured. This is a method of generating and analyzing real-time or non-real-time prediction models by transferring the predicted estimates delivered to the Big Data Log Analysis System through the statistical DB to the statistical forecasting engine. Because BKLS measure is not carried out in a concrete method, it is practically very difficult to estimate the BKLS measure. It is expected that the BKLS measure of Barron at al(1998) introduced in this study and the model of IT module provided in real time will be the starting point for the follow-up study for the introduction and realization of IT technology in the future.

Earnings Attributes that Contribute to Analyst Forecasting Errors: Empirical Evidence from Korea

  • KIM, Joonhyun
    • The Journal of Asian Finance, Economics and Business
    • /
    • 제8권8호
    • /
    • pp.647-658
    • /
    • 2021
  • Analysts' forecasts are important for providing useful guidance to investors, especially individual or small investors, and therefore it becomes critical to identify the elements which can potentially increase errors in analysts' forecasts. This study investigates potential factors which can lead to errors in forecasting by analysts, specifically in terms of the level and attributes of corporate earnings. Utilizing a sample of firms listed on the Korean stock markets, this study provides evidence that firms with more volatile and unpredictable earnings feature less accurate analyst forecasts. This study fills a void in the literature by conducting empirical tests for earnings attributes in terms of volatility and unpredictability that could potentially undermine the forecast accuracy. The negative association between the quality of earnings and forecast accuracy is more pronounced for firms with negative net income values. Additional analysis demonstrates that forecast accuracy is significantly lower for the fourth quarter than for other fiscal quarters and that fourth quarter earnings tend to be more volatile and unpredictable. This study contributes to the literature by providing new empirical evidence regarding the comprehensive effects of earnings quality and level on analysts' forecasting accuracy and further suggests potential factors contributing to the fourth quarter anomaly in analyst forecasts in terms of earnings attributes.