Do local analysts know more?: a cross-country study of the performance of local analysts and foreign analysts
"This paper examines whether analysts resident in a country make more precise earnings forecasts for firms in that country than analysts who are not resident in that country. Using a sample of 32 countries, we find that there is an economically and statistically significant analyst local advant...
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| Main Authors: | , , |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Cambridge, Mass.
National Bureau of Economic Research
2005
|
| Series: | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series
11697 |
| Subjects: | |
| Online Access: | Volltext |
| Summary: | "This paper examines whether analysts resident in a country make more precise earnings forecasts for firms in that country than analysts who are not resident in that country. Using a sample of 32 countries, we find that there is an economically and statistically significant analyst local advantage even after controlling for firm and analyst characteristics. The importance of the local advantage is inversely related to the quality of the information provided by firms. In particular, the local advantage is high in countries where earnings are smoothed more, less information is disclosed by firms, and firm idiosyncratic information explains a smaller fraction of stock returns. The local advantage is also negatively related to market participation by foreign investors and by institutions and positively related to holdings by insiders. U.S. investors underweight a country's stocks more in their portfolios if that country has a higher analyst local advantage"--National Bureau of Economic Research web site. |
| Physical Description: | 43 S. |
Staff View
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| id | DE-604.BV023591731 |
| illustrated | Not Illustrated |
| index_date | 2024-07-02T22:41:29Z |
| indexdate | 2024-07-09T21:25:11Z |
| institution | BVB |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-016907061 |
| oclc_num | 62248002 |
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| physical | 43 S. |
| publishDate | 2005 |
| publishDateSearch | 2005 |
| publishDateSort | 2005 |
| publisher | National Bureau of Economic Research |
| record_format | marc |
| series | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |
| series2 | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |
| spelling | Bae, Kee-hong 1961- Verfasser (DE-588)131449168 aut Do local analysts know more? a cross-country study of the performance of local analysts and foreign analysts Kee-Hong Bae ; René M. Stulz ; Hongping Tan Cambridge, Mass. National Bureau of Economic Research 2005 43 S. txt rdacontent n rdamedia nc rdacarrier National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series 11697 "This paper examines whether analysts resident in a country make more precise earnings forecasts for firms in that country than analysts who are not resident in that country. Using a sample of 32 countries, we find that there is an economically and statistically significant analyst local advantage even after controlling for firm and analyst characteristics. The importance of the local advantage is inversely related to the quality of the information provided by firms. In particular, the local advantage is high in countries where earnings are smoothed more, less information is disclosed by firms, and firm idiosyncratic information explains a smaller fraction of stock returns. The local advantage is also negatively related to market participation by foreign investors and by institutions and positively related to holdings by insiders. U.S. investors underweight a country's stocks more in their portfolios if that country has a higher analyst local advantage"--National Bureau of Economic Research web site. Investment analysis Stulz, René M. 1952- Verfasser (DE-588)12857884X aut Tan, Hongping Verfasser (DE-588)130511331 aut Erscheint auch als Online-Ausgabe National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series 11697 (DE-604)BV002801238 11697 http://papers.nber.org/papers/w11697.pdf kostenfrei Volltext |
| spellingShingle | Bae, Kee-hong 1961- Stulz, René M. 1952- Tan, Hongping Do local analysts know more? a cross-country study of the performance of local analysts and foreign analysts National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series Investment analysis |
| title | Do local analysts know more? a cross-country study of the performance of local analysts and foreign analysts |
| title_auth | Do local analysts know more? a cross-country study of the performance of local analysts and foreign analysts |
| title_exact_search | Do local analysts know more? a cross-country study of the performance of local analysts and foreign analysts |
| title_exact_search_txtP | Do local analysts know more? a cross-country study of the performance of local analysts and foreign analysts |
| title_full | Do local analysts know more? a cross-country study of the performance of local analysts and foreign analysts Kee-Hong Bae ; René M. Stulz ; Hongping Tan |
| title_fullStr | Do local analysts know more? a cross-country study of the performance of local analysts and foreign analysts Kee-Hong Bae ; René M. Stulz ; Hongping Tan |
| title_full_unstemmed | Do local analysts know more? a cross-country study of the performance of local analysts and foreign analysts Kee-Hong Bae ; René M. Stulz ; Hongping Tan |
| title_short | Do local analysts know more? |
| title_sort | do local analysts know more a cross country study of the performance of local analysts and foreign analysts |
| title_sub | a cross-country study of the performance of local analysts and foreign analysts |
| topic | Investment analysis |
| topic_facet | Investment analysis |
| url | http://papers.nber.org/papers/w11697.pdf |
| volume_link | (DE-604)BV002801238 |
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