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Korean Journal of Financial Studies 2010;39(3):419-447.
Published online September 30, 2010.
Forecast Properties for the Newly Added Firms in Analysts` Universe
Yoo Kyoung Ko, Kwang Wuk Oh, Seung Weon Yoo, Dong Heun Lee, Seok Woo Jeong
신규 분석기업에 대한 재무분석가의 이익예측특성
고유경, 오광욱, 유승원, 이동헌, 정석우
In this study, we examine the forecast properties of newly added firms in the universe of financial analysts using 17,852 firm-year observations provided by Fn-Guide data base from 2001 to 2008. According to prior research, market participants show differential reaction to the analysts` reports of newly added firms in the universe of financial analysts. This suggests that the forecast properties for newly added firms may have their own characteristics and knowledge about the newly added firms forecast properties may be useful not only for potential investors but also for researchers examining financial analysts` roles.
Key Words: 신규 분석기업,이익예측오차,이익예측편의,재무분석가,종목군,Financial Analysts,Forecast Accuracy,Forecast Bias,Newly Added Firms,Universe
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