지원사업
학술연구/단체지원/교육 등 연구자 활동을 지속하도록 DBpia가 지원하고 있어요.
커뮤니티
연구자들이 자신의 연구와 전문성을 널리 알리고, 새로운 협력의 기회를 만들 수 있는 네트워킹 공간이에요.
초록· 키워드
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This study investigates whether firm-specifics affect forecast accuracy using a sample of IPO firms in Korea. The forecasts accuracy can be differentiated depending on firm specifics. This study uses the foreign investor, intangible asset and patents as firm specifics. The analysts are divided into two groups by firm-specifies(foreign investors ratio of low and high, intangible asset ratio of low and high, patents of acquisition) and also examine the degree of analysts's forecast accuracy over the two groups. and examined the degree of the analysts' forecast accuracy over the two groups. The sample is composed of 460 IPO (Initial Public Offering) firms listed on the KOSDAQ (Korean Securities Dealers Automated Quotations) for the period from 2001 to 2009. The analysts' forecast accuracy is much higher in the group of high foreign investor but is lower in the group of high intangible assets and patents. Also, the group of high foreign investors respectively interacts with group of high intangible assets ratio and group of patents of acquisition. In result, The analysts' forecast accuracy is higher because foreign investor is decreased information asymmetry. This study compares suggests that patents may be helpful for predicting forecast accuracy.
목차
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참고문헌 (23)
참고문헌 신청
Asquith, P. / 2005 / Information Content of Equity Analyst Reports / Journal of Financial Economics 75 (2) : 245 ~ 282
Ballester, M. / 2001 / Analyst Coverage and Intangible Assets / Journal of Accounting Research 39 (1) : 1 ~ 34
Bhushan, R. / 1989 / Firm Characteristics and Analyst Following / Journal of Accounting and Economics 11 (3) : 255 ~ 274
Burgstahler, D. / 1997 / Earnings Management to avoid Earnings Decreases and Losses / Journal of Accounting and Economics 24 (1) : 99 ~ 126
Eddy, A. / 1992 / An Examination of Hypotheses Concerning Earnings Forecast Errors / Quarterly Journal of Business and Economics 32 (2) : 22 ~ 37
Ballester, M. / 2001 / Analyst Coverage and Intangible Assets / Journal of Accounting Research 39 (1) : 1 ~ 34
Bhushan, R. / 1989 / Firm Characteristics and Analyst Following / Journal of Accounting and Economics 11 (3) : 255 ~ 274
Burgstahler, D. / 1997 / Earnings Management to avoid Earnings Decreases and Losses / Journal of Accounting and Economics 24 (1) : 99 ~ 126
Eddy, A. / 1992 / An Examination of Hypotheses Concerning Earnings Forecast Errors / Quarterly Journal of Business and Economics 32 (2) : 22 ~ 37
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