| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w11697 |
| 来源ID | Working Paper 11697 |
| Do Local Analysts Know More? A Cross-Country Study of the Performance of Local Analysts and Foreign Analysts | |
| Kee-Hong Bae; Rene M. Stulz; Hongping Tan | |
| 发表日期 | 2005-10-17 |
| 出版年 | 2005 |
| 语种 | 英语 |
| 摘要 | 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. |
| 主题 | International Economics ; International Finance ; Financial Economics ; Portfolio Selection and Asset Pricing ; Financial Markets ; Financial Institutions |
| URL | https://www.nber.org/papers/w11697 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/569347 |
| 推荐引用方式 GB/T 7714 | Kee-Hong Bae,Rene M. Stulz,Hongping Tan. Do Local Analysts Know More? A Cross-Country Study of the Performance of Local Analysts and Foreign Analysts. 2005. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w11697.pdf（255KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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