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Does analysts’ industrial concentration affect the quality of their forecasts?

dc.contributor.authorHe, G
dc.contributor.authorSun, Y
dc.contributor.authorLi, AZ
dc.date.accessioned2023-10-24T08:22:37Z
dc.date.issued2023-10-17
dc.date.updated2023-10-23T17:06:22Z
dc.description.abstractWe examine the association between financial analysts’ industrial concentration and the quality of their earnings forecasts. We find that analysts’ forecast quality, measured by forecast accuracy, forecast informativeness, and forecast timeliness, is positively associated with analysts’ industrial concentration on firm coverage, suggesting that allocation of effort and resources to the concentrated industries helps promote the quality of earnings forecasts. We also find that the positive relation of analysts’ industrial concentration with forecast accuracy and informativeness (forecast timeliness) is more (less) pronounced for firms faced with fiercer industrial product market competition, higher firm-specific risk, and/or higher information opacity. Overall, our results highlight the importance of analysts’ industrial concentration in contributing to the quality of their earnings forecasts.en_GB
dc.identifier.citationPublished online 17 October 2023en_GB
dc.identifier.doihttps://doi.org/10.1007/s11408-023-00435-0
dc.identifier.urihttp://hdl.handle.net/10871/134314
dc.language.isoenen_GB
dc.publisherSpringeren_GB
dc.rights© The Author(s) 2023. Open Access. This article is licensed under a Creative Commons Attribution 4.0 International License, which permits use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons licence, and indicate if changes were made. The images or other third party material in this article are included in the article's Creative Commons licence, unless indicated otherwise in a credit line to the material. If material is not included in the article's Creative Commons licence and your intended use is not permitted by statutory regulation or exceeds the permitted use, you will need to obtain permission directly from the copyright holder. To view a copy of this licence, visit http://creativecommons.org/licenses/by/4.0/.en_GB
dc.subjectIndustry-specific informationen_GB
dc.subjectIndustrial concentrationen_GB
dc.subjectForecast accuracyen_GB
dc.subjectForecast informativenessen_GB
dc.subjectForecast timelinessen_GB
dc.titleDoes analysts’ industrial concentration affect the quality of their forecasts?en_GB
dc.typeArticleen_GB
dc.date.available2023-10-24T08:22:37Z
dc.identifier.issn1934-4554
dc.descriptionThis is the final version. Available on open access from Springer via the DOI in this recorden_GB
dc.identifier.eissn2373-8529
dc.identifier.journalFinancial Markets and Portfolio Managementen_GB
dc.relation.ispartofFinancial Markets and Portfolio Management
dc.rights.urihttps://creativecommons.org/licenses/by/4.0/en_GB
dcterms.dateAccepted2023-09-14
rioxxterms.versionVoRen_GB
rioxxterms.typeJournal Article/Reviewen_GB
refterms.dateFCD2023-10-24T08:20:54Z
refterms.versionFCDVoR
refterms.dateFOA2023-10-24T08:23:29Z
refterms.panelCen_GB
refterms.dateFirstOnline2023-10-17


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© The Author(s) 2023. Open Access. This article is licensed under a Creative Commons Attribution 4.0 International License, which permits use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons licence, and indicate if changes were made. The images or other third party material in this article are included in the article's Creative Commons licence, unless indicated otherwise in a credit line to the material. If material is not included in the article's Creative Commons licence and your intended use is not permitted by statutory regulation or exceeds the permitted use, you will need to obtain permission directly from the copyright holder. To view a copy of this licence, visit http://creativecommons.org/licenses/by/4.0/.
Except where otherwise noted, this item's licence is described as © The Author(s) 2023. Open Access. This article is licensed under a Creative Commons Attribution 4.0 International License, which permits use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons licence, and indicate if changes were made. The images or other third party material in this article are included in the article's Creative Commons licence, unless indicated otherwise in a credit line to the material. If material is not included in the article's Creative Commons licence and your intended use is not permitted by statutory regulation or exceeds the permitted use, you will need to obtain permission directly from the copyright holder. To view a copy of this licence, visit http://creativecommons.org/licenses/by/4.0/.