文章基本信息

标题：Do Analyst Practices and Broker Resources Affect Target Price Accuracy? An Empirical Study on Sell Side Research in an Emerging Market
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作者：Samie Ahmed Sayed
期刊名称：Journal of Asian Finance, Economics and Business
印刷版ISSN：2288-4637
电子版ISSN：2288-4645
出版年度：2014
卷号：1
期号：3
页码：29-36
DOI：10.13106/jafeb.2014.vol1.no3.29
语种：English
出版社：Korean Distribution Science Association
摘要：This paper attempts to measure the impact of non-financial factors including analyst practices and broker resources on performance of sell side research.Results reveal that these non-financial factors have a measurable impact on performance of target price forecasts.Number of pages written by an analyst (surrogate for analyst practice) is significantly and directly linked with target price accuracy indicating a more elaborate analyst produces better target price forecasts.Analyst compensation (surrogate for broker resource) is significantly and inversely linked with target price accuracy.Out performance by analysts working with lower paying firms is possibly associated with motivation to migrate to higher paying broking firms.The study finds that employing more number of analysts per research report has no significant impact on target price accuracy negative co – - efficient indicates that team work may not result in better target price forecasts.Though insignificant,long term forecast horizon negatively affects target price accuracy while stock volatility improves target price accuracy.
关键词：equity research;target price accuracy;broker resources;analyst practices