English  |  正體中文  |  简体中文  |  Items with full text/Total items : 6469/11641
Visitors : 19048821      Online Users : 305
RC Version 3.2 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
Scope Adv. Search
LoginUploadHelpAboutAdminister

Please use this identifier to cite or link to this item: http://ir.ncue.edu.tw/ir/handle/987654321/13902

Title: Analyst Forecast Accuracy and Firm Layers in Affiliated Business Groups: Local and Foreign Analysts
Authors: Chen, Yu-Ju;Chin, Chen-Lung
Contributors: 商業教育系
Date: 2009-08
Issue Date: 2012-08-27T11:33:50Z
Abstract: Business groups are an important organizational form in many countries. Business groups typically take the form of a pyramid structure, and thus provide incentives for controlling owners to expropriate wealth from other members (referred to as tunneling). Thus, business groups and its members tend to have lower information transparency. This paper argues that the layer in which a firm is located within a business group is a key determinant of analyst forecast accuracy. We find that firms located in a lower layer have lower analyst forecast accuracy within an affiliated group. Secondly, we document that local analysts’ information advantage over foreign analysts increases moving from higher layers to lower layers within a business group. Finally, we find that the local analysts’ advantage is driven by expatriate analysts. Our results remain qualitatively unchanged after controlling for agency problems, proxied by the divergence between voting and cash flow rights of controlling owners.
Relation: American Accounting Association 2009 Annual Meeting, August 1-5, 2009
Appears in Collections:[商業教育學系] 會議論文

Files in This Item:

File SizeFormat
2030300716005.pdf92KbAdobe PDF418View/Open


All items in NCUEIR are protected by copyright, with all rights reserved.

 


DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - Feedback