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Target price accuracy: international evidence

Research output: Working paper

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Target price accuracy: international evidence. / Bilinski, Pawel; Lyssimachou, Danielle; Walker, Martin.
Lancaster: Lancaster University, 2012.

Research output: Working paper

Harvard

Bilinski, P, Lyssimachou, D & Walker, M 2012 'Target price accuracy: international evidence' Lancaster University, Lancaster.

APA

Bilinski, P., Lyssimachou, D., & Walker, M. (2012). Target price accuracy: international evidence. Lancaster University.

Vancouver

Bilinski P, Lyssimachou D, Walker M. Target price accuracy: international evidence. Lancaster: Lancaster University. 2012.

Author

Bilinski, Pawel ; Lyssimachou, Danielle ; Walker, Martin. / Target price accuracy : international evidence. Lancaster : Lancaster University, 2012.

Bibtex

@techreport{e15aecf1b9344205bcdf126836157e7f,
title = "Target price accuracy: international evidence",
abstract = "This paper shows that analysts exhibit differential and persistent ability to issue accurate target prices (TPs) and that institutional and regulatory differences across countries affect TP accuracy. Using a sample of 16 countries, we find that better past TP forecasters, analysts with higher forecasting experience, following more firms, country-specialized, and employed by a large broker issue more accurate TPs. With respect to the country{\textquoteright}s institutional and regulatory setting, we find that factors such as the quality of financial reporting, the enforcement of accounting standards, and ownership concentration explain cross-country differences in TP forecast accuracy. Also, we show that the mandatory adoption of the International Financial Reporting Standards has improved TP accuracy.",
keywords = "target prices, forecast accuracy , analyst characteristics , institutional and regulatory differences across countries",
author = "Pawel Bilinski and Danielle Lyssimachou and Martin Walker",
year = "2012",
language = "English",
publisher = "Lancaster University",
type = "WorkingPaper",
institution = "Lancaster University",

}

RIS

TY - UNPB

T1 - Target price accuracy

T2 - international evidence

AU - Bilinski, Pawel

AU - Lyssimachou, Danielle

AU - Walker, Martin

PY - 2012

Y1 - 2012

N2 - This paper shows that analysts exhibit differential and persistent ability to issue accurate target prices (TPs) and that institutional and regulatory differences across countries affect TP accuracy. Using a sample of 16 countries, we find that better past TP forecasters, analysts with higher forecasting experience, following more firms, country-specialized, and employed by a large broker issue more accurate TPs. With respect to the country’s institutional and regulatory setting, we find that factors such as the quality of financial reporting, the enforcement of accounting standards, and ownership concentration explain cross-country differences in TP forecast accuracy. Also, we show that the mandatory adoption of the International Financial Reporting Standards has improved TP accuracy.

AB - This paper shows that analysts exhibit differential and persistent ability to issue accurate target prices (TPs) and that institutional and regulatory differences across countries affect TP accuracy. Using a sample of 16 countries, we find that better past TP forecasters, analysts with higher forecasting experience, following more firms, country-specialized, and employed by a large broker issue more accurate TPs. With respect to the country’s institutional and regulatory setting, we find that factors such as the quality of financial reporting, the enforcement of accounting standards, and ownership concentration explain cross-country differences in TP forecast accuracy. Also, we show that the mandatory adoption of the International Financial Reporting Standards has improved TP accuracy.

KW - target prices

KW - forecast accuracy

KW - analyst characteristics

KW - institutional and regulatory differences across countries

M3 - Working paper

BT - Target price accuracy

PB - Lancaster University

CY - Lancaster

ER -