Bridge over ocean
1 May 1998 Financial Analysts Journal Volume 54, Issue 3

Analyst Forecasting Performance in Seven Countries

  1. Huong Ngo Higgins

Through an examination of more than 11,000 firms in the United States, Japan, and various European markets in the 1991–95 period, this article shows an association between the level of firms' disclosures and analysts' ability to forecast earnings per share. The findings are consistent with the notion that analysts forecast earnings with more accuracy and less optimistic bias for firms in countries that mandate relatively more disclosure than they do for firms in countries with less stringent mandates. This article also reports the average forecast errors for firms, by country, in the study.

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