투자자 관심이 재무분석가의 이익예측에 미치는 영향

Abstract

[Purpose] This study examines whether there is an association between investor attention and analyst’s forecast.
 [Methodology] This study was conducted by using Google searching volume index of Korea listed firms over the period from 2011 to 2017.
 [Findings] The main findings as follow. First we find that the higher investor attention, the more significantly accuracy of analyst’s earnings forecast. Generally, analysts tend to respond in response to investors’ information needs, a higher investor attention in a particular entity also increases the information demand, which can be interpreted that analysts have incentives to provide more accurate earnings forecast to investors to maintain their reputation and compensation. Second, the higher investor attention, the less variance the analyst’s forecast error. This can be interred that as investor attention increases, analysts are tend to modify to the capital market’s consensus.
 [Implications] Nowadays, despite of a growing number of study on the effect of investor attention in various fields, it is largely unexplored in accounting literature. This study extends to the literature by relating investor attention to analyst behavior such as earnings forecast.