Abstract
ABSTRACT This study offers evidence on the relationship between analysts’ dropped coverage and CEO turnover, based on analyst forecast bias. The results suggest that analysts with more frequent forecast biases are more likely to drop their covered firms which their CEOs are replaced. Especially as for cases of new CEOs hired from the outside, the effect of analyst biased forecast on analysts’ dropped coverage corresponding with CEOs turnover are stronger. However, this effect is weaker in the post-SOX period (after 2003) than in the pre-Reg FD period (before 2000).
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