Analysts' reputational concerns, self-censoring, and the international dispersion effect

• Main Authors: Hwang, Chuan-Yang, Li, Yuan
• Other Authors: Nanyang Business School
• Format: Article
• Language: English
• Published: 2020
• Subjects: Business::Finance; Analysts’ Incentives; Analysts’ Reputational Concerns
• Online Access: https://hdl.handle.net/10356/137670
• Institution: Nanyang Technological University

Stocks with higher forecast dispersion earn lower future returns and have a greater upward bias in the mean reported earnings forecast in international markets. Both phenomena are stronger in countries with more transparent information environments, more developed stock markets, stronger investor pr...