How does analysts' forecast quality relate to corporate investment efficiency?

• المؤلفون الرئيسيون: Chen, Jonas Tao, Xie, Lingmin, Zhang, Yuanyuan
• مؤلفون آخرون: Nanyang Business School
• التنسيق: مقال
• اللغة: English
• منشور في: 2017
• الموضوعات: Investment efficiency; Over-investment
• الوصول للمادة أونلاين: https://hdl.handle.net/10356/83317; http://hdl.handle.net/10220/42531
• المؤسسة: Nanyang Technological University

We examine the impact of financial analysts on the efficiency of firms’ investment decisions. We use the accuracy and dispersion of financial analysts’ earnings forecasts as proxies of analyst expertise and quality in making forecasts. We find that high quality forecast is associated with higher inv...