The Quality of Analysts' Earnings Forecasts During the Asian Crisis: Evidence from Singapore
Document Type
Article
Source of Publication
Journal of Business Finance & Accounting
Publication Date
9-9-2003
Abstract
We bring together three disparate strands of literature to develop a comprehensive empirical framework to examine the efficiency of security analysts' earnings forecasts in Singapore. We focus specifically on how the increased uncertainty and the negative market sentiment during the period of the Asian crisis affected the quality of earnings forecasts. While we find no evidence of inefficiencies in the pre-crisis period, our results suggest that after the onset of the crisis, analysts (1) issued forecasts that were systematically upward biased; (2) did not fully incorporate the (negative) earnings-related news; and (3) predicted earnings changes which proved too extreme.
ISSN
0306-686x; 14685957
Publisher
Wiley-Blackwell
Volume
30
First Page
749
Last Page
770
Disciplines
Business
Recommended Citation
Loh, Roger K. and Mian, G. Mujtaba, "The Quality of Analysts' Earnings Forecasts During the Asian Crisis: Evidence from Singapore" (2003). All Works. 3549.
https://zuscholars.zu.ac.ae/works/3549
Indexed in Scopus
no
Open Access
no