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File name: SSRN-id2137291. ; Size: 932K
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Analyst Target Price Optimism Around the World
Mark Thomas Bradshaw
Boston College
Alan Guoming Huang
University of Waterloo
Hongping Tan
University of Waterloo
August 27, 2012
Midwest Finance Association 2013 Annual Meeting Paper
Abstract:
Using a unique analyst-location data covering 11,436 analysts from 41 countries, we find that analyst optimism in target prices is exacerbated by conflicts of interest and investment banking pressures but is mediated by country-level institutional infrastructure. This relation holds for ex-ante and ex-post analyst optimism measures, for analyst traits related to conflicts of interest, for firm traits related to external financing needs, and for country-level characteristics of investor protection, financial transparency, and culture.
Number of Pages in PDF File: 50
Keywords: analyst, target price, optimism, conflicts of interest, investor protection, financial transparency
JEL Classification: G24, N20, K40
working papers series
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Date posted: August 29, 2012
; Last revised: January 21, 2013
Suggested CitationBradshaw, Mark Thomas, Huang, Alan Guoming and Tan, Hongping, Analyst Target Price Optimism Around the World (August 27, 2012). Midwest Finance Association 2013 Annual Meeting Paper. Available at SSRN: http://ssrn.com/abstract=2137291 or http://dx.doi.org/10.2139/ssrn.2137291
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