The Effect of Multinationality on Security Analyst Underreaction
发现分析师对盈利预测的反应不足程度随公司跨国经营程度提高而加剧，为理解分析师预测偏差提供了新视角。
Previous research presented evidence of bias and positive serial correlation in forecast errors suggesting that analysts do not properly recognize the time–series properties of earnings when setting expectations of future earnings. A reason for the security analyst underreaction is the level of multinationality of the firm’s activities. This study shows that analysts underreact to prior information more as the level of multinationality of the firm examined increases.