International Diversification and Analysts' Forecast Accuracy and Bias
研究发现公司国际多元化程度越高，分析师盈利预测的准确性越低且越乐观，说明地理分散增加了预测复杂性。
We investigate the association between corporate international diversification and the accuracy and bias of consensus analysts' earnings forecasts. We find that greater corporate international diversification is associated with less accurate and more optimistic forecasts. Our results suggest that international diversification reflects unique dimensions of forecasting difficulty that are not captured in previously identified determinants. This evidence suggests that as firms become more geographically diversified, forecasting their earnings becomes more complex.