US Analyst Regulation and the Earnings Forecast Bias around the World
研究了全球分析师研究结算对40个发达和新兴市场分析师盈利预测偏差的溢出效应，发现该结算显著降低了预测乐观偏差，尤其在投资者保护较弱的国家效果更强。
Abstract We examine the spillover effects of the Global Analyst Research Settlement (or Global Settlement) on analysts’ earnings forecasts in 40 developed and emerging markets. Prior to the Global Settlement, analysts generally made overly optimistic forecasts, this bias tending to be higher in countries with less investor protection. This forecast bias declined significantly after passage of the Global Settlement, the spillover effect being stronger for countries with lower investor protection. The spillover effect is also stronger for countries with a more significant presence of the analysts of the 12 banks directly involved in the Global Settlement .