Target Price Accuracy: International Evidence
基于16个国家的样本，研究了分析师特征和国家特征如何影响目标价格准确性，发现会计披露质量、法律体系、文化特征和IFRS监管是跨国差异的关键因素，且部分分析师具有持续的高预测能力。
ABSTRACT Using an international sample of 16 countries, this paper examines if analyst- and country-specific characteristics explain the variation in target price (TP) accuracy. We find that significant variation in average TP accuracy across countries is due to differences in accounting disclosure quality, the origin of the legal system, cultural traits, and IFRS regulation. We also find that analysts exhibit differential and persistent ability to forecast target prices accurately, which confirms that some analysts have superior TP forecasting ability. Data Availability: Data are available from public sources indicated in the text.