Insider Ownership and Analyst Forecast Properties
研究发现内部人持股比例与分析师预测的准确性和离散度呈非线性关系：低至中等持股改善预测，过高则恶化；在投资者保护较好的国家，这种关系减弱。
In this article, we investigate the effect of insider ownership on analyst forecast properties and find a significant nonlinear relationship between the two. Specifically, in the low to medium range, a rise in insider ownership improves analyst forecast properties (making them more accurate and less dispersed), but a further rise in insider ownership beyond moderate levels leads to deteriorating forecasts. We also find that this nonlinear relationship is attenuated for firms in countries with better investor protection. We interpret our findings as evidence that the role of insider ownership as an interest alignment or entrenchment mechanism is diminished in these countries due to their stronger investor protection.