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Using a unique database that identifies the location of 18,446 financial analysts covering 20,725 firms from 48 countries during 1996-2010,we find that individualism is negatively associated with analysts’earnings forecast optimism and positively associated with their forecast accuracy.These effects are weaker for countries with better disclosure,better public enforcement,and stronger anti-director rights,and are stronger for analysts with less experience.These results are consistent with the incentive hypothesis,instead of the cognitive bias hypothesis,for analyst forecast optimism.