An Evaluation of Analyst Forecasts for Hong Kong Firms
Posted: 9 May 1998
Date Written: Undated
Abstract
This study evaluates profit and Earnings Per Share forecasts for Hong Kong firms published in the Estimate Directory for financial years 1993 and 1994. The Findings of this study show that on an overall basis analyst forecasts in Hong Kong are more accurate than model forecasts. Similar to the results for US companies, forecasts for Hong Kong companies are also optimistic. Evaluation of the determinants of analyst forecast accuracy indicates that forecasts with shorter time horizons are more accurate than forecasts with longer time horizons and that forecasts for larger firms are comparatively more accurate than smaller firms.
JEL Classification: G12, G14, M41
Suggested Citation: Suggested Citation