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Analyst Characteristics, Timing Of Forecast Revisions, And Analyst Forecasting Ability, Yongtae Kim, Gerald J. Lobo, Minsup Song
Analyst Characteristics, Timing Of Forecast Revisions, And Analyst Forecasting Ability, Yongtae Kim, Gerald J. Lobo, Minsup Song
Accounting
We first examine whether analysts with certain characteristics that prior research has identified are related to superior forecasting ability systematically time their forecast revisions later in the fiscal quarter. We then examine whether this superior ability persists after controlling for this timing advantage by using relative forecast error, a measure that largely eliminates the timing advantage of recent forecasts. Using a sample of quarterly earnings forecast revisions over the 20-year period from 1990 to 2009, we find that analysts with more firm-specific and general experience and more accurate prior-period forecasts, analysts employed by larger brokerage firms, and analysts who follow …
Polishing Diamonds In The Rough: The Sources Of Syndicated Venture Performance, Sanjiv R. Das, Hoje Jo, Yongtae Kim
Polishing Diamonds In The Rough: The Sources Of Syndicated Venture Performance, Sanjiv R. Das, Hoje Jo, Yongtae Kim
Accounting
Using an effort-sharing framework for VC syndicates, we assess how syndication impacts investment returns, chances of successful exit, and the time taken to exit. With data from 1980-2003, and applying apposite econometrics for endogeneity to these different performance measures, we are able to ascribe much of the better return to selection, with the value-addition by monitoring role significantly impacting the likelihood and time of exit. While the extant literature on Venture Capital (VC) syndication is divided about the relative importance of the "selection" and "value-add" hypotheses, we find that their roles are complementary.