Analyst Forecast Accuracy and Media Independence

Kim, Jeong‐Bon; Li, Liuchuang; Zhang, Hao

doi:10.1111/fima.12175

Cited by 14 publications

(9 citation statements)

References 51 publications

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“…For studies of analysts' forecast accuracy, see Jacob, Lys, and Neale (1999), Clement (1999), Kini et al (2009), Sonney (2009), Bradley, Gokkaya, and Liu (2016), and Kim, Li, and Zhang (2017). We corroborate a negative relation between industry diversification and accuracy in the Appendix.…”

supporting

confidence: 72%

Is Diversification a Job Safety Net for Sell‐side Analysts?

Balashov

DeVides

2020

J of Financial Research

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We study sell‐side analysts’ motives to diversify their portfolios across industries. Despite the negative association between diversification and accuracy, more than 60% of analysts cover multiple industries. We argue that analysts’ choice to diversify is rooted in concerns about future job security. We find that more diversified analysts are less likely to experience job turnover and leave the profession but are not more likely to advance their careers. For experienced and all‐star analysts, diversification does not improve career outcomes. We conclude that industry diversification is a safety mechanism for inexperienced and unranked analysts who are concerned about job security.

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supporting

confidence: 72%

Is Diversification a Job Safety Net for Sell‐side Analysts?

Balashov

DeVides

2020

J of Financial Research

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“…‐B. Kim et al., 2017; You et al., 2018). More specifically, such an environment incentivizes journalists and the media industry to disseminate news and share unrestricted perspectives without fear of repercussion, which, in turn, improves outsiders’ attention.…”

Section: Introductionmentioning

confidence: 99%

“…‐B. Kim et al., 2017) has mainly focused on the cross‐sectional country level instead of the firm level. This focus may be due to the fact that the variation of media freedom within each country is relatively challenging to study over time.…”

Section: Introductionmentioning

confidence: 99%

“…‐B. Kim et al., 2017), affect firms’ operating efficiency (You et al., 2018), reduce corporate tax aggressiveness (Kanagaretnam et al., 2018), and improve CSR (El Ghoul et al., 2019). My paper contributes to the literature by showing that media freedom based on exposure to countries with media restriction affects corporate misconduct, such as earnings management and opportunistic insider trading.…”

Section: Introductionmentioning

confidence: 99%

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Freedom of the press and corporate misconduct

Nguyen

2021

Business Fin & Account

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This study examines how freedom of the press affects corporate misconduct, focusing mainly on earnings management. I find that firms engage more in earnings management when they have a high percentage of sales in countries with restricted media freedom. I find that the influence of foreign partners’ media freedom on earnings management depends on how domestic investors process information about firm export markets and how multinational firms shape their relationship with stakeholders. Additionally, the presence of analysts in foreign countries reduces firms’ incentives to exploit media restriction to manipulate earnings. Finally, I further show that insiders of these firms tend to be involved in opportunistic insider trading, which could indicate corporate misconduct. Overall, these results show that corporate misconduct can be in part explained by a spill‐over effect of the media freedom of export markets.

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“…Hence, the independence of the media, especially political independence, is important in order to preserve the unbiased coverage of events in all fields of life [15,16]. Being, and staying, independent is especially grounded in the stable financing of operations, without pressure from lower financial resources [17,18].…”

Section: Introductionmentioning

confidence: 99%

Crowdfunding for Independent Print Media: E-Commerce, Marketing, and Business Development

et al. 2021

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Crowdfunding, as an alternative method to fundraising, triggers increased awareness in society, while it is also an effective marketing tool for campaign runners. The production and release of independent print media poses significant hurdles in terms of financing. Including the community in raising funds through crowdfunding seems like a good possible alternative. This paper examines which types of crowdfunding the independent print media use, and why, and also focuses on the possible types of crowdfunding that are the best fit for organizations. The study applies a case example approach on a total of thirty independent print publications that have relied on crowdfunding. We found that independent print media focus on reward-based crowdfunding for the launch of publications, the method being not used solely for fundraising, but also specifically for community building. Practitioners benefit from the insights by being enabled to draft campaigns that are better-suited to the specific needs of the independent media target group, and to secure financing for the start of the operations. The approach of this study is of special value, as the research and empirical insights into the independent media sector are limited.

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Analyst Forecast Accuracy and Media Independence

Cited by 14 publications

References 51 publications

Is Diversification a Job Safety Net for Sell‐side Analysts?

Is Diversification a Job Safety Net for Sell‐side Analysts?

Freedom of the press and corporate misconduct

Crowdfunding for Independent Print Media: E-Commerce, Marketing, and Business Development

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