The roles of task-specific forecasting experience and innate ability in understanding analyst forecasting performance

被引:74
作者
Clement, Michael B. [1 ]
Koonce, Lisa
Lopez, Thomas J.
机构
[1] Univ Texas Austin, McCombs Sch Business, Austin, TX 78712 USA
[2] Univ S Carolina, Moore Sch Business, Columbia, SC 29208 USA
关键词
financial analysts; forecast accuracy; analyst characteristics; analyst learning;
D O I
10.1016/j.jacceco.2007.04.002
中图分类号
F8 [财政、金融];
学科分类号
0202 ;
摘要
Considerable debate exists about what analyst experience measures and whether analysts learn from their experiences. Extant research has argued that once innate ability is considered, analysts' general and firm-specific experiences are not relevant to understanding their forecasting performance. We argue that measures of experience need to be expanded to also include task-specific experience. Our results reveal that analysts' forecast accuracy is associated with both their innate ability and task-specific experience. In addition, we find that forecast accuracy and task-specific experience are most highly correlated for those analysts who survive the longest and, thus, presumably have the greatest innate abilities. (C) 2007 Elsevier B.V. All rights reserved.
引用
收藏
页码:378 / 398
页数:21
相关论文
共 35 条
[1]  
Ackerman P. L., 1989, LEARNING INDIVIDUAL
[2]  
Alford AndrewW., 1999, J ACCOUNTING AUDITIN, V14, P219, DOI DOI 10.1177/0148558X9901400303
[3]  
[Anonymous], CONTEMP ACCOUNT RES
[4]  
[Anonymous], 2006, CAMBRIDGE HDB EXPERT
[5]   Operational restructuring charges and post-restructuring performance [J].
Atiase, RK ;
Platt, DE ;
Tse, SY .
CONTEMPORARY ACCOUNTING RESEARCH, 2004, 21 (03) :493-522
[6]   Perspectives on recent capital market research [J].
Beaver, WH .
ACCOUNTING REVIEW, 2002, 77 (02) :453-474
[7]  
Bonner S., 2007, Judgment and Decision Making in Accounting
[8]   DETERMINANTS OF AUDITOR EXPERTISE [J].
BONNER, SE ;
LEWIS, BL .
JOURNAL OF ACCOUNTING RESEARCH, 1990, 28 :1-20
[9]   INTERNAL CORPORATE RESTRUCTURING - AN EMPIRICAL-ANALYSIS [J].
BRICKLEY, JA ;
VANDRUNEN, LD .
JOURNAL OF ACCOUNTING & ECONOMICS, 1990, 12 (1-3) :251-280
[10]   A temporal analysis of earnings surprises: Profits versus losses [J].
Brown, LD .
JOURNAL OF ACCOUNTING RESEARCH, 2001, 39 (02) :221-241