The Accuracy of Analysts` Earnings Forecasts in Emerging Markets: the role of market condition matter
| dc.contributor.author | Chatambudza, Kenneth | |
| dc.contributor.supervisor | Mokoaleli-Mokoteli, Thabang | |
| dc.date.accessioned | 2024-07-16T09:45:53Z | |
| dc.date.available | 2024-07-16T09:45:53Z | |
| dc.date.issued | 2023-03 | |
| dc.description | A research report submitted in partial fulfillment of the requirements for the degree of Master of Management to the Faculty of Commerce, Law and Management, Wits Business School, University of the Witwatersrand, Johannesburg, 2023 | |
| dc.description.abstract | Financial analysts are responsible for gathering and evaluating company information. One of the outputs of that process are analyst earnings forecasts. Analyst forecasts are important to investors, to company stakeholders such as regulators, and contribute towards improving the efficiency of financial markets. There is limited work that has been done in recent times to investigate the accuracy of analysts’ earnings forecasts in emerging and developed markets. This study investigates the accuracy of earnings forecasts between emerging and developed markets and goes further to establish some of the factors that influence earnings forecasts in these two markets. This study looked at 10 countries, with Brazil, South Africa, Russia, India, and China representing the emerging market and the United States of America (USA), United Kingdom (UK), Germany, Japan, and Singapore representing the developed markets. From these countries, 50 equities of the top-performing companies were analysed over a period between 2008 and 2012. Quantitative analysis showed that earnings forecasts in emerging markets are not akin to those of developed markets. Multiple regression analysis finds that earnings forecasts accuracy is more in emerging markets when compared with developed markets, contradicting available literature. Factors influencing forecast accuracy are not significantly different across the regions. Debt-to-asset ratio (DA) is the only factor with the same influence in both regions and price-to-book (PB) has the most varying influence within region | |
| dc.description.submitter | MM2024 | |
| dc.faculty | Faculty of Commerce, Law and Management | |
| dc.identifier.citation | Chatambudza, Kenneth. (2023). The Accuracy of Analysts` Earnings Forecasts in Emerging Markets: the role of market condition matter [Master’s dissertation, University of the Witwatersrand, Johannesburg]. WireDSpace. https://hdl.handle.net/10539/38937 | |
| dc.identifier.uri | https://hdl.handle.net/10539/38937 | |
| dc.language.iso | en | |
| dc.publisher | University of the Witwatersrand, Johannesburg | |
| dc.rights | © 2023 University of the Witwatersrand, Johannesburg. All rights reserved. The copyright in this work vests in the University of the Witwatersrand, Johannesburg. No part of this work may be reproduced or transmitted in any form or by any means, without the prior written permission of University of the Witwatersrand, Johannesburg. | |
| dc.rights.holder | University of the Witwatersrand, Johannesburg | |
| dc.school | WITS Business School | |
| dc.subject | Earnings forecast Accuracy | |
| dc.subject | Financial analysts | |
| dc.subject | Forecasts | |
| dc.subject | UCTD | |
| dc.subject.other | SDG-8: Decent work and economic growth | |
| dc.title | The Accuracy of Analysts` Earnings Forecasts in Emerging Markets: the role of market condition matter | |
| dc.type | Dissertation |