재무분석가의 명성과 성과 간의 관계 및 명성의 결정요인

This paper examines the relations between analyst reputation and performance, and the determinants of financial analyst reputation (higher analyst ranking). First, we find that high-ranking financial analysts produce more accurate forecasts, analyze a larger number of firms and industries, issue more frequently research reports than other analysts during the pre-voting and post-voting period. This finding supports that financial analysts record better performance to obtain and retain the reputation. Second, the likelihood of marking top ranks increases according to the forecast accuracy, the number of research reports issued and the number of covered firms (industries). The currently available evidence, taken as a whole, supports the proposition that Korea's financial analyst market is operated by an efficient mechanism underlining the significantly positive relation between reputation and performance. Finally, those who have worked in top-tier banks or have a broader exposure to the analysis of larger firms or firms of higher institutional investor ownership tend to be among top-ranking analysts. This results indicate those who have a greater exposure to fund managers are likely to be ranked among top five analysts.