증권회사의 리서치 지원 시스템 도입이 소속 재무분석가의 익예측치 특성에 미친 영향

This study examines the effect of the adoption of the research support system by the securities companies on the error and bias of the earnings forecasts issued by the financial analysts belong to the companies. The research support system implies the computerized database on firms’ financial information which enables analysts to perform systematic research following the computerized methods provided by the system. In Korea, currently two software companies (FnGuide and WiseFn) develop and provide the system to securities companies as well as other organizations, such as regulators, academics, and other institutions. Thus, the properties of analysts’ forecasts issued by the system companies can greatly depend on the quality of the system in addition to the capability of individual analysts. The financial analysts of the securities companies which adopted the system could (i.e., system companies) use the system and thus perform research in systematic and similar ways. As a result, it may be possible that the error and bias included in the analysts’ earnings forecasts issued by the analysts in system companies could be lower than those issued by financial analysts belong to the securities companies which do not use the system (i.e., non-system companies). Using the data collected over 2001- 2005 period, this study examines this prediction. First, this study documents that the earnings forecasts issued by the analysts of system companies are less optimistically biased than those issued by the analysts of non-system companies. Second, this study reports that the earnings forecasts become less optimistically biased after the system companies adopted the system, but not before the adoption. These findings are interesting and provide valuable insights into the characteristics of analysts’ earnings forecasts toward regulators, analysts, investors, as well as academics.