은퇴시점 재무분석가의 이익예측특성

This study investigates the relation between analyst retirement and forecast properties. The favorable relations with firms and brokerage’s commissions affect analysts’ forecast optimism. In contrast, market reputations affect analysts’ forecast accuracy(or conservative forecast). But there is no longer a need for considering market reputation at the time they retire. So this study focuses on the effect of market reputation on analysts at the time they retire. The results are following. Analysts’ forecasts are more optimistic at the time they retire. And analysts’ forecasts are more optimistic, compared with rookie or changing brokerage analysts. These results indicate that market reputation cannot be considered by analysts at the time they retire. In contrast, these results indicate that incumbent analysts still consider market reputation for forecast accuracy. These findings show that market reputation for forecast accuracy(or conservative forecast) is effective though forecasts are generally optimistic. This study contributes to the growing literature on the effect of analysts’ reputation on forecast accuracy. And as focusing on the analysts’ retirement time, this study can avoid measurement errors to capture market reputation for forecast accuracy.