국제회계기준 도입 이후 재무분석가의 허딩행태 변화 연구

In this study, I examine if analysts’ herding behavior has changed after mandatory IFRS adoption in Korea. I also examine if the change affects on analysts' forecast accuracy. Analysts tend to make forecasts close to consensus of other analysts when they are not certain about their earnings forecasts and try to hide their incompetent forecasting ability. My results show that after mandatory IFRS adoption the analysts’ herding behavior has decreased, however, as for the firms which have high earnings quality, the analysts’ herding behavior has increased. I also show that, as earnings quality is high, analysts' herding behavior contributes to increase analysts' forecast accuracy after mandatory IFRS adoption. My results have implication for analysts who do not follow their peer analysts while seeking more idiosyncratic information in response to investors' demands under a uncertain information environments since they are less worried for their uncertain forecasts after IFRS adoption. My results show that these analysts' herding behavior does help to increase analysts' forecast accuracy when earnings quality is relatively high. Therefore, it is important for analysts to consider earnings quality before they try to follow their peer analysts’ earnings forecasts after mandatory IFRS adoption