Do analysts who understand accounting conservatism exhibit better forecasting performance?
Journal of Business Finance and Accounting Volume 44, Issue 7-8, July/August 2017, Pages 953-985   Jung, J.H.(a), Lim, S.S. (b), Pae, J. (c), Yoo, C.-Y.(d) a Cass Business School, City, University of London, London, United Kingdom b DePaul University, Department of Finance, Chicago, IL, United States c Korea University, Business School, Seoul, South Korea d Korea Advanced Institute of Science and Technology (KAIST) College of Business, South Korea http://onlinelibrary.wiley.com/doi/10.1111/jbfa.12254/abstract http://dx.doi.org/10.1111/jbfa.12254    Abstract This study investigates the performance of analysts when they match the asymmetric timeliness of their earnings forecast revisions (i.e., asymmetric forecast timeliness) with the asymmetric timeliness of firms’ reported earnings (i.e., asymmetric earnings timeliness). We find that better timeliness-matching analysts produce more accurate earnings forecasts and elicit stronger market reactions to their forecast revisions. Further, better timeliness-matching analysts issue less biased earnings forecasts, more profitable stock recommendations and have more favorable career outcomes. Overall, our results indicate that analysts’ ability to incorporate conditional conservatism into their earnings forecasts is an important reflection of analyst expertise and professional success. © 2017 John Wiley & Sons Ltd Author keywords asymmetric timely loss recognition career outcome conditional conservatism equity analyst forecasting performance stock recommendation
2017.07.08
97
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# 3901
A store brand’s country-of-origin or store image: what matters to consumers?
International Marketing Review Volume 34, Issue 2, 2017, Pages 272-292   Garrett, T.C. (a),  Lee, S. (a),  Chu, K. (b) a Korea University Business School, Korea University, Seoul, South Korea b Institute for Business Research and Education, Korea University, Seoul, South Korea http://www.emeraldinsight.com/doi/full/10.1108/IMR-03-2015-0083 Abstract Purpose: The purpose of this paper is to assess the relative importance of country-of-origin (COO) and its dimensions – country of design (COD), country of technology (COT), and country of manufacture (COM) – in comparison to store image in terms of consumer product evaluation and purchase intention of store brands. The authors also explore consumer regulatory focus effects. Design/methodology/approach: Empirical data were collected from 270 young Korean adults. Two scenarios were given using two high-involvement store brands, an electronic product and clothing product that have hedonic and utilitarian elements. Data analysis was conducted using AMOS structural equation modeling software. Findings: COO affects product evaluation and purchase intention and store image affects purchase intention. By product, store image influences product evaluation and purchase intention (electronics). COO directly influences purchase intention (clothing). By COO dimensions, overall COD weakly affects product evaluation. COT affects electronic product evaluation but directly affects clothing purchase intention. Promotion-focused consumers use COO for product evaluation, with store image directly affecting purchase intention. Promotion-focused consumers consider COD, an affective dimension, and COM in product evaluations. Prevention-focused consumers did not consider COO, but consider store image for product evaluation. Prevention-focused consumers consider utilitarian COT and COM dimensions during product evaluation. Originality/value: This is the first paper to consider the simultaneous effect of COO (and its dimensions) and store image on product evaluation and purchase intention. It is also the first to consider the regulatory focus theory with regards to COO and store image evaluative and purchase intention criteria. Author keywords Country-of-origin, International marketing, Store brand, Store image, Regulatory focus
2017.06.01
1,153
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# 3810