Political patronage and analysts' forecast precision
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Political Patronage and Analysts? Forecast Precision.pdf. Available under License Creative Commons Attribution Non-commercial No Derivatives 4.0. |
Description
We test whether the channel by which the government plays the role of political patron to selected firms influences analysts’ forecast precision in Malaysia. Correcting for analysts’ self-selection bias, we find a negative relation between analysts’ forecast errors and the social dimension of political patronage, as proxied by government-controlled institutional ownership. The reverse is found for the economic dimension of political patronage, as proxied by the percentage shareholding of government-linked corporations. We find no evidence that the personal dimension of political patronage influences analysts’ forecast precision.
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| ID Code: | 121668 | ||||
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| Item Type: | Contribution to Journal (Journal Article) | ||||
| Refereed: | Yes | ||||
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| Measurements or Duration: | 14 pages | ||||
| DOI: | 10.1016/j.jcae.2018.07.003 | ||||
| ISSN: | 1815-5669 | ||||
| Pure ID: | 40856096 | ||||
| Divisions: | Past > QUT Faculties & Divisions > QUT Business School Current > Schools > School of Economics & Finance |
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| Copyright Owner: | Consult author(s) regarding copyright matters | ||||
| Copyright Statement: | This work is covered by copyright. Unless the document is being made available under a Creative Commons Licence, you must assume that re-use is limited to personal use and that permission from the copyright owner must be obtained for all other uses. If the document is available under a Creative Commons License (or other specified license) then refer to the Licence for details of permitted re-use. It is a condition of access that users recognise and abide by the legal requirements associated with these rights. If you believe that this work infringes copyright please provide details by email to qut.copyright@qut.edu.au | ||||
| Deposited On: | 24 Sep 2018 06:37 | ||||
| Last Modified: | 01 Mar 2024 20:15 |
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