| Summary: | 碩士 === 國立臺灣科技大學 === 財務金融研究所 === 105 === This study focuses on the US-based Institutional Investor (II) All-Star analysts forecast earnings, and also through the IBES and CRSP databases, sampling from 2008 to 2015. To explore whether All-Star's top analysts genders are related to analyst's earnings forecast bias, we add announcement date, company's actual earnings announcement date, analyst ranking, financial institution reputation, industry category, and corporate market value as variables. It is expected that this study will allow investors to understand more about the gender differences in the ability of analysts, and helping male and female analysts to improve self-identity and participation in professional competition. Investors can also refer to the relevant results then apply to their investment strategy.
The empirical results of this study shows that the female's median trend of analyst's earnings forecast bias is mostly below the trend line of the male analyst which imply that female analysts earnings forecast bias is lower than males. The median trend of forecast accuracy shows that female analysts' earnings forecast has higher accuracy than male analysts. With the arrival of the forecast period end date, the trend line shows a downward trend, which indicates that the earnings forecast accuracy rise and gradually become more conservative. After the forecast period end date, it will then gradually climb up, and the accuracy of earnings forecast decline and be more optimistic.
The regression model 4 shows that there is a significant positive correlation between gender and earnings forecast accuracy. The result imply that female analysts earnings forecast is less accuracy and with higher bias, which is consistent with the results of the median trend. Therefore, if investors are resort to financial statement analysis, then it would be possible to apply this model for references.
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