| Summary: | 碩士 === 國立中央大學 === 企業管理學系 === 106 === Analysts’ forecast accuracy are related with their long-term forecasts. Our study is to explore whether analysts who issue long-term forecast are more capability or try to convey additional information through the long-term forecasts, so that their forecast accuracy will be better. Then we will go further to examine the market and investors’ awareness of the analysts’ ability who issue long-term forecast whether is stronger than those who are not issue long-term forecast. Our data period is from 2008 to 2017. Through the forecast error, score of the forecast ability and the experience, our study results find that the analysts who issue the long-term earnings forecast are significantly affected in forecast error, forecast ability and experiences. Also our research results find that the forecast issue from analysts who issue long-term forecasts does not significantly affect in the short-windowed accumulated abnormal returns. But in long -windowed accumulated abnormal returns, analysts’ forecast issues are value-relevant with the market change, it means that the results are as expected in our study. Analysts who issue long-term forecasts are better than those who do not.
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