Covrig, Vicentiu; Low, Buen Sin - In: Journal of Business Finance & Accounting 32 (2005-09) 7-8, pp. 1437-1463
This study examines the role of financial analysts in equity valuation in Japan by comparing the relevance of financial analysts' earnings forecasts, over financial statement information, to investors' decisions. We find that the value-relevance of a set of accounting variables is very modest,...