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This paper presents new evidence on international financial market integration using stock analyst earnings forecasts from around the world. By examining cash flow and discount rate news comovements, we find that financial and economic integration has diverged over time as financial integration...
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forecast levels. A country's proximity to the US, importance to the firm, and visibility, as well as availability of more … precise information about foreign country exposures, contribute to consensus forecast efficiency. We identify a dimension of … — and show that it contributes to forecast efficiency, accuracy, and informativeness and that it helps the analyst achieve …
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