The Determinants of Sell-side Analysts’ Forecast Accuracy and Media Exposure

Samira Amadu Sorogho


This study examines contributing factors to the differential forecasting abilities of sell-side analysts and the relation between the sentiments of these analysts and their media exposure. In particular, I investigate whether the level of optimism expressed in sell-side analysts’ reports of fifteen constituents of primarily the S&P 500 Oil and Gas Industry1, enhance the media appearance of these analysts. Using a number of variables estimated from the I/B/E/S Detail history database, 15,455 analyst reports collected from Thompson Reuters Investext and analyst media appearances obtained from Dow Jones Factiva from 1999 to 2014, I run a multiple linear regression to determine the effect of independent variables on dependent variables.  I find that an analyst’s forecast accuracy (as measured by the errors inherent in his forecasts) is negatively associated with the analyst’s level of media exposure, experience, brokerage size, the number of times he revises his forecasts in a year and the number of companies followed by the analyst, and positively associated with the analyst’s level of optimism expressed in his reports, forecast horizon and the size of the company he follows. 


Analyst’s Forecast; Media Exposure; Experience; Brokerage Size; Firm Size

Full Text:




  • There are currently no refbacks.

Sriwijaya International Journal of Dynamic Economics and Business
Jl. Srijaya Negara Gedung Fakultas Ekonomi Lt.3
Fakultas Ekonomi Universitas Sriwijaya
Bukit Besar, Palembang, Sumatera Selatan, Indonesia, 30139

p-ISSN: 2581-2904 | e-ISSN: 2581-2912

Creative Commons License
Sriwijaya International Journal of Dynamic Economics and Business by is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

View My Stats

 SIJDEB is Indexed by: 

Logo DOAJLogo Google Scholar UnsriLogo Google Scholar UnsriNeliti