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Analyst reputation and limited attention: How does firm visibility impact measures of reputation?

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  • Sanghyuk Byun
  • K. C. Roland

Abstract

We investigate the determinants of analyst reputation considering the impact of limited attention. We find support for the hypothesis that capital market participants have limited attention and assess analyst reputation based on their large-firm forecast performance, not their performance as a whole. We find no relation between an analyst’s overall forecast accuracy and initially obtaining a high reputation, but we find a significantly positive relation between analyst large-firm forecast accuracy and reputation. Our study reconciles conflicting studies and contributes to the literature investigating analyst incentives, suggesting that high reputation analysts allocate their limited resources to the largest firms in their portfolios.

Suggested Citation

  • Sanghyuk Byun & K. C. Roland, 2022. "Analyst reputation and limited attention: How does firm visibility impact measures of reputation?," Asia-Pacific Journal of Accounting & Economics, Taylor & Francis Journals, vol. 29(3), pages 603-621, May.
    • Handle: RePEc:taf:raaexx:v:29:y:2022:i:3:p:603-621
    DOI: 10.1080/16081625.2020.1770614
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