Archival data of financial analysts' earnings forecasts in the Euro zone: problems with euro conversions

Sébastien Galanti

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Abstract: In multi-country studies, researchers frequently extract data in a single currency rather than in native currencies. This approach can be misleading for financial analysts' forecasts in the euro zone when researchers are using the IBES database. We suspect that forecasts of earnings before the birth of the euro on January 1, 1999 are kept in national currencies, although they are supposed to be displayed in euros, which can severely distort results concerning earnings forecast accuracy. We propose a simple procedure for checking for the existence of this error, as well as a quick solution to overcome it.

Keywords: Data consistency; Earnings forecasts; financial analysts; Euro (search for similar items in EconPapers)
Date: 2016
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Published in Research in International Business and Finance, 2016, 38, pp.466-473

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Journal Article: Archival data of financial analysts' earnings forecasts in the euro zone: Problems with euro conversions (2016)
Working Paper: Archival data of financial analysts' earnings forecasts in the Euro zone: problems with euro conversions (2016)
Working Paper: Archival data of financial analysts' earnings forecasts in the Euro zone: problems with euro conversions (2016)
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