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| Author: | Barniv, R.R. Bao, Y. |
| Title: | Where corporate governance and financial analysts affect valuation |
| Journal: | Journal of international financial management & accounting
2009 : AUTUMN, VOL. 20:3, p. 240-273 |
| Index terms: | corporate governance accounting auditing financial analysis valuation models Asia |
| Language: | eng |
| Abstract: | This study examines whether corporate governance (henceforth as: c-g.) and financial analysts affect accounting-based valuation models (here as: val-mds.) for B and H shares traded by foreign investors in China and Hong Kong, respectively. It is found that val-mds. function better for companies with a greater analyst following, smaller forecast errors, relatively high public ownership and a strong board structure. Val-mds. and accounting numbers have merely limited explanatory power and valuation role for companies with weak c-g. and less effective analyst performance etc. |
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