Overseas equity analysis by UK analysts and fund managers

Clatworthy, Mark Anthony and Jones, Michael John 2008. Overseas equity analysis by UK analysts and fund managers. The British Accounting Review 40 (4) , pp. 337-355. 10.1016/j.bar.2008.08.001

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Abstract

This paper examines how UK-based analysts and fund managers cope with international differences in financial reporting systems when analysing overseas equities. This subject has become increasingly important given the internationalisation and institutionalisation of equity markets. Our results indicate that there is a substantial reliance on sources other than the annual report by both groups when analysing overseas companies. We also find considerable variation in the approach to analysing equities internationally. In particular, we find evidence that there is greater reliance on alternative sources to accounting information (such as other foreign analysts) in countries characterised as having weak equity markets. Finally, we examine the coping mechanisms that analysts and fund managers employ when analysing overseas securities, including reliance on locally based analysts, use of non-accounting information, use of more familiar accounting standards and re-stating accounts to a more familiar basis.

Item Type:	Article
Date Type:	Publication
Status:	Published
Schools:	Business (Including Economics)
Subjects:	H Social Sciences > H Social Sciences (General) H Social Sciences > HF Commerce H Social Sciences > HG Finance
Uncontrolled Keywords:	Accounting information ; Coping strategies ; Fund managers ; Information sources ; Investment analysts ; Overseas equity analysis
Publisher:	Elsevier
ISSN:	0890-8389
Last Modified:	05 Feb 2020 21:10
URI:	https://orca.cardiff.ac.uk/id/eprint/19732

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