City Research Online

Abstract

We study how analysts’ inherited cultural attitudes to time orientation affect their production of long-term information and the profitability of their stock recommendations. We find that analysts from long-term oriented cultures exhibit a longer forecast horizon and issue more long-term forecasts. They also produce more accurate long-term forecasts and ask more long-term focused questions during conference calls, eliciting greater long-term disclosure from managers. In addition, they are more likely to use discounted valuation models that explicitly incorporate expectations about firms’ long-term prospects. Their stock recommendations are more profitable, consistent with their production of long-term information enhancing valuation. Our findings highlight the role of cultural long-term orientation in shaping analysts’ information production in capital markets.

Publication Type:	Article
Additional Information:	© 2026 The Author(s). Contemporary Accounting Research published by Wiley Periodicals LLC on behalf of Canadian Academic Accounting Association. This is an open access article under the terms of the Creative Commons Attribution-NonCommercial-NoDerivs License, which permits use and distribution in any medium, provided the original work is properly cited, the use is non- commercial and no modifications or adaptations are made.
Publisher Keywords:	Culture, long-term orientation, long-term information, earnings forecast, conference call, stock recommendation
Subjects:	H Social Sciences > HD Industries. Land use. Labor H Social Sciences > HF Commerce H Social Sciences > HF Commerce > HF5601 Accounting
Departments:	Bayes Business School Bayes Business School > Faculty of Finance
SWORD Depositor:	Symplectic Administrator

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