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:	This is the accepted version of the following article: Chen, S., Jung, J. H. , Lim, S. & Yu, Y. (2026). Analysts' Cultural Long-Term Orientation and Their Information Production. Contemporary Accounting Research, which will be published in final form at Contemporary Accounting Research (CAR). This article may be used for non-commercial purposes in accordance with the Wiley Self-Archiving Policy [http:www.wileyauthors.com/self-archiving].
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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