Impact of Increased Uncertainty due to COVID-19 on Analyst Research Reports

Sangeun Yeo, Yoonjung Lee, Jinho Byun

Research output: Contribution to journalArticlepeer-review


This study investigated the implications of Covid-19 induced non-face-to-face remote work environment on analysts’ reports. Employing an empirical analysis of the Korean market from 2016 to 2021, we reveal that research reports during the Covid-19 period exhibit larger prediction errors compared to the pre-Covid era. Despite the reduced accuracy, abnormal trading volumes were observed on the publication dates of reports during this period. Furthermore, these effects are particularly pronounced in reports issued by large brokerage firms with “Buy” recommendations and among foreign investors. Our findings highlight that the pandemic’s non-face-to-face environment has heightened uncertainty in research analysts’ predictions, leading to a decline in reporting accuracy. However, despite these challenges, there is an increase in demand for information from investors, and the impact of the analyst report on the financial market may be greater due to the higher demand for information from investors.

Original languageEnglish
Pages (from-to)787-820
Number of pages34
JournalKorean Journal of Financial Studies
Issue number5
StatePublished - Oct 2023

Bibliographical note

Publisher Copyright:
© 2023, Korean Securities Association. All rights reserved.


  • COVID-19
  • Forecast Accuracy
  • Remote Work
  • Research Analyst
  • Trading Volume


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