本研究分析以兩種層級來探討分析師產業知識預測精確性的影響。第一種是分析師層級的產業知識。第二種券商層級的產業知識。實證結果指出，在分析師層級的產業知識，並未發現與分析師預測精確性有關連性。在券商層級的產業知識，則與分析師盈餘預測準確度成顯著正向關係。整體而言，本研究發現券商層級產業知識越高可幫助分析師獲得產業知識，進而提高分析師盈餘預測的精確性。

We analyze the effects of an analyst’s industry expertise, as measured at analyst and broker levels, on forecast accuracy. We find that analyst’s industry expertise at analyst-level has no relation with forecast accuracy. We also find that an analyst’s industry expertise at broker-level is helpful for the analyst to issue superior earnings forecasts. Overall, our results suggest that broker-level industry expertise can help analysts to obtain complementary information, and thus has a positive effect on forecast accuracy.

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