In this section, we test the third hypothesis (H3) of our model. In this test, we use analyst forecast
characteristics as proxies for the extent of asymmetric information. These proxies are constructed based on the forecasts in the final month of the fiscal year prior to the announcement date. As Elton et al. has demonstrated, the differences or errors in forecasts near the end of a forecasting period arise primarily from the firm-specific information rather than economy-wide or industry-wide information. This makes the analyst forecast characteristics at the end of the fiscal year good proxies for assessing the extent of asymmetric information across firms.

求助，谁能帮忙翻译下上述文字呢，谢谢啦~~~急！！！！！

本人初学金融学，对其中专业术语不懂，尤其是这句话we use analyst forecast characteristics as proxies for the extent of asymmetric information. 不理解

求助高人了

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