Note(s): This table reports the summary statistics of Korean firms covered by analysts. Number of listed firms, number of covered firms, and its ratio are reported. The market capitalization of covered firms as a percent of the total market capitalization of the KOSPI market is a value at the end of the year. Number of brokerage house and number of analysts are also reported. Analyst per covered firm is average number of analysts of covered firms. Covered firms per analyst is average number of covered firms of analysts. Average rating is the cross-sectional average of covered firms for the time-series average of recommendation in that year. According to the recommendation of the analyst, the report is divided into five ranges: sell, underweight, neutral, buy and strong buy, and the following values are arbitrarily assigned to each category. Sell = 1, Underweight = 2, Neutral = 3, Buy = 4, Strong Buy = 5