Risk information disclosure and its impact on analyst forecast accuracy

This paper aims to analyse the influence of risk information disclosure on the accuracy of financial analysts’ earnings forecasts for the Spanish stock market. To do this, we performed a regression analysis with panel data on a sample comprised of non-financial firms listed on the Madrid Stock Exchange from 2010 to 2015. The results of the study show that risk information disclosed by firms does not help to reduce analysts’ uncertainty levels nor enable them to make more accurate forecasts of future profits. Furthermore, separately testing verified and unverified risk information disclosure confirms that there is no relationship between the risk information disclosed and the perception that analysts have on companies’ levels of risk.

• Autores: Tirado Beltrán, José Miguel; Cabedo Semper, J. David
• Tipo de recurso: Article of investigation
• Fecha de publicación: 2020
• Institución: Universidad ICESI
• Repositorio: Repositorio ICESI
• Idioma: spa
• OAI Identifier: oai:repository.icesi.edu.co:10906/86938
• Acceso en línea: https://doi.org/10.18046/j.estger.2020.156.3774; http://repository.icesi.edu.co/biblioteca_digital/handle/10906/86938
• Palabra clave: Información sobre riesgos; Precisión de los analistas; Riesgo; Financial statements; Accounting; Capital market; Prices; Decision making; Performance; Información sobre riesgos; Precisión de los analistas; Riesgo; Analistas financieros; Análisis de regresión; Empresas no financieras; Divulgación; Información; Impacto; Previsiones; Analistas; Riesgos de las empresas; Estados financieros; Procesos; Usuarios; Toma de decisiones; Necesidades de información; Utilidad; Órganos contables; Línea de investigación; Mercado de capitales; Análisis; Mercado; Precio; Negociación; Rendimiento; Estudios; Enfoque; Estados financieros; Contabilidad; Mercado de capitales; Precios; Toma de decisiones; Rendimiento; http://id.loc.gov/authorities/subjects/sh85048313; http://id.loc.gov/authorities/subjects/sh99002080; http://id.loc.gov/authorities/subjects/sh85019945; http://id.loc.gov/authorities/subjects/sh85106622; http://id.loc.gov/authorities/subjects/sh85036199; http://id.loc.gov/authorities/subjects/sh85099805; Estado financiero; Financial statements; Mercado financiero; Financial markets; Toma de decisiones; Decision making; Precio; Prices; http://vocabularies.unesco.org/thesaurus/concept1185; http://vocabularies.unesco.org/thesaurus/concept10884; http://vocabularies.unesco.org/thesaurus/concept7323; http://vocabularies.unesco.org/thesaurus/concept1804; Contabilidad; Accounting; Precios; Prices; Toma de decisiones; Decision making; Toma de decisiones; Decision making; Contabilidad; Accounting; Precios; Prices; M41 Accounting
• Rights: openAccess
• License: http://purl.org/coar/access_right/c_abf2