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 Excha...
| Main Authors: | , |
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| Format: | Article |
| Language: | Spanish |
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Universidad ICESI
2020-09-01
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| Series: | Estudios Gerenciales |
| Subjects: | |
| Online Access: | https://www.icesi.edu.co/revistas/index.php/estudios_gerenciales/article/view/3774 |
| _version_ | 1818834756720132096 |
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| author | José Miguel Tirado-Beltrán J. David Cabedo-Semper |
| author_facet | José Miguel Tirado-Beltrán J. David Cabedo-Semper |
| author_sort | José Miguel Tirado-Beltrán |
| collection | DOAJ |
| description | 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. |
| first_indexed | 2024-12-19T02:39:53Z |
| format | Article |
| id | doaj.art-0bf4ab03b91f4c6aae2ccc2a22293e75 |
| institution | Directory Open Access Journal |
| issn | 0123-5923 |
| language | Spanish |
| last_indexed | 2024-12-19T02:39:53Z |
| publishDate | 2020-09-01 |
| publisher | Universidad ICESI |
| record_format | Article |
| series | Estudios Gerenciales |
| spelling | doaj.art-0bf4ab03b91f4c6aae2ccc2a22293e752022-12-21T20:39:09ZspaUniversidad ICESIEstudios Gerenciales0123-59232020-09-013615631432410.18046/j.estger.2020.156.3774Risk information disclosure and its impact on analyst forecast accuracyJosé Miguel Tirado-Beltrán0https://orcid.org/0000-0002-1935-7574J. David Cabedo-Semper1https://orcid.org/0000-0003-3640-9767Professor, Department of Finance and Accounting, University Jaume I, Castellón de la Plana, Spain.Professor, Department of Finance and Accounting, University Jaume I, Castellón de la Plana, Spain.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.https://www.icesi.edu.co/revistas/index.php/estudios_gerenciales/article/view/3774risk information disclosureanalyst forecast accuracyrisk |
| spellingShingle | José Miguel Tirado-Beltrán J. David Cabedo-Semper Risk information disclosure and its impact on analyst forecast accuracy Estudios Gerenciales risk information disclosure analyst forecast accuracy risk |
| title | Risk information disclosure and its impact on analyst forecast accuracy |
| title_full | Risk information disclosure and its impact on analyst forecast accuracy |
| title_fullStr | Risk information disclosure and its impact on analyst forecast accuracy |
| title_full_unstemmed | Risk information disclosure and its impact on analyst forecast accuracy |
| title_short | Risk information disclosure and its impact on analyst forecast accuracy |
| title_sort | risk information disclosure and its impact on analyst forecast accuracy |
| topic | risk information disclosure analyst forecast accuracy risk |
| url | https://www.icesi.edu.co/revistas/index.php/estudios_gerenciales/article/view/3774 |
| work_keys_str_mv | AT josemigueltiradobeltran riskinformationdisclosureanditsimpactonanalystforecastaccuracy AT jdavidcabedosemper riskinformationdisclosureanditsimpactonanalystforecastaccuracy |