"June 2002" Includes bibliographical references: (p. 30-35). The papers examines the association between the transparency of corporate financial reporting on intangible assets relative to a proxy for total intangible assets, and analyst incentives to follow firms and properties of analysts' earnings forecasts - controlling for endogeneity among these factors. More transparent financial reporting on intangible assets is measured by higher recognition of intangible assets on the balance sheet relative to a proxy variable for total (underlying) intangible assets, market value added which equals equity market value minus book value with intangible assets subtracted. The results suggest (1) a reputation for transparent financial reporting on intangible assets is associated with increased demand for analyst research and thus analyst following incentives; and (2) a reputation for less transparent reporting on intangible assets is associated with higher forecast dispersion and errors due to analysts' greater reliance on their own private information. The study extends research on determinants of analyst following, forecast dispersion and accuracy, and research on the impact of public disclosure on private information acquisition activity.
| Identifer | oai:union.ndltd.org:ADTP/109640 |
| Date | January 2002 |
| Creators | Wyatt, Anne. |
| Publisher | Melbourne, Vic. : University of Melbourne, Dept. of Accounting and Business Information Systems |
| Source Sets | Australiasian Digital Theses Program |
| Language | English |
| Detected Language | English |
| Relation | ANU, NACU:N, NAVC, NMQU, QBON, QUSQ, QUT:GP, VBAX, VBX, VLU, VLU:W, VMOU, VSL, WCX, XNTU |
Page generated in 0.0017 seconds