The Relation Between Annual Report Disclosures, Analysts' Earnings Forecasts and Analyst Following: Evidence From Singapore

Li Li Eng · Hong Kiat Teo

38 citations0/0 files storedPacific Accounting Review

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Auditing, Earnings Management, Governance Forecasting Techniques and Applications Financial Reporting and XBRL

Abstract

This study examines the impact of annual report disclosures on analysis' forecasts for a sample of firms listed on the Stock Exchange of Singapore (SES). We examine the relation between the level of corporate disclosure and accuracy of analysts' earnings forecasts, dispersion in analysts' earnings forecasts, and the size of analyst following. The results reveal that the level of annual report disclosures is positively related to the accuracy of earnings forecasts by analysts, provided there is no big earnings surprise, and is also positively related to analyst following. We also find that the level of corporate disclosure is negatively related to dispersion in analysts' earnings forecasts provided there is no big earnings surprise. Tints, this study shows that more corporate disclosures by Singapore firms lead to more accuracy and less dispersion in the earnings forecasts among analysts. Furthermore, greater corporate disclosure can also lead to greater analyst interest in the firm.

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References

1987A Simple Model of Capital Market Equilibrium with Incomplete Information 1993Cross-Sectional Determinants of Analyst Ratings of Corporate Disclosures 1995Factors Influencing Voluntary Annual Report Disclosures By U.S., U.K. and Continental European Multinational Corporations 1990Analyst Following and Institutional Ownership 1988Disclosure When the Market Is Unsure of Information Endowment of Managers 1975Company Size, Listed Versus Unlisted Stocks, and the Extent of Financial Disclosure 1989UK Analysts' Earnings Forecasts

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