会计政策的披露和财务分析师的预测[外文翻译].rar

会计政策的披露和财务分析师的预测[外文翻译]

中文：8000字    11页
英文：26934字   10页

会计政策的披露和财务分析师的预测
奥雷-克里斯提安 何培
约瑟夫L罗特曼管理学院 多伦多大学
加拿大，多伦多，乔治街道105号

鸣谢：
我感激由托马斯场，比约恩乔根森，伊丽莎白基廷，罗伯特马吉，沃利，富康瓦尔特，格雷格韦迈尔（副主编）的文件，2000年EIIA会议，2001年AAA级中西部地区和年度会议，以及2001年EIASM资本市场研究国际研讨会进行了研讨。我感谢挪威经济与工商管理学院的金融和罗特曼管理学院的支持以及感谢IBES国际公司提供伊比斯盈利预测数据。
会计政策的披露和分析师的预测
摘要：
在使用国际样本情况下，我调查是各个公司是否将他们的会计政策，在年度报告中披露程度与分析师盈余预测的相关联，为企业和国家提供变量控制。我发现会计政策披露的详细度在很大的程度上与财务报表中存在的错误量相关，这说明专项会计政策的披露比一般年度报告披露更有用。我的研究结果表明，会计政策披露和盈利预测的减少是有不确定的关联性。我发现在单变量的而不是多元变量的环境中披露会计政策对财务分析师进行盈利预测特别有用,而最直接的用处就是确定目标公司的会计处理方法。
关键词：会计政策的披露，财务分析师，预测分析，国际

Accounting Policy Disclosures and

Analysts' Forecasts
Ole-Kristian Hope
Joseph L. Rotman School of Management
University of Toronto
105 St. George Street Toronto, Ontario, Canada M5S 3E6 okhope@rotman.utoronto.ca

Acknowledgements
I appreciate the helpful comments on various versions of this paper by Thomas Fields, Bjørn Jørgensen, Elizabeth Keating, Robert Magee, Wally Smieliauskas, Beverly Walther, Greg Waymire (Associate Editor), an anonymous reviewer and workshop participants at Northwestern, Toronto, the 2000 CIERA/EIIA Conference, the 2001 AAA Midwest Regional and Annual Meetings, and the 2001 EIASM International Workshop on Capital Market Research. All errors are my own. I gratefully acknowledge the financial support of the Norwegian School of Economics and Business Administration and the Rotman School of Management. I thank IBES International Inc. for providing earnings forecast data.

Abstract
Using an international sample, I investigate whether the extent of firms' disclosure of their accounting policies in the annual report is associated with properties of analysts' earnings forecasts. Controlling for firm- and country-level variables, I find that the level of accounting policy disclosure is significantly negatively related to forecast dispersion and forecast error. In particular, I find that accounting policy disclosures are incrementally useful to analysts over and above all other annual report disclosures. These findings suggest that accounting policy disclosures reduce uncertainty about forecasted earnings. I find univariate but not multivariate support for the hypothesis that accounting policy disclosures are especially helpful to analysts in environments where firms can choose among a larger set of accounting methods.

Key Words
Accounting policy disclosures, financial analysts, forecast dispersion and error, international