The incremental informativeness of sell-side earnings forecasts. Evidence for the Warsaw Stock Exchange
| Autor: | Stephen Jakubowski, Piotr Wójtowicz |
|---|---|
| Jazyk: | English<br />Polish |
| Rok vydání: | 2019 |
| Předmět: | |
| Zdroj: | Zeszyty Teoretyczne Rachunkowości, Vol 105, Iss 161, Pp 77-94 (2019) |
| Druh dokumentu: | article |
| ISSN: | 1641-4381 2391-677X |
| DOI: | 10.5604/01.3001.0013.6058 |
| Popis: | We investigate whether earnings forecasts issued by sell-side analysts are incrementally informative about the returns of firms listed on the Warsaw Stock Exchange (WSE), a moderately-developed, postcommunist capital market. Our sample covers the fiscal years 2008-2016. The informativeness of earn- ings (and earnings forecasts) is defined as the association between earnings (earnings forecasts) and returns. Our findings indicate that the mean earnings forecasts issued by sell-side analysts are incremen- tally informative about firm returns beyond the earnings reported. This result does not depend on firm size, profitability, or market return. The findings indicate that such forecasts incorporate useful incremen- tal valuation information and that the incremental informativeness of these forecasts serves to protect the interests of analysts’ clients. |
| Databáze: | Directory of Open Access Journals |
| Externí odkaz: |
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