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The impact of forecasting cash flows on enhancing analysts’ own earnings forecasts: International evidence and the effect of IFRS adoption
Journal of International Financial Management & Accounting ( IF 2.808 ) Pub Date : 2021-04-15 , DOI: 10.1111/jifm.12129 Changjiang Wang 1 , Minna Yu 2
Journal of International Financial Management & Accounting ( IF 2.808 ) Pub Date : 2021-04-15 , DOI: 10.1111/jifm.12129 Changjiang Wang 1 , Minna Yu 2
Affiliation
Using a large international sample from 1995 to 2018, we find that individual analysts’ earnings forecasts accompanied with cash flow forecasts are more accurate than those not accompanied with cash flow forecasts, suggesting that the findings for the United States in Call et al. (2009) apply to other countries. In addition, using a difference-in-differences design, we find that the positive association between cash flow forecast provisions and earnings forecast accuracy is weakened after mandatory IFRS adoption. Furthermore, we find that the reduced usefulness of forecasting cash flow for analysts’ own earnings prediction after mandatory IFRS adoption is more pronounced in countries with a common law origin and strong legal enforcement as opposed to countries with a code law origin and weak legal enforcement.
中文翻译:
预测现金流量对提高分析师自身盈利预测的影响:国际证据和采用 IFRS 的影响
使用 1995 年至 2018 年的大型国际样本,我们发现个别分析师的盈利预测伴随现金流量预测比不伴随现金流量预测的更准确,这表明 Call 等人对美国的研究结果。(2009) 适用于其他国家。此外,使用差异中的差异设计,我们发现在强制采用 IFRS 后,现金流量预测准备金与盈利预测准确性之间的正相关性减弱。此外,我们发现,在强制采用 IFRS 后,预测现金流对分析师自己的盈利预测的有用性在具有普通法起源和强大执法的国家中更为明显,而不是具有法典起源和弱执法的国家。
更新日期:2021-04-15
中文翻译:
预测现金流量对提高分析师自身盈利预测的影响:国际证据和采用 IFRS 的影响
使用 1995 年至 2018 年的大型国际样本,我们发现个别分析师的盈利预测伴随现金流量预测比不伴随现金流量预测的更准确,这表明 Call 等人对美国的研究结果。(2009) 适用于其他国家。此外,使用差异中的差异设计,我们发现在强制采用 IFRS 后,现金流量预测准备金与盈利预测准确性之间的正相关性减弱。此外,我们发现,在强制采用 IFRS 后,预测现金流对分析师自己的盈利预测的有用性在具有普通法起源和强大执法的国家中更为明显,而不是具有法典起源和弱执法的国家。