کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
5086549 | 1478183 | 2016 | 51 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Do analysts understand the economic and reporting complexities of derivatives?
ترجمه فارسی عنوان
آیا تحلیلگران درک پیچیدگی های اقتصادی و گزارشدهی مشتقات را درک می کنند؟
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کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی
مدیریت، کسب و کار و حسابداری
حسابداری
چکیده انگلیسی
We investigate whether and how the complexity of derivatives influences analysts׳ earnings forecast properties. Using a difference-in-differences design, we find that, relative to a matched control sample of non-users, analysts׳ earnings forecasts for new derivatives users are less accurate and more dispersed after derivatives initiation. These results do not appear to be driven by the economic complexity of derivatives, but rather the financial reporting of such economic complexity. Overall, despite their financial expertise, analysts routinely misjudge the earnings implications of firms׳ derivatives activity. However, we find evidence that a series of derivatives accounting standards has helped analysts improve their forecasts over time.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Accounting and Economics - Volume 61, Issues 2â3, AprilâMay 2016, Pages 584-604
Journal: Journal of Accounting and Economics - Volume 61, Issues 2â3, AprilâMay 2016, Pages 584-604
نویسندگان
Hye Sun Chang, Michael Donohoe, Theodore Sougiannis,