کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
7341129 1476155 2010 10 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
The effect of management earnings forecast characteristics on cost of equity capital
موضوعات مرتبط
علوم انسانی و اجتماعی مدیریت، کسب و کار و حسابداری حسابداری
پیش نمایش صفحه اول مقاله
The effect of management earnings forecast characteristics on cost of equity capital
چکیده انگلیسی
This study uses a framework presented in Hirst, Koonce, and Venkataraman (2008) to assess how differences in management earnings forecast characteristics influence a firm's cost of equity capital. I find that less specific forecasts, pessimistic forecasts, and forecasts that predict a loss for the period are associated with higher cost of equity capital levels and more timely forecasts and forecasts with more information content are associated with lower cost of equity capital levels. Analysis interacting control variables and forecast antecedents with forecast characteristics indicates that the effects forecast characteristics have on cost of equity capital are either enhanced or moderated depending on firm beta, firm size, firm book-to-market ratios, analyst following, prior forecast bias, and earnings quality. The results highlight the importance of interacting key variables when interpreting the market effect of management earnings forecasts.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Advances in Accounting - Volume 26, Issue 1, June 2010, Pages 37-46
نویسندگان
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