Risk information disclosure and its impact on analyst forecast accuracy

• Tirado-Beltrán, José Miguel ^[1] ; Cabedo-Semper, J. David ^[1]
  1. [1] Professor, Department of Finance and Accounting, University Jaume I, Castellón de la Plana, Spain.
• Localización: Estudios Gerenciales: Journal of Management and Economics for Iberoamerica, ISSN 0123-5923, Vol. 36, Nº. 156, 2020, págs. 314-324
• Idioma: inglés
• DOI: 10.18046/j.estger.2020.156.3774
• Títulos paralelos:
  • Divulgação de informações de risco e seu impacto na precisão das previsões dos analistas
  • Divulgación de información sobre riesgos y su impacto en la precisión de las previsiones de los analistas
• Enlaces
  • Texto completo (pdf)
• Resumen
  • español

    Este trabajo tiene como objetivo analizar la influencia de la divulgación de información de riesgo en la precisión de las previsiones de beneficios de los analistas financieros para el mercado de valores español. Para ello, se ha realizado un análisis de regresión con datos de panel para una muestra de empresas no financieras que cotizan en la Bolsa de Madrid de 2010 a 2015. Los resultados muestran que la información de riesgo no ayuda a reducir los niveles de incertidumbre de los analistas. Adicionalmente, el análisis por separado de la información de riesgos verificada y no verificada confirma que no existe relación entre la información de riesgos publicada y la percepción que los analistas tienen sobre los niveles de riesgo de las empresas.

  • português

    Este artigo tem como objetivo analisar a influência da divulgação de informações de risco na precisão das previsões de lucro de analistas financeiros para o mercado de ações espanhol. Para isso, foi realizada uma análise de regressão com dados em painel de uma amostra de empresas não financeiras listadas na Bolsa de Madri de 2010 a 2015. Os resultados mostram que as informações de risco não ajudam a reduzir os níveis de incerteza de analistas. Além disso, a análise separada das informações de risco verificadas e não verificadas confirma que não há relação entre as informações de risco publicadas e a percepção dos analistas sobre os níveis de risco das empresas.

  • English

    This paper aims to analyse the influence of risk information disclosure on the accuracy of financial analysts’ earnings forecasts for the Spanish stock market. To do this, we performed a regression analysis with panel data on a sample comprised of non-financial firms listed on the Madrid Stock Exchange from 2010 to 2015. The results of the study show that risk information disclosed by firms does not help to reduce analysts’ uncertainty levels nor enable them to make more accurate forecasts of future profits. Furthermore, separately testing verified and unverified risk information disclosure confirms that there is no relationship between the risk information disclosed and the perception that analysts have on companies’ levels of risk.

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