Information livrée dans les communiqués sur les résultats et modification de l’information produite par les analystes

Translated title of the contribution: Earnings announcement disclosures and changes in analysts’ information

Orie Edwin Barron, Donal Byard, Yong Yu

Research output: Contribution to journalArticle

3 Citations (Scopus)

Abstract

This study examines how financial disclosures with earnings announcements affect sell-side analysts’ information about future earnings, focusing on disclosures of financial statements and management earnings forecasts. We find that disclosures of balance sheets and segment data are associated with an increase in the degree to which analysts’ forecasts of upcoming quarterly earnings are based on private information. Further analyses show that balance sheet disclosures are associated with an increase in the precision of both analysts’ common and private information, segment disclosures are associated with an increase in analysts’ private information, and management earnings forecast disclosures are associated with an increase in analysts’ common information. These results are consistent with analysts processing balance sheet and segment disclosures into new private information regarding nearterm earnings. Additional analysis of conference calls shows that balance sheet, segment, and management earnings forecast disclosures are all associated with more discussion related to these items in the questions-and-answers section of conference calls, consistent with analysts playing an information interpretation role with respect to these disclosures.

Original languageFrench
Pages (from-to)343-373
Number of pages31
JournalContemporary Accounting Research
Volume34
Issue number1
DOIs
StatePublished - Mar 1 2017

Fingerprint

Analysts
Disclosure
Earnings announcements
Balance sheet
Private information
Management earnings forecasts
Conference calls
Financial statements
Analysts' forecasts
Financial management
Financial disclosure
Sell-side analysts

All Science Journal Classification (ASJC) codes

  • Accounting
  • Finance
  • Economics and Econometrics

Cite this

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abstract = "This study examines how financial disclosures with earnings announcements affect sell-side analysts’ information about future earnings, focusing on disclosures of financial statements and management earnings forecasts. We find that disclosures of balance sheets and segment data are associated with an increase in the degree to which analysts’ forecasts of upcoming quarterly earnings are based on private information. Further analyses show that balance sheet disclosures are associated with an increase in the precision of both analysts’ common and private information, segment disclosures are associated with an increase in analysts’ private information, and management earnings forecast disclosures are associated with an increase in analysts’ common information. These results are consistent with analysts processing balance sheet and segment disclosures into new private information regarding nearterm earnings. Additional analysis of conference calls shows that balance sheet, segment, and management earnings forecast disclosures are all associated with more discussion related to these items in the questions-and-answers section of conference calls, consistent with analysts playing an information interpretation role with respect to these disclosures.",
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Information livrée dans les communiqués sur les résultats et modification de l’information produite par les analystes. / Barron, Orie Edwin; Byard, Donal; Yu, Yong.

In: Contemporary Accounting Research, Vol. 34, No. 1, 01.03.2017, p. 343-373.

Research output: Contribution to journalArticle

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