|
|
|
|
||||
|
||||
Investor Protection and Analysts' Cash Flow Forecasts Around the WorldMark L. DeFondUniversity of Southern California - Leventhal School of Accounting Mingyi HungThe Hong Kong University of Science and Technology & University of Southern California Review of Accounting Studies, Forthcoming Abstract: We find that analysts are more likely to provide cash flow forecasts in countries with weak investor protection. This finding is consistent with our hypothesis that market participants demand (and analysts supply) cash flow information when weak investor protection results in earnings that are less likely to reflect underlying economic performance. Our results suggest that information intermediaries respond to market-based incentives to attenuate the adverse effects of country-level institutional factors on earnings' usefulness. These findings contribute to the literature by shedding light on the institutional determinants of analysts' research activities, and on the nature of the financial information they generate.
Number of Pages in PDF File: 57 Keywords: international accounting, investor protection, analysts' forecasts, cash flows JEL Classification: M41, G15 working papers seriesDate posted: July 21, 2002Suggested CitationContact Information
|
|
|||||||||||||||||||||||||||||
© 2013 Social Science Electronic Publishing, Inc. All Rights Reserved.
FAQ
Terms of Use
Privacy Policy
Copyright
This page was processed by apollo8 in 0.781 seconds
