Analysts’ Forecasts and Accounting Anomaly
碩士 === 國立中央大學 === 會計學研究所 === 99 === This study examines how analysts’ cash flow forecasts accelerate investors’ responses to the future implications of current cash flow information. I argue that when analysts issue cash flow forecasts, they serve a monitoring role over a firm’s reported cash flow i...
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| Format: | Others |
| Language: | zh-TW |
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2011
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| Online Access: | http://ndltd.ncl.edu.tw/handle/42692212625021992876 |
| Summary: | 碩士 === 國立中央大學 === 會計學研究所 === 99 === This study examines how analysts’ cash flow forecasts accelerate investors’ responses to the future implications of current cash flow information. I argue that when analysts issue cash flow forecasts, they serve a monitoring role over a firm’s reported cash flow information, which in turn enables investors to assign more weight to operating cash flow and thus reduce investors’ underestimation of cash flow information. Consistent with this idea, I find that the provision of analysts’ cash flow forecasts is associated with a significant reduction on anomalous mispricing of operating cash flows. Our results suggest that analysts’ cash flow forecasts improve the efficacy of investors’ reactions to earnings announcements by conveying information in the cash flow components of reported earnings.
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