Articol
PROPERTIES OF ANALYSTS’ FORECASTS FOR ROMANIAN LISTED COMPANIES: HOW MUCH DO FIRM-SPECIFIC FACTORS MATTER?.
Contabilitate si Informatica de Gestiune/Accounting and Management Information Systems
ISSN 1583-4387
Rezumat
This paper seeks to explore the properties of
analysts’ forecast accuracy for companies listed on Bucharest Stock Exchange (BSE). Based on a sample of 266 firm-month observations
(predictions made in 2008 for 2009 and 2010), the paper investigates several
firm-specific factors documented by the literature to have a significant impact
on forecast accuracy, and shows that for Romanian listed companies, forecast
errors for earnings per share reported under local GAAP are negatively
correlated with the size of the firm and the corporate governance policies. The results are convergent with those
documented in international contexts, showing that larger firms as well as those which are better governed are more likely
to provide additional disclosures, and thus increase forecast accuracy.
Cuvinte cheie:
Properties of analysts’ forecast, corporate governance, information environment
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