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| Author: | Bozzolan, S. Trombetta, M. Beretta, S. |
| Title: | Forward-looking disclosures, financial verifiability and analysts' forecasts: a study of cross-listed European firms |
| Journal: | European Accounting Review
2009 : SEP, VOL. 18:3 p. 435-473 |
| Index terms: | financial reporting financial performance reports valuation companies Europe |
| Language: | eng |
| Abstract: | This paper examines the effect of forward-looking disclosures on analysts' forecast properties, particularly accuracy and dispersion. The sample includes all the non-financial firms from Italy, Germany, France and Switzerland that in 2002 were cross-listed on local stock exchanges and on the New York Stock Exchange. A content analysis on the Annual Report and the 20F form of these companies for 2002, 2003 and 2004 is conducted. The analysis supports, among others, the theoretical prediction that verifiable disclosures are more effective than unverifiable disclosures at improving accuracy and reducing dispersion of analysts' forecasts. |
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