English, Article edition: The effect of the SEC's regulation fair disclosure on analyst forecast attributes Rong Yang; Yaw M. Mensah

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Bookmark: http://trove.nla.gov.au/version/30966
Physical Description
  • article
Language
  • English

Edition details

Title
  • The effect of the SEC's regulation fair disclosure on analyst forecast attributes
Author
  • Rong Yang
  • Yaw M. Mensah
Physical Description
  • article
Notes
  • Purpose – This study aims to examine the effect of the Securities and Exchange Commission's regulation fair disclosure (Reg. FD) on analyst forecast performance for pre-Reg. FD closed-call (CLC) and open-call (OPC) firms compared with the non-conference-call (NCC) firms in the post-Reg. FD period. Design/​methodology/​approach – Specifically, it examines whether Reg. FD influenced the earnings forecast accuracy and forecast dispersion of financial analysts for the previous-CLC firms in the post-Reg. FD period compared with the previous-OPC firms, and both sets of conference call firms relative to the NCC firms in the same period. Findings – The main findings indicate that forecast accuracy improved for both OPC and CLC firms compared with the NCC firms in the post-Reg. FD period. More importantly, the differences in earnings forecast performance between the pre-Reg. FD OPC and CLC firms had disappeared in the post-Reg. FD period. Originality/​value – These results offer further confirmation of previous findings that Reg. FD has contributed to leveling the playing field for financial analysts and investors.
  • Conferencing, Disclosure, Earnings, Financial institutions, Forecasting
  • RePEc:eme:jfrcpp:v:14:y:2006:i:2:p:192-209
Language
  • English
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