SFAS No. 131하에서 분기별 사업부문정보공시와 재무분석가의 이익예측 오차

초록

This study empirically investigates the market reaction to the SFAS No. 131 interim period financial report. Following Barron and Kile (1999), I use the forecast dispersion and error in analysts’ earnings forecasts as properties of analysts’ annual and quarterly earnings forecasts. My study reports that the SFAS No. 131 interim period financial report is not accompanied by the significant market reaction. Unlike financial statement users’ contention, my study shows that the new requirements of interim segment reporting do not improve properties of analysts’ earnings forecasts. With the relatively smaller sample size of the nondiscloser sample (n=22 for annual earnings forecasts), the power of the test results is very low. And maybe financial analysts need some time to digest the new information from the mandated requirements of interim segment reporting and reflect their understanding in their earnings forecasts. To provide more unambiguous conclusions, more powerful tests are required.

키워드