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- Title
How does investor relations disclosure affect analysts' forecasts?
- Authors
Chang, Millicent; Hooi, Liyin; Wee, Marvin; Clarkson, Peter
- Abstract
We study the relationship between investor relations disclosure and analyst forecast properties in Australian firms, a setting dominated by small firms with limited analyst coverage and requiring continuous disclosure of price sensitive information. We find increasing disclosure in the time period investigated is associated with greater accuracy in firms disclosing fewer items. Disclosure was unrelated to forecast dispersion, possibly due to the low analyst following. In periods of uncertainty, the investor relations awards effectively discriminated quality from quantity of disclosure. These findings highlight the importance of active communication with analysts, particularly in firms providing less disclosure and during periods of uncertainty.
- Subjects
AUSTRALIA; INVESTORS; DISCLOSURE; FINANCIAL analysts; WEBSITES; SMALL business; UNCERTAINTY; CAPITAL costs; FINANCE; ECONOMICS
- Publication
Accounting & Finance, 2014, Vol 54, Issue 2, p365
- ISSN
0810-5391
- Publication type
Article
- DOI
10.1111/acfi.12046