Weitere Artikel dieser Ausgabe durch Wischen aufrufen
Springer Nature remains neutral with regard to jurisdictional claims in published maps and institutional affiliations.
The documented decline in the information content of earnings numbers has paralleled the emergence of disclosures, mostly voluntary, of industry-specific key performance indicators (KPIs). We find that the incremental information content conveyed by KPI news is significant for many KPIs yet diminished when details about the computation of the KPI are absent or when the computation changes over time. Consistent with analysts responding to investor information demand, we find that analysts are more likely to produce forecasts for a KPI when that KPI has more information content and when earnings are less informative. We also analyze the properties of analysts’ KPI forecasts and find that KPI forecasts are more accurate than mechanical forecasts and their accuracy exceeds that of earnings forecasts. Our study contributes to the literature on the information content of KPIs as well as research on the properties of analysts’ forecasts. We provide evidence on whether and how to regulate voluntary disclosures.
Bitte loggen Sie sich ein, um Zugang zu diesem Inhalt zu erhalten
Sie möchten Zugang zu diesem Inhalt erhalten? Dann informieren Sie sich jetzt über unsere Produkte:
American Accounting Association (AAA), Financial Accounting Standards Committee. (2002). Recommendations on Disclosure of Nonfinancial Performance Measures. Accounting Horizons, 16, 353–362.
American Institute Of Certified Public Accountants (AICPA). (1994). Improving business reporting—A customer focus: A comprehensive report of the special committee on financial reporting. New York: AICPA.
Amir, E., & Lev, B. (1996). Value-Relevance of Nonfinancial Information: The Wireless Communications Industry. Journal of Accounting and Economics, 22, 3–30.
Barron, O., Kile, C., & O’Keefe, T. (1999). MD&A Quality as Measured by the SEC and Analysts’ Earnings Forecasts. Contemporary Accounting Research, 16, 75–109.
Bartov, E., Givoly, D., & Hayn, C. (2002). The Rewards to Meeting or Beating Earnings Expectations. Journal of Accounting and Economics, 33, 173–204.
Bowen, R., Davis, A., & Matsumoto, D. (2002). Do Conference Calls Affect Analysts’ Forecasts? The Accounting Review, 77(2), 285–316.
Bradshaw, M., 2011. Analysts’ Forecasts: What Do We Know After Decades of Work? Working paper, Boston College.
Bradshaw, M., Drake, M., Myers, J., & Myers, L. (2012). A Re-Examination of Analysts’ Superiority over Time-Series Forecasts of Annual Earnings. Review of Accounting Studies, 17(4), 944–968.
Bradshaw, M., Lee, L., & Peterson, K. (2016). The Interactive Role of Difficulty and Incentives in Explaining the Annual Earnings Forecast Walkdown. The Accounting Review, 91, 995–1021.
Brown, L. (2001). A Temporal Analysis of Earnings Surprises: Profits versus Losses. Journal of Accounting Research, 393, 221–241.
Call, A., Chen, S., & Tong, Y. (2009). Are Analysts’ Earnings Forecasts More Accurate when Accompanied by Cash Flow Forecasts? Review of Accounting Studies, 14, 358–391.
Chapman, K., & Green, J. (2015). Analysts’ Influence on Firm’s Voluntary Disclosure. Working paper.
Clarkson, B., & Matelis, J. (2018). Signs of Renewed SEC Interest in Key Performance Indicators. Law360, September 21. Available at https://www.law360.com/articles/1084908/signs-of-renewed-sec-interest-in-key-performance-indicators.
Collins, D., Maydew, E., & Weiss, I. (1997). Changes in the Value-Relevance of Earnings and Book Values over the Past Forty Years. Journal of Accounting and Economics, 24, 39–68.
Companies Act. (2006). UK Companies Act 2006, London. Available at http://www.legislation.gov.uk/ukpga/2006/46/pdfs/ukpga_20060046_en.pdf
Curtis, A., Lundholm, R., & McVay, S. (2014). Forecasting Sales: A Model and Some Evidence from the Retail Industry. Contemporary Accounting Research, 31, 581–608.
DeFond, M., & Hung, M. (2003). An Empirical Analysis of Analysts’ Cash Flow Forecasts. Journal of Accounting and Economics, 35, 73–100.
Dichev, I., & Tang, V. (2008). Matching and the Changing Properties of Accounting Earnings over the Last 40 years. The Accounting Review, 83, 1425–1460.
Donelson, D., Jennings, R., & McInnis, J. (2011). Changes over Time in the Revenue-Expense Relation: Accounting or Economics? The Accounting Review, 86, 945–974.
Easterwood, J. C., & Nutt, S. R. (1999). Inefficiency in Analysts’ Earnings Forecasts: Systematic Miscreaction or Systematic Optimism? Journal of Finance, (5), 1777–1797.
Ehinger, A., Lee, J. A., Stomberg, B., & Towery, E.. (2017). Let’s Talk About Tax: The Determinants and Consequences of Income Tax Mentions During Conference Call. Working paper.
Elzahar, H., Hussainey, K., Mazzi, F., & Tsalavoutas, I. (2015). Economic Consequences of Key Performance Indicators’ Disclosure Quality. International Review of Financial Analysis, 39, 96–112.
Ernst & Young. 2015. Tomorrow’s Investment Rules 2.0. Available at: http://www.ey.com/Publication/vwLUAssets/EY-tomorrows-investment-rules-2/$FILE/EY-tomorrows-investment-rules-2.0.pdf.
Ertimur, Y., Livnat, J., & Martikainen, M. (2003). Differential Market Reactions to Revenue and Expense Surprises. Review of Accounting Studies, 8, 185–211.
Ertimur, Y., Mayew, W., & Stubben, S. (2011). Analyst Reputation and the Issuance of Disaggregated Earnings Forecasts to I/B/E/S. Review of Accounting Studies, 16, 29–58.
European Union Accounting and Modernisation Directive (2003). Directive 2003/51/EC of the European Parliament and of the Council. Available at http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2003:178:0016:0022:EN:PDF.
Financial Accounting Standards Board. (2001). Business and Financial Reporting: Challenges from the New Economy.
Francis, J., & Schipper, K. (1999). Have Financial Statements Lost Their Relevance? Journal of Accounting Research, 37, 319–352.
Francis, J., Schipper, K., & Vincent, L. (2003). The Relative and Incremental Information Content of Alternative (to Earnings) Performance Measures. Contemporary Accounting Research, 20, 121–164.
Fried, D., & Givoly, D. (1982). Financial Analysts’ Forecasts of Earnings: A Better Surrogate for Market Expectations. Journal of Accounting and Economics, 4(2), 85–107.
Gaertner, J. (2016). Panel Review: Use of guidance and Key Performance Indicators (KPIs). National Investor Relations Institute. January 9. Available at: http://nirisv.org/blog/panel-review-use-of-guidance-and-key-performance-indicators-kpis/
Givoly, D., & Hayn, C. (2000). The Changing Time-Series Properties of Earnings, Cash Flows and Accruals: Has Financial Reporting Become More Conservative? Journal of Accounting and Economics, 29, 287–320.
International Accounting Standards Board (IASB). (2010). IFRS Practice Statement. Management Commentary: A framework for presentation. London: International Accounting Standards Board Foundation.
Hand J., H. Laurion, A. Lawrence, and N. Martin. 2018. Analyst Forecast Data Feeds Are Not What They Used To Be. Working paper.
Hayn, C. (1995). The Information Content of Losses. The Accounting Review, 20(2), 125–153.
Healy, P., Hutton, A., & Palepu, K. (1999). Stock Performance and Intermediation Changes Surrounding Sustained Increases in Disclosure. Contemporary Accounting Research, 16(3), 485–520.
Israeli, O. (2007). A Shapley-Based Decomposition of the R-square of a Linear Regression. The Journal of Economic Inequality, 5, 199–212.
Ittner, C., & Larcker, D. (1998). Are Nonfinancial Measures Leading Indicators of Financial Performance? An Analysis of Customer Satisfaction. Journal of Accounting Research, 36, 1–35.
Kothari, S., So, E., & Verdi, R. (2016). Analysts’ Forecasts and Asset Pricing: A Survey. The Annual Review of Financial Economics, 8, 197–219.
Langer, M. (2006). Comparability of Sustainability Reports. A Comparative Content Analysis of Austrian Sustainability Reports. In S. Schaltegger, M. Bennet, & R. Burrit (Eds.), Sustainability Accounting and Reporting (pp. 581–602). Dordrecht: Springer.
Lev, B. (2001). Intangibles: Measurement, Management, and Reporting. Washington D.C: Brookings Institution.
Lev, B., & Gu, F. (2016). The End of Accounting and the Path Forward for Investors and Managers. Hoboken: John Wiley & Sons.
Lev, B., & Zarowin, P. (1999). The Boundaries of Financial Reporting and How to Extend Them. Journal of Accounting Research, 37, 353–386.
Lundholm, R. J., & Sloan, R. G. (2004). Equity Valuation and Analysis with eVal. New York: McGraw-Hill.
Matsumoto, D. (2002). Management’s Incentives to Avoid Negative Earnings Surprises. The Accounting Review, 77, 483–513.
O’Brian, P. C. (1988). Analysts’ Forecasts as Earnings Expectations. Journal of Accounting and Economics, 10, 53–83.
Pae, J., S. Wang, and C. Yoo. 2007. Do Analysts Who Issue Cash Flow Forecasts Predict More Accurate Earnings? Working paper.
Patatoukas, P., Sloan, R., & Zha, J. (2015). On the Pricing of Mandatory DCF Disclosures: Evidence from Oil and Gas Royalty Trusts. The Accounting Review, 90, 2449–2482.
Rajgopal, S., Shevlin, T., & Venkatachalam, M. (2003a). Does the Stock Market Fully Appreciate the Implications of Leading Indicators for Future Earnings? Evidence from Order Backlog. Review of Accounting Studies, 8(4), 461–492.
Rajgopal, S., Venkatachalam, M., & Kotha, S. (2003b). The Value Relevance of Network Advantages: The Case of E-Commerce Firms. Journal of Accounting Research, 41(1), 135–162.
Richardson, S., Teoh, S., & Wysocki, P. (2004). The Walk-Down to Beatable Analyst Forecasts: The Role of Equity Issuance and Insider Trading Incentives. Contemporary Accounting Research, 21, 885–924.
Schilit, H. M., & Perler, J. (2010). Financial Shenanigans, Third Edition. New York: McGraw-Hill.
Securities and Exchange Commission. (2003). Interpretation: Commission Guidance Regarding Management’s Discussion and Analysis of Financial Condition and Results of Operations. Available at https://www.sec.gov/rules/interp/33-8350.htm
Securities and Exchange Commission. (2008). Final report of the advisory committee on improvements to financial reporting to the United States Securities and Exchange Commission. Available at http://www.sec.gov/about/offices/oca/acifr/acifr-finalreport.pdf
Securities and Exchange Commission. (2016). Business and Financial Disclosure Required by Regulation S-K. Available at https://www.sec.gov/rules/concept/2016/33-10064.pdf.
Shapley, L. (1953). A Value for n-Person Games. Annals of Mathematical Studies, 28, 307–317.
Shevlin, T. (1996). The Value-Relevance of Nonfinancial Information: A Discussion. Journal of Accounting and Economics, 22, 31–42.
Trueman, B., Wong, F., & Zhang, X. J. (2001). The Eyeballs Have It: Searching for the Value in Internet Stocks. Journal of Accounting Research, 38, 137–162.
Wald, A. (1943). Tests of Statistical Hypotheses Concerning Several Parameters When the Number of Observations Is Large. Transactions of the American Mathematical Society, 54, 426–482.
- Key performance indicators as supplements to earnings: Incremental informativeness, demand factors, measurement issues, and properties of their forecasts
- Springer US
Neuer Inhalt/© Stellmach, Neuer Inhalt/© Maturus, Pluta Logo/© Pluta, Frankfurt School