Risk information disclosure and its impact on analyst forecast accuracy

José Miguel Tirado-Beltrán () and J. David Cabedo-Semper ()

Estudios Gerenciales, 2020, vol. 36, issue 156, 314-324

Abstract: This paper aims to analyse the influence of risk information disclosure on the accuracy of financial analysts’ earnings forecasts for the Spanish stock market. To do this, we performed a regression analysis with panel data on a sample comprised of non-financial firms listed on the Madrid Stock Exchange from 2010 to 2015. The results of the study show that risk information disclosed by firms does not help to reduce analysts’ uncertainty levels nor enable them to make more accurate forecasts of future profits. Furthermore, separately testing verified and unverified risk information disclosure confirms that there is no relationship between the risk information disclosed and the perception that analysts have on companies’ levels of risk.

Keywords: risk information disclosure; analyst forecast accuracy; risk (search for similar items in EconPapers)
JEL-codes: M41 M49 (search for similar items in EconPapers)
Date: 2020
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Persistent link: https://EconPapers.repec.org/RePEc:col:000129:018451

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