THE NEUTRALITY OF THE FORWARD-LOOKING INFORMATION,LA NEUTRALIDAD DE LA INFORMACION PREVISIONAL

Oscar Suarez Fernandez

Revista Internacional Administracion & Finanzas, 2014, vol. 7, issue 2, 1-11

Abstract: The near term vision of the company is potentially relevant information for decision-making from different users of financial information. The aim of this paper is to analyze the information content of forward-looking information disclosed in the director´s report. In the univariate analysis we conclude that the tone of the forward-looking information is optimistic regardless of the company´s performance, so we confirm that the forecasts are not neutral. But, in the multivariate analysis we found that within that optimism in forecasts is a more optimistic tone among companies that improved results obtained in the following year. Therefore, the tone has some informative content.

Keywords: Forward-Looking Information; Impression Management; Tone (search for similar items in EconPapers)
JEL-codes: M40 M41 M49 (search for similar items in EconPapers)
Date: 2014
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