Does Intangible Intensity Affect Analyst Accuracy? Some Evidence from Spanish Firms

Elena Ferrer (), Rafael Santamaría and Nuria Suárez ()
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Elena Ferrer: INARBE, Public University of Navarra
Rafael Santamaría: INARBE, Public University of Navarra
Nuria Suárez: Autónoma University of Madrid

A chapter in Responsible Business in a Changing World, 2020, pp 213-232 from Springer

Abstract: Abstract The aim of this chapter is to examine the impact of a firms’ intangible intensity on analyst forecast accuracy, using data drawn from a sample of 87 Spanish industrial firms over the period 2000–2016. Our results show that higher intangible intensity is associated with lower analyst forecast accuracy. This result holds after taking into account additional firm-level characteristics that define the set of hard-to-value and difficult-to-arbitrage firms (HVDA), the effects of both the global financial crisis and sovereign debt crisis in the Spanish economy, and variables affecting the degree of information asymmetries among the firm’s main stakeholders.

Date: 2020
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Persistent link: https://EconPapers.repec.org/RePEc:spr:csrchp:978-3-030-36970-5_13

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DOI: 10.1007/978-3-030-36970-5_13

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