The effects of information transparency on analysts& forecasts: evidence from the information disclosure and transparency ratings system in Taiwan

Hsihui Chang, Ruey Dang Chang, Chun Ju Fang

研究成果: Article

3 引文 斯高帕斯(Scopus)

摘要

In an attempt to reduce the information asymmetry between corporate insiders and outsiders, the Taiwan Stock Exchange Corporation (TSEC) and the Gre Tai Securities Market (GTSM) requested the Securities and Futures Institute to implement an information disclosure and transparency ratings system (IDTRS) for all publicly traded companies listed on the TSEC and the GTSM. This study investigates the effects of the IDTRS on the properties of analysts' forecasts. The results indicate that analysts' earnings forecasts are more accurate and the earnings forecast dispersion among analysts decreases after the implementation of the IDTRS. Additionally, the results estimated from the post IDTRS period show that the analysts' earnings forecast errors and dispersion of the "more transparent" companies are smaller than those of the "less transparent" companies.

原文English
頁(從 - 到)405-428
頁數24
期刊Asia-Pacific Journal of Accounting and Economics
20
發行號4
DOIs
出版狀態Published - 2013 十二月 1

All Science Journal Classification (ASJC) codes

  • Accounting
  • Finance
  • Economics and Econometrics

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