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How does investor relations disclosure affect analysts' forecasts?

Author

Listed:
  • Millicent Chang
  • Liyin Hooi
  • Marvin Wee
  • Peter Clarkson

Abstract

type="main" xml:id="acfi12046-abs-0001"> We study the relationship between investor relations disclosure and analyst forecast properties in Australian firms, a setting dominated by small firms with limited analyst coverage and requiring continuous disclosure of price sensitive information. We find increasing disclosure in the time period investigated is associated with greater accuracy in firms disclosing fewer items. Disclosure was unrelated to forecast dispersion, possibly due to the low analyst following. In periods of uncertainty, the investor relations awards effectively discriminated quality from quantity of disclosure. These findings highlight the importance of active communication with analysts, particularly in firms providing less disclosure and during periods of uncertainty.

Suggested Citation

  • Millicent Chang & Liyin Hooi & Marvin Wee & Peter Clarkson, 2014. "How does investor relations disclosure affect analysts' forecasts?," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 54(2), pages 365-391, June.
    • Handle: RePEc:bla:acctfi:v:54:y:2014:i:2:p:365-391
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    File URL: http://hdl.handle.net/10.1111/acfi.2014.54.issue-2
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    Cited by:

    1. Saif Ullah, 2016. "Who Hires Investor Relations Firms? The Role of Managerial Entrenchment," International Journal of Business and Management, Canadian Center of Science and Education, vol. 11(10), pages 1-1, September.
    2. Qingchong Chen & Xiong Xiong & Ya Gao, 2021. "Is information really efficient for the market? Evidence of confirmatory bias in China," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 61(5), pages 5965-5997, December.
    3. Chien-Chi Chu & Kung-Cheng Ho & Chia-Chun Lo & Andreas Karathanasopoulos & I-Ming Jiang, 2019. "Information disclosure, transparency ranking system and firms’ value deviation: evidence from Taiwan," Review of Quantitative Finance and Accounting, Springer, vol. 53(3), pages 721-747, October.
    4. Millicent Chang & Andrew B. Jackson & Marvin Wee, 2018. "A review of research on regulation changes in the Asia‐Pacific region," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 58(3), pages 635-667, September.

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