Intellectual capital and analyst forecast: evidence from the high-tech industry in Taiwan
AbstractThis article investigates the relation between the disclosure of intellectual capital and analysts' forecasts based on the Taiwanese high-tech industry. We hypothesize that corporate disclosures can be important means for management to communicate firm performance to outside investors and the firms that provide extensive coverage of intellectual capital can reduce the information risk in analysts' forecasting process. We find that firm-specific disclosures of intellectual capital relates negatively with analysts' forecast errors and dispersions. While many companies are concerned that the disclosure of intellectual capital can damage their competitive position in product markets, our results suggest that firms can reduce the information risk with voluntary disclosures on intellectual capital.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Bibliographic InfoArticle provided by Taylor & Francis Journals in its journal Applied Financial Economics.
Volume (Year): 21 (2011)
Issue (Month): 15 ()
Contact details of provider:
Web page: http://www.tandfonline.com/RAFE20
You can help add them by filling out this form.
reading list or among the top items on IDEAS.Access and download statisticsgeneral information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Michael McNulty).
If references are entirely missing, you can add them using this form.