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The Neutrality Of The Forward-Looking Information,La Neutralidad De La Informacion Previsional

Author

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  • Oscar Suarez Fernandez

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.

Suggested Citation

  • Oscar Suarez Fernandez, 2014. "The Neutrality Of The Forward-Looking Information,La Neutralidad De La Informacion Previsional," Revista Internacional Administracion & Finanzas, The Institute for Business and Finance Research, vol. 7(2), pages 1-11.
    • Handle: RePEc:ibf:riafin:v:7:y:2014:i:2:p:1-11
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    More about this item

    Keywords

    Forward-Looking Information; Impression Management; Tone;
    All these keywords.

    JEL classification:

    • M40 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - General
    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting
    • M49 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Other

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