Contemporary Accounting Research·Volume 34, Issue 1，Spring 2017

盈余公告的披露与分析师信息的改变

作者：OE Barron (Pennsylvania State University), D Byard (Baruch College), Y Yu (University of Texas at Austin)

摘要：本研究基于对财务报表和管理盈余预测的披露，探讨关于盈余公告的财务披露是如何影响卖方分析师对未来收益的分析的。我们发现，分析师来预测公司下一季度的收益往往依赖于私有信息，而我们的研究发现对资产负债表和零碎数据的披露与这一依赖程度的大小有联系。进一步分析表明，资产负债表的披露与分析师掌握的无论是公有或是私有信息的精度增加都相关。同时，零碎信息的披露与分析师私有信息量增加相关，盈余管理预测与分析师共有信息量增加相关。这些结果符合以下情况：分析师将公司披露的资产负债表信息和零碎信息进一步加工处理为可供预测近期收益的新的私有信息。额外关于电话会议记录的分析还表明，资产负债表、零碎信息和盈余管理预测的披露都与电话会议中的问答环节有关，这与分析师担任披露过程中的信息解说角色的事实相一致。

Earnings Announcement Disclosures and Changes in Analysts' Information

OE Barron (Pennsylvania State University), D Byard (Baruch College), Y Yu (University of Texas at Austin)

ABSTRACT

This study examines how financial disclosures with earnings announcements affect sell-side analysts' information about future earnings, focusing on disclosures of financial statements and management earnings forecasts. We find that disclosures of balance sheets and segment data are associated with an increase in the degree to which analysts' forecasts of upcoming quarterly earnings are based on private information. Further analyses show that balance sheet disclosures are associated with an increase in the precision of both analysts' common and private information, segment disclosures are associated with an increase in analysts' private information, and management earnings forecast disclosures are associated with an increase in analysts' common information. These results are consistent with analysts processing balance sheet and segment disclosures into new private information regarding near-term earnings. Additional analysis of conference calls shows that balance sheet, segment, and management earnings forecast disclosures are all associated with more discussion related to these items in the questions-and-answers section of conference calls, consistent with analysts playing an information interpretation role with respect to these disclosures.

原文链接：

http://onlinelibrary.wiley.com/doi/10.1111/1911-3846.12275/full

翻译：黄涛