Does the financial analysts' usage of non-financial information influence the analysts' forecast accuracy? Some evidence from the Belgian sell-side financial analyst |
| |
Authors: | Raf Orens Nadine Lybaert |
| |
Institution: | a Hasselt University, Department of Business Studies, Agoralaan, Gebouw D, 3590 Diepenbeek, Belgium b University of Antwerp, Department of Accounting and Finance, Prinsstraat 13, 2000 Antwerp, Belgium |
| |
Abstract: | This paper examines whether the use of non-financial information by sell-side financial analysts influences the accuracy of analysts’ forecasts. The research findings, based on a survey of Belgian financial analysts, suggest that financial analysts who use more forward-looking information and more internal-structure information offer more accurate forecasts. Furthermore, the listed Belgian firms examined in this study have improved their non-financial information reporting over time. However, neither the frequency nor the quantity of non-financial information mentioned by financial analysts in their reports appears to have increased over time. |
| |
Keywords: | Analyst reports Annual reports Disclosure Financial analysts' forecast accuracy Non-financial information Non-financial information use |
本文献已被 ScienceDirect 等数据库收录! |
|