Do analysts provide information about other comprehensive income in book value forecasts for financial firms?

IF 1.2 Q3 BUSINESS, FINANCE

Advances in Accounting Pub Date : 2024-01-13 DOI:10.1016/j.adiac.2023.100726

Dirk Black , Thaddeus Neururer

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引用次数: 0

Abstract

Analysts' earnings forecasts exclude other comprehensive income (OCI). However, OCI affects firm value on a dollar-for-dollar basis and can enhance investors' assessments of the riskiness of firms' equity capital. Focusing on financial firms and using analysts' book value per share (BVPS) forecasts as a proxy for forward-looking information about OCI, we examine whether analysts provide information about future OCI via BVPS forecasts, whether investors respond to BVPS innovations (which should include OCI innovations), and whether such innovations are more useful to investors in financial firms with difficult-to-value financial assets. We find evidence consistent with: 1) Analysts' BVPS forecasts generally conveying at least some information about future OCI; and, 2) The market responding to whether firms miss analysts' consensus BVPS expectations (which should include OCI expectations), with stronger evidence for firms with larger holdings of difficult-to-value financial assets. The evidence supports the intuition that analysts provide at least some information about future OCI in their BVPS forecasts.

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分析师是否在金融公司账面价值预测中提供其他综合收益的信息？

分析师的盈利预测不包括其他综合收益（OCI）。然而，其他综合收益以美元为单位影响公司价值，并能增强投资者对公司股权资本风险性的评估。我们以金融企业为研究对象，使用分析师的每股账面价值（BVPS）预测作为有关其他综合收益前瞻性信息的代理变量，研究分析师是否通过 BVPS 预测提供了有关未来其他综合收益的信息，投资者是否对 BVPS 创新（其中应包括其他综合收益创新）做出了反应，以及这种创新是否对拥有难以估值的金融资产的金融企业的投资者更有用。我们发现以下证据是一致的1）分析师的 BVPS 预测通常至少传达了一些有关未来 OCI 的信息；以及，2）市场会对公司是否错过分析师一致的 BVPS 预期（其中应包括 OCI 预期）做出反应，持有较多难以估值的金融资产的公司有更强的证据。这些证据支持分析师在其 BVPS 预测中至少提供一些有关未来 OCI 的信息这一直觉。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Advances in Accounting BUSINESS, FINANCE-

CiteScore

2.50

自引率

6.20%

发文量

期刊介绍： Advances in Accounting, incorporating Advances in International Accounting continues to provide an important international forum for discourse among and between academic and practicing accountants on the issues of significance. Emphasis continues to be placed on original commentary, critical analysis and creative research.