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1、AccountingPolicyDisclosuresandAnalysts'ForecastsOle-KristianHopeJosephL.RotmanSchoolofManagementUniversityofToronto105St.GeorgeStreetToronto,Ontario,CanadaM5S3E6okhope@rotman.utoronto.caAugust2,2002AcknowledgementsIappreciatethehelpfulcommentsonvariousversionsofthispa
2、perbyThomasFields,BjørnJørgensen,ElizabethKeating,RobertMagee,WallySmieliauskas,BeverlyWalther,GregWaymire(AssociateEditor),ananonymousreviewerandworkshopparticipantsatNorthwestern,Toronto,the2000CIERA/EIIAConference,the2001AAAMidwestRegionalandAnnualMeetings,andthe20
3、01EIASMInternationalWorkshoponCapitalMarketResearch.Allerrorsaremyown.IgratefullyacknowledgethefinancialsupportoftheNorwegianSchoolofEconomicsandBusinessAdministrationandtheRotmanSchoolofManagement.IthankIBESInternationalInc.forprovidingearningsforecastdata.AbstractUs
4、inganinternationalsample,Iinvestigatewhethertheextentoffirms'disclosureoftheiraccountingpoliciesintheannualreportisassociatedwithpropertiesofanalysts'earningsforecasts.Controllingforfirm-andcountry-levelvariables,Ifindthatthelevelofaccountingpolicydisclosureissignific
5、antlynegativelyrelatedtoforecastdispersionandforecasterror.Inparticular,Ifindthataccountingpolicydisclosuresareincrementallyusefultoanalystsoverandaboveallotherannualreportdisclosures.Thesefindingssuggestthataccountingpolicydisclosuresreduceuncertaintyaboutforecastede
6、arnings.Ifindunivariatebutnotmultivariatesupportforthehypothesisthataccountingpolicydisclosuresareespeciallyhelpfultoanalystsinenvironmentswherefirmscanchooseamongalargersetofaccountingmethods.KeyWordsAccountingpolicydisclosures,financialanalysts,forecastdispersionand
7、error,international111.INTRODUCTIONAccountingstandardsettersarguethatinformationabouttheaccountingpoliciesusedbyareportingentityisessentialforfinancialstatementusersininterpretingfinancialstatements(e.g.,IAS1;APBOpinion22;SSAP2).Inthispaper,Iinvestigatewhethertheexten
8、toffirms'disclosureoftheiraccountingpoliciesmatterstofinancialanalysts,animportantusergroupoffinancialstatements.Specificall
