Disclosure practices, enforcement of accounting standards, and analysts' forecast accuracy: An International study

Journal of Accounting Research

Volumn 41, Issue 2, 2003, Pages 235-272

  Hope, Ole Kristian ^a  

^a UNIVERSITY OF TORONTO   (Canada)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 0037725009     PISSN: 00218456     EISSN: None     Source Type: Journal    
DOI: 10.1111/1475-679X.00102     Document Type: Article

References (77)

1. ADREM, A. H. "Essays on Disclosure Practices in Sweden - Causes and Effects." Unpublished doctoral dissertation, Lund University, Sweden, 1999.
2. AIMR CORPORATE DISCLOSURE SURVEY. A report to AIMR. St. Louis, MO: Fleishman-Hillard Research, 2000.
3. ALI, A., AND L.-S. HWANG. "Country-Specific Factors Related to Financial Reporting and the Value Relevance of Accounting Data." Journal of Accounting Research 38 (2000): 1-22.
4. AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS (AICPA), SPECIAL COMMITTEE ON FINANCIAL REPORTING (A.K.A. JENKINS COMMITTEE REPORT). Improving Business Reporting - A Customer Focus. Meeting the Information needs of Investors and Creditors. New York: AICPA, 1994.
5. ASHBAUGH, H., AND M. PINCUS. "Domestic Accounting Standards, International Accounting Standards, and the Predictability of Earnings." Journal of Accounting Research 39(2001):417-34.
6. BALL, R. "Infrastructure Requirements for an Economically Efficient System of Public Financial Reporting and Disclosure." Brookings-Wharton Papers on Financial Services (2001 ): 127-69.
7. BALL, R.; S. P. KOTHARI; AND A. ROBIN. "The Effect of International Institutional Factors on Properties of Accounting Earnings." Journal of Accounting and Economics 29 (2000): 1-31.
8. BARTH, M. E.; J. A. ELLIOTT, AND M. W. FINN. "Market Rewards Associated with Patterns of Increasing Earnings." Journal of Accounting Research 37 (1999): 387-413.
9. BASU, S. "The Conservatism Principle and the Asymmetric Timeliness of Earnings." Journal of Accounting and Economics 24 (1997): 3-37.
10. BASU, S.; L. HWANG; AND C. L. JAN. "International Variation in Accounting Measurement Rules and Analysts' Earnings Forecast Errors." Journal of Business Finance and Accounting 25 (1998): 1207-47.
11. BECKER, C. L.; M. L. DEFOND; J. JIAMBALVO; AND K. R. SUBRAMANYAM. "The Effect of Audit Quality on Earnings Management." Contemporary Accounting Research 15 (1998): 1-24.
12. BENEISH, M. D., AND M. E. VARGUS. "Insider Trading, Earnings Management and Earnings Quality." Working paper, Indiana University and University of Southern California, 2000.
13. BERCEL, A. "Consensus Expectations and International Equity Returns." Financial Analysts Journal 50 (1994): 76-80.
14. BHATTACHARYA, U., AND H. DAOUK. "The World Pricing of Insider Trading." Journal of Finance 57 (2002): 75-108.
15. BLACK, E. L.; K. F. SELLERS; AND T. S. MANLY. "Earnings Management Using Asset Sales: An International Study of Countries Allowing Noncurrent Asset Revaluation. "Journal of Business Finance and Accounting 25 (1998): 1287-1317.
16. BLAINE, M. Comparing the Profitability of Firms in Germany, Japan, and the United States. Management International Review 34 (1994): 125-48.
17. BOTOSAN, C. A. "Disclosure Level and the Cost of Equity Capital." Accounting Review 72 ( 1997): 323-49.
18. BROWN, L. D., AND H. N. HIGGINS. "Managing Earnings Surprises in the U.S. Versus 12 Other Countries." Journal of Accounting and Public Policy 20 (2001): 371-98.
19. BUSHMAN, R. M., AND A. J. SMITH. "Financial Accounting Information and Corporate Governance." Journal of Accounting and Economics 32 (2001): 237-333.
20. CAPSTAFF, J.; K. PAUDYAL; AND W. REES. "Analysts' Forecasts of German Firms' Earnings: A Comparative Analysis." Journal of International Financial Management and Accounting 9 (1998): 83-116.
21. CAPSTAFF, J.; K. PAUDYAL; AND W. REES. "Revisions of Earnings Forecasts and Security Returns: Evidence from Three Countries." Working paper, University of Strathclyde, University of Durham, and University of Glasgow, 2000.
22. CARLIN, W., AND C. MAYER. "Finance, Investment and Growth." Journal of Financial Economics (Forthcoming).
23. CENTER FOR INTERNATIONAL FINANCIAL ANALYSIS & RESEARCH (CIFAR). Global Company Handbook. All volumes. Princeton, NJ: CIFAR Publications, 1993.
24. CENTER FOR INTERNATIONAL FINANCIAL ANALYSIS & RESEARCH (CIFAR). International Accounting and Auditing Trends. Volumes I and II. Princeton, NJ: CIFAR Publications, 1990, 1993, and 1995.
25. CHANG, L. S., AND K. S. MOST. The Perceived Usefulness of Financial Statements for Investors' Decisions. Gainesville: University Presses of Florida, 1985.
26. COOKE, T. E., AND R. S. O. WALLACE. Global Surveys of Corporate Disclosure Practices and Audit Firms: A Review Essay. Accounting and Business Research 20 ( 1989): 47-58.
27. ENG, L. L., AND H. K. TEO. "The Relation Between Annual Report Disclosures, Analysts' Earnings Forecasts and Analyst Following: Evidence from Singapore." Pacific Accounting Review 11 (2000): 219-39.
28. FEDERATION DES EXPERTS COMPTABLES EUROPEENS (FEE). Discussion paper on a financial reporting strategy within Europe, 1999.
29. FRANCIS, J. R.; E. L. MAYDEW; AND H. C. SPARKS. "The role of Big 6 Auditors in the Credible Reporting of Accruals." Auditing: A Journal of Practice and Theory 18 (1999): 17-34.
30. FROST, C. A.; E. GORDON; AND A. HAVES. "Stock Exchange Disclosure and Market Liquidity: An Analysis of 50 International Exchanges." Working paper, Rutgers University and Ohio State University, 2002.
31. FROST, C. A., AND K. P. RAMIN. "Corporate Financial Disclosure: A Global Assessment" in International Accounting and Finance Handbook, Second edition, edited by F. D. S. CHOI. New York: Wiley, 1997: 18.1-18.33.
32. GEBHARDT, G. "The Evolution of Global Standards in Accounting" in Brookings-Wharton Papers on Financial Services, edited by R. Litan and A. Santomero. Brookings Institution Press, 2000: Washington, D.C.: 341-68.
33. GRAY, S.J. "Towards a Theory of Cultural Influence on the Development of Accounting Systems Internationally." Abacus 24 (1988): 1-15.
34. HAUSMAN, J. "Specification Tests in Econometrics." Econometrica 46 (1978): 1251-73.
35. HEALY, P. M., AND K. G. PALEPU. "Information Asymmetry, Corporate Disclosure and the Capital Markets: A Review of the Empirical Disclosure Literature. "Journal of Accounting and Economics 31 (2001): 405-40.
36. HEALY, P. M., AND J. M. WHALEN. "A Review of the Earnings Management Literature and Its Implications for Standard Setting." Accounting Horizons 13 (1999): 365-83.
37. HOFSTEDE, G. Cultur's Consequences: International Differences in Work Related Values. Beverly Hills, CA: Sage, 1980.
38. HOLLAND, J. "Private Disclosure and Financial Reporting." Accounting and Business Research 28 (1998): 255-69.
39. HOPE, O.-K. "A Study of International Variations in the Financial Reporting Environment, Disclosure Practices and Analysts' Forecasts." Unpublished doctoral dissertation, Northwestern University, 2001.
40. HOPE, O.-K. "Disclosure Practices, Enforcement of Accounting Standards, and Analysts' Forecast Accuracy: An International Study." Journal of Accounting Researcch (Supplement 2003).
41. HOPE, O.-K. "Accounting Policy Disclosures and Analysts' Forecasts." Contemporary Accounting Research 20 (Forthcoming, 2003a).
42. HOPE, O.-K. "Analyst Following and the Influence of Disclosure Components, IPOs and Ownership Concentration." Asia-Pacific Journal of Accounting and Economics (Forthcoming, 2003b).
43. HOPE, O.-K. "Firm-Level Disclosures and the Relative Roles of Culture and Legal Origin." Journal of International Financial Management and Accounting 14 (Forthcoming, 2003c).
44. HUNG, M. "Accounting Standards and Value Relevance of Earnings: An International Analysis." Journal of Accounting and Economics 30 (2000): 401-20.
45. HWANG, L. S.; C. L. JAN; AND S. BASU. "Loss Firms and Analysts' Earnings Forecast Errors." Journal of Financial Statement Analysis 1 (1996): 18-30.
46. JACCARD, J.; R. TURRISI; AND C. K. WAN. Interaction Effects in Multiple Regression, Newbury Park, CA.: Sage, 1990.
47. JAGGI, B., AND P. Y. Low. "Impact of Culture, Market Forces, and Legal System on Financial Disclosures." International Journal of Accounting 35 (2000): 495-519.
48. KHANNA, T.; K. G. PALEPU; AND J. J. CHANG. "Analyst Activity Around the World." Working paper, Harvard University, 2000.
49. KOTHARI, S. P. "The Role of Financial Reporting in Reducing Financial Risks in the Market" in Building an Infrastructure for Financial Stability, edited by E. S. Rosengren and J. S. Jordan. Federal Reserve Bank of Boston Conference Series No. 44, 2000: 89-102.
50. LANG, M. H., AND R. J. LUNDHOLM. "Cross-Sectional Determinants of Analyst Ratings of Corporate Disclosures. "Journal of Accounting Research 31 (1993): 246-71.
51. LANG, M. H., AND R. J. LUNDHOLM. "Corporate Disclosure Policy and Analyst Behavior." Accounting Review 71 (1996): 467-92.
52. LA PORTA, R.; F. LOPEZ-DE-SILANES; AND A. SCHLEIFER. "Corporate Ownership Around the World." Journal of Finance 54 (1999): 471-517.
53. LA PORTA, R.; F. LOPEZ-DE-SILANES; A. SHLEIFER; AND R. W. VISHNY. "Legal Determinants of External Finance." Journal of Finance 52 (1997): 1131-50.
54. LA PORTA, R.; F. LOPEZ-DE-SILANES; A. SHLEIFER; AND R. W. VISHNY. "Law and Finance." Journal of Political Economy 106 (1998): 1113-55.
55. LARRAN, J. M., AND W. REES. "Un analysis empirico de los pronosticos de los analistas financieros en el caso espanol." Working paper, University of Cadiz, 1996.
56. LEUZ, C.; D. NANDA; AND P. WYSOCKI. "Investor Protection and Earnings Management: An International Comparison." Working paper, University of Pennsylvania, University of Michigan, and MIT, 2001.
57. LEVINE, R., AND S. ZERVOS. "What Have We Learned About Policy and Growth from Cross-Country Regressions?" American Economic Review 83 (1993); 426-43.
58. LYS, T., AND L. SOO. "Analysts' Forecast Precision as a Response to Competition." Journal of Accounting, Auditing and Finance 10 (1995): 751-65.
59. MARSTON, C., AND P. SHRIVES. "A Review of Empirical Research into Financial Disclosure." Working paper, University of Northumbria at Newcastle, 1996.
60. MEEK, G. K.; C. B. ROBERTS; AND S. J. GRAY. "Factors Influencing Voluntary Annual Report Disclosures by U.S., U.K. and Continental European Multinational Corporations."Journal of International Business Studies 26 (1995): 555-72.
61. MUELLER, G. G.; H. GERNON; AND G. MEEK. Accounting: An International Perspective, Third edition. New York: Business One Irwin, 1994.
62. NOBES, C. "Causes of International Differences." in Comparative International Accounting, edited by C. Nobes and R. Parker. Prentice Hall Europe, 1998, London: 15-29.
63. PEASNELL, K. V.; P. F. POPE; AND S. YOUNG. "Accrual Management to Meet Earnings Targets: U.K. Evidence Pre- and Post-Cadbury." British Accounting Review 32 (2000): 415-45.
64. POPE, P. F., AND M. WALKER. "International Differences in the Timeliness, Conservatism, and Classification of Earnings." Journal of Accounting Research 37 (1999): 53-87.
65. RAJAN, R., AND L. ZINGALES. "Financial Dependence and Growth." American Economic Review 88 (1998): 559-86.
66. REES, L.; E. P. SWANSON; AND M. CLEMENT. "The Influence of Corporate Governance, Culture, and Income Predictability on the Characteristics that Distinguish Superior Analysts." Working paper, Texas A&M University and University of Texas, 2000.
67. SALTER, S. B. "Corporate Financial Disclosure in Emerging Markets; Does Economic Development Matter?" International Journal of Accounting 33 (1998): 211-34.
68. SALTER, S. B., AND F. NISWANDER. Cultural Influence on the Development of Accounting Systems Internationally: A Test of Gray's (1988) Theory. Journal of International Business Studies 26 (1995): 379-97.
69. SAUDAGARAN, S. M., AND J. G. DIGA. "Financial Reporting in Emerging Capital Markets: Characteristics and Policy Issues." Accounting Horizons 11 (1997): 41-64.
70. SAUDAGARAN, S.M., AND G. K. MEEK. "A Review of Research on the Relationship Between International Capital Markets and Financial Reporting by Multinational Firms." Journal of Accounting Literature 16 (1997): 127-59.
71. SCHIPPER, K. "Commentary on Analysts' Forecasts." Accounting Horizons 5 (1991); 105-21.
72. SECURITIES AND EXCHANGE COMMISSION (SEC). SEC Concept Release on International Accounting Standards. SEC, 2000, Washington, D.C..
73. SEETHARAMAN, A.; F. A. GUL; AND S. G. LYNN. "Litigation Risk and Audit Fees: Evidence from UK Firms Cross-Listed on US Markets." Journal of Accounting and Economics 33 (2002): 91-115.
74. SIMUNIC, D. A. ''The Pricing of Financial Audit Services - Theory and Evidence." Journal of Accounting Research 18 (1980): 161-90.
75. SUNDER, S. Theory of Accounting and Control. Cincinnati, OH: South-Western Publishing, 1997.
76. VERGOOSSEN, R. G. A. "The Use and Perceived Importance of Annual Reports by Investment Analysts in the Netherlands." European Accounting Review 2/3 (1993): 219-44.
77. WHITE, H. ''A Heteroskedasticity-Consistent Covariance Matrix Estimator and a Direct Test for Heteroskedasticity." Econometrica 48 (1980): 817-38.