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首页> 外文期刊>International journal of business governance and ethics >Does analyst following improve informativeness of earnings? Evidence from the MENA region
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Does analyst following improve informativeness of earnings? Evidence from the MENA region

机译：分析师的追踪是否会改善收益信息？来自中东和北非地区的证据

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摘要

Given ineffective disclosure and governance mechanisms, are there any mechanisms that can help improve informativeness of disclosed information in the Middle East and North Africa (MENA) region? This paper aims to answer the above question by documenting the effect of analyst following on the informativeness of reported earnings. Our results show that the informativeness of reported earnings, measured by earnings-return relation, is a significantly positively function of analyst following. We argue that analysts reduce information asymmetries by continually gathering, interpreting and disseminating firm-specific information. As a result, it becomes hard for insiders to evade effective disclosure of firm value. It, therefore, leads firms to disclose the information more truthfully, thereby improving credibility of reported earnings. We also show that our results hold across sub-samples of well-performing and badly performing firms. Interestingly, our results do not hold for firm headquartered in the Middle East.
机译：鉴于无效的公开和治理机制，是否有任何机制可以帮助改善中东和北非（MENA）地区公开信息的信息性？本文旨在通过记录分析师对报告收益信息的影响来回答上述问题。我们的结果表明，以收益与收益的关系衡量的报告收益的信息性是分析师关注度的显着正函数。我们认为，分析师通过不断收集，解释和传播公司特定信息来减少信息不对称。结果，内部人士很难逃避有效披露公司价值。因此，它使公司更真实地披露信息，从而提高了报告收益的可信度。我们还表明，我们的结果适用于表现良好且业绩不佳的公司的子样本。有趣的是，我们的结果不适用于总部设在中东的公司。

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