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20-F reconciliations and investment recommendations by financial professionals

机译：金融专业人员的20-F对帐和投资建议

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摘要

As part of the U.S. regulatory requirements, non-U.S. companies registered on U.S. stock exchanges ('foreign registrants') are required to compile financial reports that comply with U.S. Generally Accepted Accounting Principles ('GAAP') or provide a reconciliation of non-U.S. GAAP financial statements to U.S GAAP (20-F reconciliation). The objective of this study is to determine if identical information with respect to U.S. GAAP may be evaluated differently depending on whether the 20-F reconciliation information is presented in a positive (20-F reconciliation gain) or negative (20-F reconciliation loss) way. The research results indicate that the financial professionals' investment recommendations were significantly lower for a firm when it reports a reconciliation loss relative to when it reports a reconciliation gain or when it reports under U.S. GAAP, although the financial results were identical in all cases. Further, consistent with Bradshaw [Bradshaw MT. How do analysts use their earnings forecasts in generating stock recommendations? Account Rev 2004;79(l):25-50.], the financial professionals' expectations of earnings growth were significantly and positively associated with their investment recommendation.
机译：作为美国监管要求的一部分，在美国证券交易所注册的非美国公司（“外国注册人”）必须编制符合美国公认会计原则（GAAP）的财务报告或提供非美国公司的对帐按照美国公认会计原则的GAAP财务报表（20-F对帐）。这项研究的目的是确定根据20-F对帐信息是以正数（20-F对帐收益）还是以负数（20-F对帐损失）呈现的方式，对有关US GAAP的相同信息是否进行不同的评估。道路。研究结果表明，尽管财务业绩在所有情况下都是相同的，但财务公司在报告对帐亏损时的财务建议相对于报告对帐收益或根据美国公认会计原则进行报告的公司要低得多。此外，与Bradshaw [Bradshaw MT。分析师如何利用其收益预测来产生股票推荐？ Account Rev 2004; 79（l）：25-50。]，财务专业人士对收益增长的期望与他们的投资建议显着正相关。

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