The Benefits of Financial Statement Comparability

• 成果类型: Article
• 署名作者: De Franco, Gus; Kothari, S. P.; Verdi, Rodrigo S.
• 署名单位: University of Toronto; Massachusetts Institute of Technology (MIT)
• 刊物名称: JOURNAL OF ACCOUNTING RESEARCH
• ISSN/ISSBN: 0021-8456
• DOI: 10.1111/j.1475-679X.2011.00415.x
• 发表日期: 2011
• 页码: 895-931
• 关键词: EARNINGS ANNOUNCEMENTS; CONTRARIAN INVESTMENT; EMPIRICAL POWER; ANALYST; specification; expectations; performance; Timeliness; accruals; returns

摘要

Investors, regulators, academics, and researchers all emphasize the importance of financial statement comparability. However, an empirical construct of comparability is typically not specified. In addition, little evidence exists on the benefits of comparability to users. This study attempts to fill these gaps by developing a measure of financial statement comparability. Empirically, this measure is positively related to analyst following and forecast accuracy, and negatively related to analysts' dispersion in earnings forecasts. These results suggest that financial statement comparability lowers the cost of acquiring information, and increases the overall quantity and quality of information available to analysts about the firm.