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Evidence on Fair Value in Profit Forecasts: An Analysis Considering the Idiosyncratic Differences in the Influence of the Legal Systems

Matheus de Siqueira Moraes, Paula Carolina Ciampaglia Nardi, André Machado, Rafael Freitas Souza

e250129

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Abstract:

Objective: this study examines how fair value (FV) accounting affects the accuracy of financial analysts’ earnings forecasts and whether this effect varies by legal system (Common Law vs. Civil Law) and International Financial Reporting Standards (IFRS) adoption. Methods: using a panel of 1,420 publicly listed companies in 40 countries from 2011 to 2018 (over 32,000 company-quarter observations), we apply generalized linear mixed models to account for the...