Journal of Business Finance & Accounting发表了有关会计，公司财务，公司治理及其接口的高质量研究论文。JBFA每年赞助一次资本市场会议，并每年在特刊上发表会议论文。JBFA 自1974年以来就已出版，并被列入《社会科学引文索引》和《当前内容/社会与行为科学》。
Peter F. Pope，博科尼大学和伦敦经济学院
Journal of Business Finance & Accounting publishes high quality research papers in accounting, corporate finance, corporate governance and their interfaces. JBFA sponsors an annual Capital Markets Conference, with conference papers being published in a Special Issue each year. JBFA has been published since 1974 and is included in the Social Science Citation Index and Current Contents/Social & Behavioral Sciences.
It is a high quality journal (A*) in the Australian Business Deans Council (ABDC) Quality Journal List.
Peter F. Pope, Bocconi University and London School of Economics
Andrew Stark, Manchester Business School
Analyst revenue forecast reporting and the quality of revenues and expenses
Pawel Bilinski Cass Business School
Michael Eames Santa Clara University
We decompose earnings quality into revenue and expense quality and examine their associations with analyst propensity to supplement their earnings forecasts with revenue forecasts. Analysts report more revenue forecasts to I/B/E/S when expense quality is low to compensate for the low accuracy of their earnings estimates, which has a positive association with expense quality. Expense quality is unassociated with revenue forecast accuracy, thus revenue forecasts become increasingly useful for valuing firms when expense quality is low. Analysts report fewer revenue forecasts when revenue quality is low because both earnings and revenue forecast accuracy decline as revenue quality deteriorates. To control for endogeneity, we use firm-fixed effects to control for unobserved time-invariant heterogeneity across firms, instrumental variables regressions and regression in changes.
earnings and revenue forecast accuracy, joint earnings and revenue, forecast issues, price reaction, quality of earnings components
This study decomposes earnings quality into revenue and expense quality to examine their associations with the analyst propensity to supplement their earnings forecasts with revenue forecasts when reporting to I/B/E/S. We document that low revenue and expense quality increase earnings forecasting difficulties and reduce the accuracy and value relevance of analyst EPS forecasts, which in turn increases investors’ reliance on and demand for revenue information. Analysts respond to investor demand for revenue forecasts by issuing relatively more revenue forecasts when expense quality is low as revenue forecast accuracy does not vary with expense quality. Revenue forecast accuracy falls when revenue quality declines, which reduces analysts incentives to report revenue forecasts.