자발적으로 공시한 정보의 예측오차와 기업특성 = Forecast Error of Voluntary Disclosure information and Firm characteristics

다국어 초록 (Multilingual Abstract)

This paper empirically examines the accuracy of managements' forecasts by firm characters. Further, the accuracy was compared to financial analysts' forecast (DaeWoo Securities Research Center).
The sample consists of 95firms which announced managements' sales and earnings forecasts in daily economic newspapers(maeil and korea business newspaper) during the years of 1995 and 1996.
Forecast errors are analyzed to infer the accuracy. Selected firm characteristics are firm size, types of industry, ownership share of major stockholders, and being a member of conglomerate.
The result shows that managements tend to overestimate sales and earnings. No significant differences are found between managements and financial analysts' forecasts errors.
The result shows that managers forecasts are not affected by firm characteristics. The result of this paper provides an evidence that managements' forecasts are useful information to investors. Thus, investor relation can be improved by disclosing managements' sales and earnings forecasts.

목차 (Table of Contents)

• Ⅰ. 머리말
• Ⅱ. 예측오차와 기업특성
• Ⅲ. 표본선정과 분석방법
• 1. 표본의 선정
• 2. 변수측정 및 분석방법
• Ⅳ. 분석결과와 해석
• 1. 예측오차와 기술통계량
• 2. 재무분석가 예측치와의 정확성 비교
• Ⅴ. 맺은말
• <참고문헌>