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Exploration intensity, analysts’ private information development and their forecast performance

Exploration intensity, analysts’ private information development and their forecast performance

 Xiaomeng, Chen.
 2018.
 p. 77-107. English
Phân tích thống kê.Statistic Analysis.Tài sản vô hình.Intangible assets.Analysts.Công nghiệp khai khoáng.Exploration and evaluation expenditures.Extractive industries.
Tác giả CN Xiaomeng, Chen.
Nhan đề Exploration intensity, analysts’ private information development and their forecast performance / Xiaomeng Chen, Sue Wright, Hai Wu.
Thông tin xuất bản 2018.
Mô tả vật lý p. 77-107.
Tóm tắt This study examines whether analysts in the extractive industries in Australia adjust their private information searching and processing in response to the complexity of information about a firm’s exploration and evaluation (E&E) activities. We find that both the proportion of private information in their forecasts and the accuracy of their forecasts increase with the intensity of E&E activities. Additional analyses reveal that this effect is more pronounced for firms with substantial E&E activities but limited production activities, and that analysts’ private information development activities are mainly related to the capitalized E&E expenditures. Our results provide guidance for both investors and future standard setters. They show that investors can benefit from analysts’ expertise in situations of high information asymmetry. They also provide evidence of the advantage of distinguishing successful from unsuccessful investments in resource exploration when accounting for E&E expenditures, which may inform future decisions about accounting for intangible assets.
Thuật ngữ chủ đề Phân tích thống kê.
Thuật ngữ chủ đề Statistic Analysis.
Từ khóa tự do Tài sản vô hình.
Từ khóa tự do Intangible assets.
Từ khóa tự do Analysts.
Từ khóa tự do Công nghiệp khai khoáng.
Từ khóa tự do Exploration and evaluation expenditures.
Từ khóa tự do Extractive industries.
Nguồn trích Accounting and Business Research- Volume 48, No 1
MARC
Hiển thị đầy đủ trường & trường con
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300[1 0] |a p. 77-107.
520[ ] |a This study examines whether analysts in the extractive industries in Australia adjust their private information searching and processing in response to the complexity of information about a firm’s exploration and evaluation (E&E) activities. We find that both the proportion of private information in their forecasts and the accuracy of their forecasts increase with the intensity of E&E activities. Additional analyses reveal that this effect is more pronounced for firms with substantial E&E activities but limited production activities, and that analysts’ private information development activities are mainly related to the capitalized E&E expenditures. Our results provide guidance for both investors and future standard setters. They show that investors can benefit from analysts’ expertise in situations of high information asymmetry. They also provide evidence of the advantage of distinguishing successful from unsuccessful investments in resource exploration when accounting for E&E expenditures, which may inform future decisions about accounting for intangible assets.
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653[0 ] |a Công nghiệp khai khoáng.
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653[0 ] |a Extractive industries.
773[0 ] |t Accounting and Business Research |g Volume 48, No 1
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