Voluntary disclosure and quality of new stock companies’ earnings forecast in EU-regulated markets
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RIS BIB ENDNOTEVoluntary disclosure and quality of new stock companies’ earnings forecast in EU-regulated markets
Publication date: 12.2018
International Business and Global Economy, 2018, Volume 37, pp. 348 - 359
https://doi.org/10.4467/23539496IB.18.025.9398Authors
Voluntary disclosure and quality of new stock companies’ earnings forecast in EU-regulated markets
Companies conducting IPO in European countries make a voluntary decision regarding the disclosure of earnings forecast in prospectus. Using a sample of 651 companies that conducted IPO on EU-regulated markets between 2010 and 2016, we investigate the popularity of decisions on revealing financial forecasts in prospectus and address the questions regarding the type and accuracy of such forecasts. We find that only 12.58% of companies voluntarily included their financial forecasts in the IPO prospectus, and the scope of the disclosed information is diversified. Most commonly prospectuses include projections of sales revenues, net profits, and EBITDA. Our results give evidence that financial projections are over-optimistic and not accurate.
Ujawnianie oraz jakość prognozy zysku spółek debiutujących na europejskich regulowanych rynkach akcji
W krajach europejskich przedsiębiorstwa realizujące pierwszą ofertę publiczną (IPO) mogą podjąć dobrowolną decyzję o tym, czy opublikować prognozę zysku w prospekcie emisyjnym. Opierając się na próbie 651 spółek giełdowych debiutujących na europejskich rynkach regulowanych w latach 2010–2016 poszukujemy odpowiedzi na pytania dotyczące rodzaju i trafności prognoz wyników finansowych opublikowanych w prospektach emisyjnych. Uzyskane wyniki wskazują, iż jedynie 12,58% spółek zdecydowało się ujawnić prognozy finansowe w prospekcie emisyjnym, przy czym zakres ujawnianych informacji finansowych jest zróżnicowany. Najczęściej prospekty zawierają prognozy przychodów ze sprzedaży, zysku netto oraz EBITDA. Otrzymane wyniki pozwalają stwierdzić, że prognozy finansowe są zbyt optymistyczne i nietrafne.
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Information: International Business and Global Economy, 2018, Volume 37, pp. 348 - 359
Article type: Original article
Titles:
Voluntary disclosure and quality of new stock companies’ earnings forecast in EU-regulated markets
Voluntary disclosure and quality of new stock companies’ earnings forecast in EU-regulated markets
Faculty of Economics and Sociology, University of Lodz, Lodz, Poland
Faculty of Economics, Maria Curie-Sklodowska University, Lublin, Poland
Published at: 12.2018
Article status: Open
Licence: None
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