حسابداری ارزش منصفانه و دقت پیش بینی تحلیلگر

This study examines the effect of fair value accounting on the behavior of analysts using a large, generalizable sample of U.S. firms. By employing a measure of firms' fair value intensity, we provide evidence showing that firms with higher fair value intensity have more accurate analyst earnings forecasts, a significant main effect elusive to Magnan, Menini, and Parbonetti (2015). Furthermore, by using disclosures required by Statement of Financial Accounting Standards (SFAS) No. 157, we find significant positive associations between analyst forecast accuracy and Level 1 and Level 2 fair value measurements, but we do not find such association for Level 3 measurements. We document that these main effects are predominantly concentrated in non-financial industry firms in contrast to financial industry firms. This suggests that qualitative features of fair value measurements, including their business purpose and on-average accounting treatment (e.g., trading assets, available for sale, etc.), could also have an impact on analyst forecasting accuracy beyond mere measurement issues. Our results contribute to the debate over fair value accounting by showing the impact of fair value accounting upon an important participant in the capital markets.