Regulation Fair Disclosure Analyst Following and Analyst Forecase Dispersion

Regulation Fair Disclosure Analyst Following and Analyst Forecase Dispersion

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ACTG 593 – Accounting Research: Methodology and Communication Article Report Group 1 Name Alexis Tate Uma Mulakala Laila Elgandoz Brittany Koshinski Olivia Sprecher Week 7 Title “Regulation Fair Disclosure, Analyst Following, and Analyst Forecast Dispersion” X 1. What is the research question(s) addressed in the paper? Irani and Karamanou address the effects of the Fair Disclosure (“FD”) Regulation on the quantity and quality of information provided by managers . 2. What is the primary result(s) of this research? Irani and Karamanou found that in the post-FD period there was a decrease in the average number of analysts consistent with the decrease in the quantity and quality of information made available by firms. They also found an increase in mean analyst forecast dispersion 3. What is the motivation behind conducting this research? The motivation for conducting this research was to settle the debate created by the Fair Disclosure Regulation between the SEC and opponents of the regulation 4. What, if any, is the underlying theory? The intention of the regulation was to ensure all financial information is released to the public at the same time (i.e. not to private investors before public investors). However, opponents of the regulation argue that it reduces the quality and quantity of information that firms voluntarily release to the market.
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