Determinanten des Informationsgehalts von Managementprognosen – eine empirische Untersuchung anhand der DAX und MDAX-Unternehmen |
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Authors: | Dr. Uwe N?lte |
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Affiliation: | 1. Referent Accounting – Financial Instruments, E.ON AG, Werthmannstra?e 22, 50935, K?ln, Deutschland
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Abstract: | In this article the characteristics and determinants of the information content of management earnings forecasts of the German DAX and MDAX companies between 2002 and 2005 are analyzed. As proxy for the information content I use the precision of the wording of a forecast. I can show that the forecasts of MDAX companies are more precisely formulated than those of DAX companies. Furthermore forecasts are formulated more precisely, when companies have, (1) a lower percentage of intangible assets, (2) lower market capitalization, (3) lower volatility of earnings and (4) a higher need for external financing. |
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