Προβλέψεις αναλυτών και επιδόσεις τραπεζών
KeywordsΚίνητρα ; Ασύμμετρη πληροφόρηση ; Κερδοφορία ; Προβλέψεις ; Αναλυτές ; Motives ; Information asymmetry ; Profitability ; Forecasts ; Analysts
This study investigates the relationship between analysts’ forecasts and the return that banks themselves announce. The aim is to ascertain if forecasts influence published profitability. The study of the existing literature reveals that banks give in to the temptation of affecting their accounting data, aiming either to improve their capital ratios or form their profitability. These actions suggest a significant level of freedom in forming their accounting data. Furthermore, they conceal the effect of numerous motives, which are pointed out and explained. The strength of the hypothesis is investigated through the correlation between forecasts and various profitability ratios. Moreover, the effect of forecasts on asset and management quality is examined, in order to find out if there is an indirect influence on profitability. Results indicate positive relationship between forecasts and profitability, suggesting that the hypothesis is valid. Still, a more careful interpretation of the results shows that there are more parameters that need to be examined.