The Effect of SFAS No. 141 and SFAS No. 142 on the Accuracy of Financial Analysts' Earnings Forecasts after Mergers Page: 37
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Xp2 due to general changes in the business environment after 2000, for which the
effects on forecast accuracy are difficult to predict (example: economic downturn,
several prominent bankruptcies, etc.).
Descriptive Statistics
Table 10 provides descriptive statistics for key variables of the model and the
correlation matrix for the new sample.
Table 10.
Panel A. Descriptive statistics.
Variable Mean Median STD Max Min
Forecast error 0.204 0.040 0.565 8.955 0.000
Merger 0.508 1.000 0.500 1.000 0.000
PostSFAS 0.490 0.000 0.500 1.000 0.000
Size 8.467 8.321 1.866 11.623 3.707
Analyst 20.622 20.000 10.393 40.000 2.000
ANT 2.861 2.996 0.632 3.689 0.693
AVF 1.036 1.046 0.295 1.835 0.134
DI 0.067 0.043 0.069 0.395 0.000
FT 0.598 0.578 0.212 1.000 0.247
Loss 0.076 0.000 0.266 1.000 0.000Panel B. Pearson/Spearman correlation coefficients (n=3499).
Forecast
error Merger PostSFAS Size ANT AVF DI FT Loss
Forecast
error 1.000 -0.119 -0.016 -0.491 -0.330 0.324 0.137 -0.253 0.229
Merger -0.098 1.000 0.041 0.044 -0.025 -0.054 0.173 -0.053 0.031
PostSFAS -0.044 0.041 1.000 0.113 0.113 0.244 0.039 -0.099 0.156
Size -0.282 0.023 0.113 1.000 0.834 -0.147 -0.029 -0.037 -0.292
ANT -0.131 -0.003 0.111 0.790 1.000 -0.077 0.064 -0.040 -0.183
AVF 0.136 -0.031 0.282 -0.120 -0.026 1.000 0.229 -0.006 0.139
DI 0.096 0.107 0.102 -0.154 -0.059 0.241 1.000 -0.029 0.175
FT -0.096 -0.049 -0.088 -0.035 -0.036 0.000 -0.009 1.000 -0.013
Loss 0.289 0.031 0.156 -0.293 -0.154 0.113 0.261 -0.008 1.00037
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Mintchik, Natalia Maksimovna. The Effect of SFAS No. 141 and SFAS No. 142 on the Accuracy of Financial Analysts' Earnings Forecasts after Mergers, dissertation, May 2005; Denton, Texas. (https://digital.library.unt.edu/ark:/67531/metadc4731/m1/44/: accessed April 24, 2024), University of North Texas Libraries, UNT Digital Library, https://digital.library.unt.edu; .