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INTANG/MVAD (or INTANG/TA) equals capitalized intangible assets divided by market value added (or total assets) for firm i for year t; LG(| FE |/TA) the natural log of | FE |/TA the absolute value of earnings minus the mean earnings forecast scaled by total assets for firm i for year t; LG(DISP/TA) is natural log of DISP/TA the standard deviation of analysts earnings forecasts scaled by total assets for firm i for year t; MVAD equals market value equity (calculated using balance date ordinary shares and stock price) minus book value equity which has intangible assets subtracted for firm i for year t; OP/ DEBT is operating cash divided by total liabilities for firm i for year t; LG(MV) is natural log of market value equity for firm i for year t; AGE is the number of years firm i has been listed; EARNSD is the standard deviation of reported earnings of firm i over sample period; LOSS is a dummy variable equal to one for firms with earnings losses for year ¢ and zero otherwise; LEV is total liabilities divided by book value of equity; 6°(RET) equals the variance of stock return rolling calculation over preceding and current years for each year the firm appears in the sample within the sample period 1990-1997; A(PRICE) is equal to stock price at time ¢ minus stock price at time ¢— 1 divided by stock price at time t—1; FOLLOW is the average number of analysts following firm i for year t. Reported are coefficients, f-statistics, and one-tail probability where there is a signed prediction and two-tail probability otherwise: *p < 0.05; **p < 0.01). Unreported year and industry dummies are included in the estimation. 2SLS, two stage least squares; OLS, ordinary least squares. Analyst average fiscal year absolute forecast error for firm i (LG(I FE |/TA)) regressed on capitalized intangible assets divided by underlying intangible assets (INTANG/MVAD) and other factors found to affect analysts’ forecast errors for the pooled sample (1990-1997)

Table 5 INTANG/MVAD (or INTANG/TA) equals capitalized intangible assets divided by market value added (or total assets) for firm i for year t; LG(| FE |/TA) the natural log of | FE |/TA the absolute value of earnings minus the mean earnings forecast scaled by total assets for firm i for year t; LG(DISP/TA) is natural log of DISP/TA the standard deviation of analysts earnings forecasts scaled by total assets for firm i for year t; MVAD equals market value equity (calculated using balance date ordinary shares and stock price) minus book value equity which has intangible assets subtracted for firm i for year t; OP/ DEBT is operating cash divided by total liabilities for firm i for year t; LG(MV) is natural log of market value equity for firm i for year t; AGE is the number of years firm i has been listed; EARNSD is the standard deviation of reported earnings of firm i over sample period; LOSS is a dummy variable equal to one for firms with earnings losses for year ¢ and zero otherwise; LEV is total liabilities divided by book value of equity; 6°(RET) equals the variance of stock return rolling calculation over preceding and current years for each year the firm appears in the sample within the sample period 1990-1997; A(PRICE) is equal to stock price at time ¢ minus stock price at time ¢— 1 divided by stock price at time t—1; FOLLOW is the average number of analysts following firm i for year t. Reported are coefficients, f-statistics, and one-tail probability where there is a signed prediction and two-tail probability otherwise: *p < 0.05; **p < 0.01). Unreported year and industry dummies are included in the estimation. 2SLS, two stage least squares; OLS, ordinary least squares. Analyst average fiscal year absolute forecast error for firm i (LG(I FE |/TA)) regressed on capitalized intangible assets divided by underlying intangible assets (INTANG/MVAD) and other factors found to affect analysts’ forecast errors for the pooled sample (1990-1997)

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Summary statistics for the pooled sample for 1990-1997 (n = 421) FOLLOW is the average number of analysts following firm i for year t; LG(DISP/TA) is natural log of DISP/TA the standard deviation of analysts earnings forecasts scaled by total assets for firm 7 for year t; LG(| FE \/TA) the natural log of | FE |/TA the absolute value of earnings minus the mean earnings forecast scaled by total assets for firm i for year t; INTANG/MVAD (or INTANGI/TA) is capitalized intangible assets divided by market value added (or total assets) for firm i for year t; MVAD equals market value equity (calculated using balance date ordinary shares and stock price) minus book value equity which has intangible assets subtracted for firm i for year t; MVAD/MV is market value added divided by equity market value for firm i for year t; OP/DEBT is operating cash divided by total liabilities for firm i for year t; LG(MV) is natural log of market value equity for firm 7 for year t; AGE is the number of years firm 7 has been listed; EARNSD is the standard deviation of reported earnings of firm i over sample period; LEV is total liabilities divided by book value of equity; o°(RET) equals the variance of stock return rolling calculation over preceding and current years for each year the firm appears in the sample within the sample period 1990-1997; A(PRICE) is stock price at time ¢ minus stock price at time f-1 divided by stock price at time t-1; LOSS is a dummy variable equal to one for firms with earnings losses for year t and zero otherwise.
Summary statistics for the pooled sample for 1990-1997 (n = 421) FOLLOW is the average number of analysts following firm i for year t; LG(DISP/TA) is natural log of DISP/TA the standard deviation of analysts earnings forecasts scaled by total assets for firm 7 for year t; LG(| FE \/TA) the natural log of | FE |/TA the absolute value of earnings minus the mean earnings forecast scaled by total assets for firm i for year t; INTANG/MVAD (or INTANGI/TA) is capitalized intangible assets divided by market value added (or total assets) for firm i for year t; MVAD equals market value equity (calculated using balance date ordinary shares and stock price) minus book value equity which has intangible assets subtracted for firm i for year t; MVAD/MV is market value added divided by equity market value for firm i for year t; OP/DEBT is operating cash divided by total liabilities for firm i for year t; LG(MV) is natural log of market value equity for firm 7 for year t; AGE is the number of years firm 7 has been listed; EARNSD is the standard deviation of reported earnings of firm i over sample period; LEV is total liabilities divided by book value of equity; o°(RET) equals the variance of stock return rolling calculation over preceding and current years for each year the firm appears in the sample within the sample period 1990-1997; A(PRICE) is stock price at time ¢ minus stock price at time f-1 divided by stock price at time t-1; LOSS is a dummy variable equal to one for firms with earnings losses for year t and zero otherwise.
INTANG/MVAD (or INTANG/TA) equals capitalized intangible assets divided by market value added (or total assets) for firm i for year t; FOLLOW is the average of analysts following firm i for year t; DISP/TA is the standard deviation of analysts earnings forecasts scaled by total assets for firm 7 for year t; LG(DISP/TA) is log of DISP/TA; | FE \/TA is the absolute value of earnings minus the mean earnings forecast scaled by total assets for firm i for year t; LG(| FE |/TA) the naturz | FE \/TA; MVAD equals market value equity (calculated using balance date ordinary shares and stock price) minus book value equity which has intangibl subtracted for firm i for year t; MVAD/MV equals market value added divided by equity market value for firm i for year t, OP/DEBT is operating cash divided liabilities for firm i for year t; LG(MV) is natural log of market value equity for firm 7 for year t; AGE is the number of years firm i has been listed; EARN_S. standard deviation of reported earnings of firm i over sample period; LEV is total liabilities divided by book value of equity; o°(RET) equals the variance of stoc rolling calculation over preceding and current years for each year the firm appears in the sample within the sample period 1990-1997; A(PRICE) is equal to sto at time f¢ minus stock price at time ft — | divided by stock price at time f— 1. One-tail significance: *p < 0.05; **p < 0.01. Pearson’s correlations
INTANG/MVAD (or INTANG/TA) equals capitalized intangible assets divided by market value added (or total assets) for firm i for year t; FOLLOW is the average of analysts following firm i for year t; DISP/TA is the standard deviation of analysts earnings forecasts scaled by total assets for firm 7 for year t; LG(DISP/TA) is log of DISP/TA; | FE \/TA is the absolute value of earnings minus the mean earnings forecast scaled by total assets for firm i for year t; LG(| FE |/TA) the naturz | FE \/TA; MVAD equals market value equity (calculated using balance date ordinary shares and stock price) minus book value equity which has intangibl subtracted for firm i for year t; MVAD/MV equals market value added divided by equity market value for firm i for year t, OP/DEBT is operating cash divided liabilities for firm i for year t; LG(MV) is natural log of market value equity for firm 7 for year t; AGE is the number of years firm i has been listed; EARN_S. standard deviation of reported earnings of firm i over sample period; LEV is total liabilities divided by book value of equity; o°(RET) equals the variance of stoc rolling calculation over preceding and current years for each year the firm appears in the sample within the sample period 1990-1997; A(PRICE) is equal to sto at time f¢ minus stock price at time ft — | divided by stock price at time f— 1. One-tail significance: *p < 0.05; **p < 0.01. Pearson’s correlations
Analyst following (FOLLOW) regressed on capitalized intangible assets divided by underlying intangible assets (NTANG/MVAD) and proxies for other factors found to affect analyst following (1990-1997) EARNSD, LEV) reduced the dispersion and rectified the specification. The inferences are the same with and without the transformations, with the exception of leverage (LEV), which is not significant after being transformed. INTANG/MVAD (or INTANG/TA) equals capitalized intangible assets divided by market value added (or total assets) for firm i for year t; FOLLOW is the average number of analysts following firm i for year t; MVAD equals market value equity (calculated using balance date ordinary shares and stock price) minus book value equity which has intangible assets subtracted for firm i for year t, MVAD/MV equals market value added divided by equity market value for firm 7 for year t; OP/DEBT is operating cash divided by total liabilities for firm i for year t, LG(MV) is natural log of market value equity for firm 7 for year t; AGE is the number of years firm i has been listed; EARNSD is the standard deviation of reported earnings of firm 7 over sample period; LOSS is a dummy variable equal to one for firms with earnings losses for year ¢ and zero otherwise; LEV is total liabilities divided by book value of equity; o’(RET) equals the variance of stock return rolling calculation over preceding and current years for each year the firm appears in the sample within the sample period 1990-1997. Reported are coefficients, f-statistics, one-tail probability where there is a signed prediction and two-tail probability otherwise: *p < 0.05; **p < 0.01). Unreported year and industry dummies are included in the estimation. 2SLS, two stage least squares; OLS. ordinary least squares.
Analyst following (FOLLOW) regressed on capitalized intangible assets divided by underlying intangible assets (NTANG/MVAD) and proxies for other factors found to affect analyst following (1990-1997) EARNSD, LEV) reduced the dispersion and rectified the specification. The inferences are the same with and without the transformations, with the exception of leverage (LEV), which is not significant after being transformed. INTANG/MVAD (or INTANG/TA) equals capitalized intangible assets divided by market value added (or total assets) for firm i for year t; FOLLOW is the average number of analysts following firm i for year t; MVAD equals market value equity (calculated using balance date ordinary shares and stock price) minus book value equity which has intangible assets subtracted for firm i for year t, MVAD/MV equals market value added divided by equity market value for firm 7 for year t; OP/DEBT is operating cash divided by total liabilities for firm i for year t, LG(MV) is natural log of market value equity for firm 7 for year t; AGE is the number of years firm i has been listed; EARNSD is the standard deviation of reported earnings of firm 7 over sample period; LOSS is a dummy variable equal to one for firms with earnings losses for year ¢ and zero otherwise; LEV is total liabilities divided by book value of equity; o’(RET) equals the variance of stock return rolling calculation over preceding and current years for each year the firm appears in the sample within the sample period 1990-1997. Reported are coefficients, f-statistics, one-tail probability where there is a signed prediction and two-tail probability otherwise: *p < 0.05; **p < 0.01). Unreported year and industry dummies are included in the estimation. 2SLS, two stage least squares; OLS. ordinary least squares.
Analyst average fiscal year forecast dispersion for firm i (LG(DISP/TA)) regressed on capitalized intan- gible assets divided by underlying intangible assets (INTANG/MVAD) and other factors found to affect analysts’ forecast dispersion for the pooled sample (1990-1997) INTANG/MVAD (or INTANG/TA) equals capitalized intangible assets divided by market value added (or total assets) for firm 7 for year t; LG(DISP/TA) is the natural log of DISP/TA the standard deviation of analysts earnings forecasts scaled by total assets for firm i for year t; MVAD equals market value equity (calculated using balance date ordinary shares and stock price) minus book value equity which has intangible assets subtracted for firm 7 for year t; MVAD/MV equals market value added divided by equity market value for firm i for year t; OP/DEBT is operating cash divided by total liabilities for firm i for year t; LG(MV) is natural log of market value equity for firm 7 for year t; AGE is the number of years firm i has been listed; EARNSD is the standard deviation of reported earnings of firm i over sample period; LOSS is a dummy variable equal to one for firms with earnings losses for year ¢ and zero otherwise; LEV is total liabilities divided by book value of equity; o°(RET) equals the variance of stock return rolling calculation over preceding and current years for each year the firm appears in the sample within the sample period 1990-1997; A(PRICE) is equal to stock price at time f minus stock price at time ¢— 1 divided by stock price at time t— 1; FOLLOW is the average number of analysts following firm 7 for year t. Reported are coefficients, t-statistics, and one-tail probability where there is a signed prediction and two-tail probability otherwise: *p < 0.05; **p < 0.01). Unreported year and industry dummies are included in the estimation. 2SLS, two stage least squares; OLS, ordinary least squares.
Analyst average fiscal year forecast dispersion for firm i (LG(DISP/TA)) regressed on capitalized intan- gible assets divided by underlying intangible assets (INTANG/MVAD) and other factors found to affect analysts’ forecast dispersion for the pooled sample (1990-1997) INTANG/MVAD (or INTANG/TA) equals capitalized intangible assets divided by market value added (or total assets) for firm 7 for year t; LG(DISP/TA) is the natural log of DISP/TA the standard deviation of analysts earnings forecasts scaled by total assets for firm i for year t; MVAD equals market value equity (calculated using balance date ordinary shares and stock price) minus book value equity which has intangible assets subtracted for firm 7 for year t; MVAD/MV equals market value added divided by equity market value for firm i for year t; OP/DEBT is operating cash divided by total liabilities for firm i for year t; LG(MV) is natural log of market value equity for firm 7 for year t; AGE is the number of years firm i has been listed; EARNSD is the standard deviation of reported earnings of firm i over sample period; LOSS is a dummy variable equal to one for firms with earnings losses for year ¢ and zero otherwise; LEV is total liabilities divided by book value of equity; o°(RET) equals the variance of stock return rolling calculation over preceding and current years for each year the firm appears in the sample within the sample period 1990-1997; A(PRICE) is equal to stock price at time f minus stock price at time ¢— 1 divided by stock price at time t— 1; FOLLOW is the average number of analysts following firm 7 for year t. Reported are coefficients, t-statistics, and one-tail probability where there is a signed prediction and two-tail probability otherwise: *p < 0.05; **p < 0.01). Unreported year and industry dummies are included in the estimation. 2SLS, two stage least squares; OLS, ordinary least squares.
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