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NTU Management Review
Vol. 35 No. 2 Oct. 2025, 129-166
https://doi.org/10.6226/NTUMR.202510_35(2).0004

The Effect of the Fair Value Reporting Model on Analyst Forecast
Properties: Evidence from Real Estate Firms

公允價值模型對分析師預測特性的影響：來自房地產公司
的證據

Chunlai Ye, Department of Accounting, Finance, and Business Law, College of Business, Texas A&M
University-Corpus Christi
Lin-Hui Yu, Department of Accounting, National Taiwan University
尤琳蕙 / 國立臺灣大學會計學系
Received 2024/6, Final revision received 2025/8
Abstract
Using a sample of US and UK real estate firms, this study investigates whether changes
in accounting standards impact analyst forecast properties. It reveals that a shift from the
partial fair value reporting model (UK domestic standards) to the full fair value reporting
model (IFRS) temporarily increases forecast dispersion; however, this increase disappears
several years after adoption. The study also finds that, when both income statements and
balance sheets are reported under the full fair value model, financial statements become
more straightforward, reducing analysts’ forecast revision response time. This reduction
only becomes pronounced several years following IFRS adoption, meaning that the
effect is not immediate. Finally, the study revisits Liang and Riedl (2014) and shows that
the increase in forecast error is temporary in the post-IFRS period. Overall, this work
documents that the change in accounting standards has a time-varying effect on analyst
behavior.
【Keywords】fair value, historical cost, analyst forecast dispersion, forecast revision
response time

摘 要
本研究以美國與英國的房地產公司為樣本，探討會計準則變動是否影響分析師預測行
為。我們發現，當英國自部分公允價值模式（原英國會計準則）轉向全面公允價值模
式 (IFRS) 時，分析師的預測分歧短暫上升；然而，該分歧在 IFRS 實施數年後消失。
此外，當損益表與資產負債表皆依據全面公允價值模式編製時，財務報表提供了更
直接的資訊，縮短分析師修正預測所需的反應時間。這種反應時間的縮短並非立即顯
現，而是在 IFRS 實施後數年才逐漸顯著。最後，我們重新檢視 Liang and Riedl (2014)
的研究，發現 IFRS 導致的預測誤差增加亦屬暫時性現象。整體而言，本研究指出，
會計準則的變更對分析師行為的影響具有明顯的時間動態特徵。

【關鍵字】 公允價值、歷史成本、分析師預測分歧、預測修訂反應時間

領域主編：戚務君教授

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