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NTU Management Review Vol. 35 No. 2 Oct. 2025

to-market ratios, lower non-property assets, higher non-debt liabilities, a lower percentage
of REIT-status firms, more diversified portfolios, lower institutional ownership, more
analysts following, and a longer forecast horizon. We find that UK firms exhibit less
forecast dispersion than US firms.

Table 1 Sample Selection
Distribution by year
Year US UK
2002 20 16
2003 31 18
2004 51 17
2005 56 19
2006 58 18
2007 66 23
2008 69 24
2009 77 27
2010 72 29
2011 74 28
2012 90 34
2013 90 29
2014 95 30
Total 849 312

Notes: This table presents the number of observations by year.

5. Empirical Results

5.1 Forecast Dispersion
Table 3 presents the regression results for analyst forecast dispersion. Column (1)
reports the estimates of Equation (1), including those for UK, POST, and UK×POST.

We focus on the interaction term UK×POST, which captures the shift in forecast
dispersion from the partial fair value model to the full fair value model among UK firms.
A significantly positive (negative) coefficient on UK×POST suggests that the forecast
dispersion is greater (lower) for UK firms reporting under IFRS than it is for UK firms

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