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

Table 3 The Effect of Fair Value Model Versus Historical Cost Model on Forecast
Dispersion

Panel A: Dependent Variable: DISPERSION
(1) (2)
Variable Coef. t-stat p-value Coef. t-stat p-value
UK -0.711 -1.80 0.073 -0.621 -1.44 0.150
POST -2.444 -1.90 0.059
YEAR_0506 -2.574 -2.00 0.047
YEAR_0708 0.051 0.24 0.808
YEAR_0910 -0.641 -1.44 0.150
YEAR_1112 0.167 0.75 0.452
YEAR_1314 0.259 1.80 0.073
UK×POST 0.395 1.40 0.164
UK×YEAR_0506 1.271 4.04 0.000
UK×YEAR_0708 0.765 1.52 0.130
UK×YEAR_0910 0.580 1.17 0.244
UK×YEAR_1112 -0.438 -1.23 0.221
UK×YEAR_1314 0.069 0.22 0.825
ROA -4.201 -3.55 0.000 -3.976 -3.39 0.001
SIZE -0.086 -1.08 0.282 -0.128 -1.57 0.118
LEV 0.732 1.75 0.082 0.832 1.91 0.057
BM 0.093 0.27 0.790 0.118 0.33 0.741
OTHER_A -0.172 -0.49 0.622 -0.077 -0.21 0.834
OTHER_L -1.192 -0.96 0.340 -1.050 -0.76 0.446
EPS_CHANGE 1.954 1.28 0.203 1.747 1.17 0.242
GROWTH -0.078 -0.62 0.537 -0.059 -0.44 0.662
REIT -0.296 -1.23 0.219 -0.147 -0.50 0.616
DIVERSIFIED 0.019 0.09 0.928 0.056 0.26 0.792
STD_RET 46.163 3.61 0.000 47.548 3.51 0.001
PINT 0.314 1.15 0.250 0.364 1.33 0.186
FOLLOW 0.004 0.21 0.832 0.009 0.47 0.640
HORIZON 0.410 2.34 0.020 0.464 2.61 0.010

Fixed effects Yes Yes
n 1,161 1,161
Adj. R 2 0.125 0.134

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