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

Table 5 Additional Analysis: The Effect of Fair Value Model Versus Historical Cost
Model on Analyst Forecast Error

Panel A: Dependent Variable: ABS_ERROR
(1) (2)
Variable Coef. t-stat p-value Coef. t-stat p-value
UK -0.182 -0.49 0.624 -0.029 -0.07 0.945
POST -1.168 -1.33 0.185
YEAR_0506 -1.250 -1.43 0.155
YEAR_0708 0.346 1.69 0.093
YEAR_0910 -0.301 -0.68 0.500
YEAR_1112 0.224 0.98 0.328
YEAR_1314 0.199 1.59 0.114
UK×POST 0.892 2.84 0.005
UK×YEAR_0506 1.744 2.77 0.006
UK×YEAR_0708 0.795 1.45 0.148
UK×YEAR_0910 0.696 1.50 0.135
UK×YEAR_1112 0.552 1.18 0.238
UK×YEAR_1314 0.587 1.35 0.178
ROA -6.468 -3.79 0.000 -6.827 -3.70 0.000
SIZE 0.027 0.36 0.719 0.008 0.09 0.926
LEV -0.211 -0.43 0.668 -0.176 -0.36 0.721
BM -0.414 -1.56 0.120 -0.417 -1.55 0.123
OTHER_A 0.324 0.69 0.489 0.374 0.78 0.438
OTHER_L -2.692 -1.84 0.068 -2.236 -1.46 0.147
EPS_CHANGE 6.456 4.57 0.000 6.419 4.44 0.000
GROWTH -0.133 -0.66 0.509 -0.138 -0.68 0.500
REIT -0.531 -1.51 0.132 -0.330 -0.82 0.416
DIVERSIFIED 0.054 0.25 0.805 0.078 0.36 0.720
STD_RET 18.865 1.61 0.109 17.987 1.45 0.149
PINT 0.340 1.17 0.242 0.329 1.08 0.281
FOLLOW -0.056 -2.89 0.004 -0.055 -2.66 0.008
HORIZON 0.275 1.93 0.055 0.278 1.96 0.052

Fixed effects Yes Yes
n 1,520 1,520
Adj. R 2 0.145 0.147

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