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

Table 6 Additional Analysis: The Effect of Fair Value Model Versus Historical Cost
Model on the Frequency of Forecast Revision

Panel A: Dependent Variable: FREQ
(1) (2)
Variable Coef. t-stat p-value Coef. t-stat p-value
UK 0.770 2.78 0.006 0.910 3.08 0.002
POST -1.555 -4.56 0.000
YEAR_0506 -1.597 -4.64 0.000
YEAR_0708 1.286 5.96 0.000
YEAR_0910 1.711 7.70 0.000
YEAR_1112 1.396 9.46 0.000
YEAR_1314 1.159 9.25 0.000
UK×POST -0.967 -4.83 0.000
UK×YEAR_0506 -0.631 -2.84 0.005
UK×YEAR_0708 -1.085 -4.38 0.000
UK×YEAR_0910 -1.403 -5.13 0.000
UK×YEAR_1112 -1.304 -5.15 0.000
UK×YEAR_1314 -0.934 -3.85 0.000
ROA -0.130 -0.25 0.802 -0.475 -0.80 0.425
SIZE 0.159 2.84 0.005 0.166 2.91 0.004
LEV 0.253 1.18 0.239 0.258 1.19 0.236
BM 0.077 0.72 0.469 0.081 0.77 0.445
OTHER_A 0.321 1.56 0.120 0.368 1.84 0.067
OTHER_L 1.848 2.07 0.040 2.236 2.50 0.013
EPS_CHANGE -1.411 -3.28 0.001 -1.342 -2.97 0.003
GROWTH 0.191 2.25 0.026 0.182 2.13 0.034
REIT 0.094 0.60 0.551 0.244 1.37 0.172
DIVERSIFIED 0.009 0.09 0.926 0.013 0.13 0.896
STD_RET 0.917 0.18 0.854 -1.785 -0.33 0.741
PINT 0.249 1.44 0.153 0.239 1.35 0.179
FOLLOW -0.026 -2.47 0.015 -0.022 -2.12 0.036
AVG_VOL 0.048 1.17 0.245 0.026 0.59 0.555
ABS_PRICECHANGE 8.629 2.40 0.017 10.719 2.97 0.003
SKEW -0.015 -0.30 0.765 -0.003 -0.06 0.955

Fixed effects Yes Yes
n 1,331 1,331
Adj. R 2 0.345 0.348

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