Brennan, Niamh and Gray, Sidney J.  “Voluntary Disclosure of Profit Forecasts: Factors Influencing Information Disclosed during UK Takeover Bids” in Rechnungswesen als Instrument für Führungsentscheidungen (Accounting as an Instrument for Mana
by Prof Niamh M. Brennan, Michael MacCormac Professor of Management at University College Dublin on Nov 16, 2012
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Forecasts are rarely disclosed in the UK except in the case of new share issue prospectuses and during takeover bids where disclosure is generally voluntary. This contrasts with the US where ...
Forecasts are rarely disclosed in the UK except in the case of new share issue prospectuses and during takeover bids where disclosure is generally voluntary. This contrasts with the US where management forecasts are routinely disclosed by many US companies. UK managements are generally reluctant to disclose forecasts routinely as these, once issued, would have to be formally reported on by accountants and financial advisors if the company is subsequently involved in a takeover bid.
As information in forecasts is largely unregulated in the UK, a study of disclosures in forecasts can provide valuable insights into voluntary disclosure decisions. This in turn may be helpful in assisting policy makers to develop better regulations governing the disclosures in forecasts. In addition, these research findings may assist management in their disclosure choices.
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