| dc.description.abstract | The purpose of this study is to examine the effect of analyst capital expenditure forecasts while the impact of the investment decisions in a company will extend into the future and affect its corporate value. In the study, we investigate the relation of capital expenditure
forecasts with recommendation reports, earnings estimates, and the returns of the firm.
Moreover, we show the importance of analyst capital expenditure estimations, which provide
concealing information to the market.
The results demonstrate that analyst capital expenditure forecasts have mostly adverse influences on earnings estimates, especially over two sample periods. However,
recommendation reports are significantly negatively related. For the firms and market, we found that analyst capital expenditure forecasts affect both long-term and short-term returns.
Short-term return reflects the degree of information received from the market, and the longterm shows the accuracy of the analyst forecast, although over investment may occur.
According to the research, the message passing of analyst capital expenditure forecast is
essential and value relevant to the capital market. | en_US |