The Effect of Management Earnings Forecasts on the Relationship between Returns and Future Earnings and the Implications for the Continuation of Management’s Quarterly Earnings Guidance

• Main Authors: Choi, Jong-Hag, Myers, Linda, Ziebart, David, Zang, Yoonseok
• 格式: text
• 語言: English
• 出版: Institutional Knowledge at Singapore Management University 2008
• 主題: Management forecasts; Future earnings response coefficient (FERC); Earnings guidance; Forecast characteristics; Accounting; Corporate Finance; Finance and Financial Management
• 在線閱讀: https://ink.library.smu.edu.sg/soa_research/240
• 機構: Singapore Management University

Using a sample of 11,897 firm-year observations from 1998 through 2001, we build on literature suggesting that more informative disclosures allow returns to better reflect future earnings, and test whether the issuance of management forecasts and the characteristics of those forecasts influence the...