The Party's Over: The Role of Earnings Guidance in Resolving Sentiment-Driven Overvaluation

• Main Authors: Yang, I-Hwa, Nicholas, Seybert
• 格式: text
• 語言: English
• 出版: Institutional Knowledge at Singapore Management University 2012
• 主題: Accounting
• 在線閱讀: https://ink.library.smu.edu.sg/soa_research/1160; https://ink.library.smu.edu.sg/context/soa_research/article/2159/viewcontent/The_Party_s_Over_The_Role_of_Earnings_Guidance_in_Resolving_Sentiment_Driven_Overvaluation.pdf
• 機構: Singapore Management University

This paper shows that an important link between investor sentiment and firm over valuation is optimistic earnings expectations, and that management earnings guidance helps resolve sentiment-driven overvaluation.Using previously identified firm characteristics, we find that most of the negative retur...