Information aggregation to form earnings expectations: Evidence from CEO networks and management forecast accuracy

被引：1

作者：

Lee, Sam ^{[1
]}

Matsunaga, Steven R. ^{[2
,5
]}

Oh, Peter ^{[3
]}

Hong, Hyun A. ^{[4
]}

机构：

[1] Iowa State Univ, Ivy Coll Business, Ames, IA USA

[2] Univ Oregon, Lundquist Coll Business, Eugene, OR USA

[3] McGill Univ, Desautels Fac Management, Montreal, PQ, Canada

[4] Univ Calif Riverside, Riverside, CA USA

[5] Univ Oregon, Lundquist Coll Business, Eugene, OR 97403 USA

来源：

CONTEMPORARY ACCOUNTING RESEARCH | 2024年 / 41卷 / 02期

关键词：

analyst forecasts; CEO network; external information; information transfer; management earnings forecasts; BOARD CONNECTIONS; SOCIAL TIES; INTERLOCKS; ASSOCIATION; ABILITY; FRIENDS; PRICE;

D O I：

10.1111/1911-3846.12933

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We investigate whether a larger CEO employment network provides access to information that improves firms' earnings forecasts and find a significantly positive relation between CEO employment network size and management earnings forecast accuracy. Our results suggest that firms use information obtained from CEO contacts to increase the accuracy of their earnings forecasts. Our conclusion is further supported by evidence of positive associations between CEO employment network size and the likelihood, frequency, and precision of management earnings forecasts. We also find that CEO employment network size is positively related to analysts' reactions to the forecast news and the accuracy of management earnings forecasts relative to analyst forecasts. Overall, our results are consistent with a larger CEO employment network generating external information that increases the accuracy of firms' earnings forecasts.

引用

页码：1000 / 1030

页数：31

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