The effects of analyst forecasts and earnings trends on perceptions of management forecast credibility

被引：11
|
作者：
Gaynor, Lisa M. [1 ]
Kelton, Andrea S. [2 ]
机构：
[1] Univ S Florida, Sch Accountancy, Tampa, FL 33620 USA
[2] Wake Forest Univ, Sch Business, Winston Salem, NC 27109 USA
来源：
ACCOUNTING AND FINANCE | 2014年 / 54卷 / 01期
关键词：
M41; Management earnings forecast; Investor expectations; Analyst forecast; Disclosure credibility; NONPROFESSIONAL INVESTORS; INFORMATION; JUDGMENTS; EXPECTATIONS; PERFORMANCE; INCENTIVES; DISCLOSURE; DISCRETION; REVISIONS; GUIDANCE;
D O I：
10.1111/j.1467-629X.2012.00505.x
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
We examine whether analyst forecasts influence investors' perceptions of the credibility of a good news management earnings forecast. We hypothesize that the effect of analyst forecasts will depend on whether the analyst forecast confirms management's forecast and the extent to which management's forecast is consistent with the prior earnings trend. Findings indicate that the positive effect of a confirming analyst forecast is greater when the management forecast is trend inconsistent than when it is trend consistent. The negative effect of a disconfirming analyst forecast does not differ based on management forecast trend consistency.
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页码：189 / 210
页数：22
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