The Rewards for Meeting or Beating Managers' Own Earnings Guidance

被引：2
|
作者：
Hui, Kai Wai [1 ]
Liu, Alfred Zhu [2 ]
Zhang, Yao [3 ]
机构：
[1] Univ Hong Kong, HKU Business Sch, Dept Accounting & Law, Hong Kong, Peoples R China
[2] SUNY Albany, Sch Business, Dept Accounting & Law, Albany, NY 12222 USA
[3] Tongji Univ, Sch Econ & Management, Dept Accounting, Shanghai, Peoples R China
来源：
ACCOUNTING HORIZONS | 2021年 / 35卷 / 01期
基金：
中国国家自然科学基金;
关键词：
meeting or beating expectations; management guidance; market premium; FORECAST ACCURACY; MARKET REWARDS; EXPECTATIONS; CREDIBILITY; ASSOCIATION; REVISIONS; MATTER;
D O I：
10.2308/HORIZONS-16-059
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This study documents a stock return premium for meeting or beating management's own earnings guidance (MBMG) that is separate and distinct from the premium for meeting or beating analysts' earnings forecasts (MBAF) documented in prior literature. Cross-sectional analyses reveal that the MBMG premium relative to the MBAF premium increases when management guidance is more informative. We also find that MBMG is incrementally informative about a firm's future performance after considering MBAF. Our findings suggest that investors consider management earnings guidance to be a performance threshold in addition to analyst earnings forecasts when forming earnings expectations.
引用
收藏
页码：87 / 103
页数：17
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