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forecast precision, clarity, and verifiability affects the bias, quality, and stock price effects of such forecasts. Many MCFFs … over forecast precision, clarity, and verifiability affects the bias, quality, and stock price effects of such forecasts …
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uncertainty, as reflected by greater timeliness with no loss in forecast accuracy. In contrast, analysts have greater difficulty … dealing with heightened market uncertainty, as both timeliness and forecast accuracy decline …
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We analyze the earnings information and stock prices of S&P500 firms and find that investors following S&P500 stocks (i) respond more to pro forma earnings than to GAAP earnings, (ii) respond to an emphasis on pro forma earnings, and (iii) are fixated on pro forma earnings. We provide the first...
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This study examines the effect of the Jumpstart Our Business Startups Act (JOBS Act) on information uncertainty in IPO firms. The JOBS Act creates a new category of issuer, the Emerging Growth Company (EGC), and exempts EGCs from several disclosures required for non-EGCs. Our findings are...
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