We investigate firms that stop providing earnings guidance (stoppers) either by publicly announcing their decision (announcers) or doing so quietly (quiet stoppers). Relative to firms that continue guiding, stoppers have poorer prior performance, more uncertain operating environments, and fewer...

We investigate a sample of 75 firms that publicly renounced quarterly EPS guidance in the post-FD period (10/2000 to 10/2004). We find that stoppers have poor trailing earnings and stock return performance. We document an average -3.8% three-day return around the announcement to stop guidance...

We investigate a sample of 96 firms that publicly renounced quarterly EPS guidance in the post-FD period (10/2000 to 1/2006). We find that stoppers have poor trailing stock return performance and lower institutional ownership. We document an average -4.8% three-day return around the announcement...