Li, Sherry Fang; Sun, Fang; Wu, Fengyun - In: The International Journal of Business and Finance Research 8 (2014) 5, pp. 47-58
Using a uniquely hand-collected dataset, we examine how financial analysts react to expectations management in the post-Regulation Fair Disclosure (FD) period. We find evidence that management issues pessimistic public guidance to lower analysts’ expectations to a beatable level in the...