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Many studies find that aggregate managerial decision variables, such as aggregate equity issuance, predict stock or bond market returns. Recent research argues that these findings may be driven by an aggregate time-series version of Schultz’s (2003, Journal of Finance 58, 483–517) pseudo...
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In this study, we examine the strategic intraday and intraweek timing of management forecast announcements based on whether they contain good or bad news. In contrast to past research using highly visible earnings announcements, unscheduled voluntary management forecasts provide a setting in...
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In this study, we examine the effect of accrual-based earnings management on the association between managers' earnings … forecast errors and accruals, which we label “managers' accrual-related forecast bias.” We build on extensive research which … finds that managers engage in accrual-based earnings management to meet or beat earnings benchmarks and report smooth …
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