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The Stock Price Effects from Downward Earnings Guidance Versus Beating Analysts' Forecasts : Which Effect Dominates?

Rees, Lynn L. - 2014

This paper provides evidence on the net stock price effects associated with managers following a disclosure strategy of guiding earnings down to a level where they can report a positive earnings surprise. Prior literature documents a stock price premium when firms meet or beat analysts'...

Persistent link: https://www.econbiz.de/10013069199

Shareholder Litigation Risk and Managers’ Private Disclosure of Earnings Warnings

Schafhäutle, Sandra - 2021

This paper examines managers’ use of a private disclosure channel to provide early earnings warnings and therefore reduce bad news shocks around public announcements. I ask whether firms are more likely to provide private earnings warnings to analysts when expected shareholder litigation risk...

Persistent link: https://www.econbiz.de/10013311312

The effects of regulation FD on informal and institutionalized leakages of information in earnings press releases

Dong, Bei; Li, Edward X.; Ramesh, K.; Shen, Min - 2011

This study examines the unintended effects of a pre-Reg FD practice that gave a broad group of sophisticated market participants 15-minute earlier access to all corporate press releases than the general public. We find that this priority dissemination practice contributed to 22 percent of the...

Persistent link: https://www.econbiz.de/10009316163

Insider Trading and Response to Earnings Announcements : The Impact of Accelerated Disclosure Requirements

Tartaroglu, Semih - 2017

This paper contributes to the debate on the consequences of increased disclosure regulation by investigating the effects of expedited reporting requirements of Form 4 filings, mandated by the Sarbanes-Oxley Act (SOX), on the market response to earnings announcements. We first confirm that SOX...

Persistent link: https://www.econbiz.de/10012972742

The Market Reaction to Earnings Announcements in Public Family Firms

Vieira, Elisabete Simões - 2017

This paper investigates the market reaction to earnings announcements in public family firms and whether this type of announcements affect firm's return, liquidity and cost of capital, providing also evidence on whether family businesses differ from non-family ones in what concerns the earnings...

Persistent link: https://www.econbiz.de/10012954292

Earnings Announcements, Differences of Opinion, and Management Guidance

Keskek, Sami - 2013

Berkman, Dimitrov, Jain, Koch, and Tice (2009) document a negative relation between differences of opinion and earnings announcement returns, and this relation is more pronounced when short sale constraints are likely to be high. These findings are interpreted as support for the theory in Miller...

Persistent link: https://www.econbiz.de/10013093860

Investor's inattention and earnings announcement effects on tomb-sweeping day in China

Feng, Qingchen - In: Credit and capital markets : Kredit und Kapital 55 (2022) 2, pp. 291-320

This study investigates the relationship between investor inattention and earnings announcement effects around a Chinese holiday called Tomb-Sweeping Day, which, unlike other holidays, is short. Not only is investor attention distracted, which can generate emotional fluctuation, but a large...

Persistent link: https://www.econbiz.de/10014518585

Analyst teams

Fang, Bingxu; Hope, Ole-Kristian - 2019

accurate earnings forecasts than individual analysts and that the stock market reacts more strongly to forecast revisions … show that team size and team member ability are significantly associated with forecast accuracy. Moreover, using detailed … analyst background information from LinkedIn, we find that forecast accuracy is positively associated with team diversity …

Persistent link: https://www.econbiz.de/10012052460

Moving beyond histogram bin frequencies as prima facie evidence of earnings management (or a discussion of "understanding the "numbers game")

Gerakos, Joseph - 2019

-or-beating the analyst consensus forecast. I provide an overview of their methods and findings, and then discuss the assumptions …

Persistent link: https://www.econbiz.de/10012104597

How informative are earnings forecasts?

Bruijn, Bert de; Franses, Philip Hans - In: Journal of risk and financial management : JRFM 11 (2018) 3, pp. 1-20

available forecast for each forecaster and the difference between the average and the forecast that this forecaster previously … made. We extended the knowledge base by analyzing the unpredictable component of the earnings forecast. We found that for … some forecasters the unpredictable component can be used to improve upon the predictable forecast, but we also found that …

Persistent link: https://www.econbiz.de/10011895745