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The Impact of CEO Overconfidence on Profitability and Stock Return : A Firm’s Life Cycle Perspective

Demirkan, Sebahattin; Mishra, Birendra K.; Toksoz, Tuba - 2021

We examine how CEO overconfidence impacts profitability and stock return for firms at different stages in their life cycle. Extant research has shown that an overconfident personality could affect the CEO's decision-making on investment, financial reporting, and the firm's choice of policies. It...

Persistent link: https://www.econbiz.de/10013250274

Are Investors Misled by Non-GAAP Expense Exclusions Used to Beat Analysts’ Earnings Forecasts?

Lopez, Thomas J. - 2019

We investigate whether investors are misled by firms that exclude particular expenses in calculating non-GAAP earnings in order to beat analysts' earnings forecasts. Our empirical analyses suggest that firms that pursue a strategy of non-GAAP reporting to beat analysts' earnings forecasts not...

Persistent link: https://www.econbiz.de/10012864015

Waiting for Guidance : Disclosure Noise, Verification Delay, and the Value-Relevance of Good-News versus Bad-News Management Earnings Forecasts

Cohen, Lee Jeremy - 2018

The market views bad-news management earnings forecasts as more credible than good-news forecasts not because good-news forecasts are biased, but rather because they are noisier than bad-news forecasts. After controlling for noise, the difference in market response disappears. Bad-news forecasts...

Persistent link: https://www.econbiz.de/10012923797

Waiting for Guidance : Disclosure Noise, Verification Delay, and the Value-Relevance of Good-News versus Bad-News Management Earnings Forecasts

Cohen, Lee J. - 2018

Persistent link: https://www.econbiz.de/10012936917

Earnings Seasonality, Management Earnings Forecasts and Stock Returns

Jiang, Danling; Song, Pan; Zhu, Hongquan - 2023

Previous research finds that historical seasonal earnings rank negatively predicts stock returns surrounding earnings announcements (EAs) in China’s A-share markets. We examine whether management earnings forecasts (MEFs) help reduce the stock return seasonality associated with earnings...

Persistent link: https://www.econbiz.de/10014255146

On the Anomalous Stock Price Response to Management Earnings Forecasts

Das, Somnath - 2012

initial overreaction to managers' bad news forecasts and a continuation of an initial under-reaction to managers' good news …

Persistent link: https://www.econbiz.de/10013105748

Earning investor trust : the role of past earnings management

Eugster, Florian; Wagner, Alexander F. - 2018

, this effect occurs in industries where investor trust has recently been violated, and where managers would in the past have …

Persistent link: https://www.econbiz.de/10011865525

Are CEOs’ Purchases More Profitable Than They Appear?

Armstrong, Chris - 2020

profit from doing so. However, since CEOs are risk-averse, highly un-diversified, and face litigation costs from trading on …

Persistent link: https://www.econbiz.de/10012825091

What’s My Style? The Influence of Top Managers on Voluntary Corporate Financial Disclosure

Bamber, Linda Smith - 2010

whether individual managers play an economically significant role in voluntary corporate financial disclosure. Tracking … managers across firms over time, we find top executives exert unique and economically significant influence (manager … firm- and time-specific effects. We further show that managers' unique disclosure styles are associated with observable …

Persistent link: https://www.econbiz.de/10013150343

Are CEOs Compensated for Value Destroying Growth in Earnings?

Balachandran, Sudhakar V. - 2011

Prior research shows that firms generating earnings growth by improving profitability create shareholder value, while firms generating earnings growth through investment destroy value. This paper examines whether compensation committees consider this while determining CEO compensation. We first...

Persistent link: https://www.econbiz.de/10013132985