Bundled forecasts in empirical accounting research

被引：147

作者：

Rogers, Jonathan L. ^{[1
]}

Van Buskirk, Andrew ^{[2
]}

机构：

[1] Univ Chicago, Booth Sch Business, Chicago, IL 60637 USA

[2] Ohio State Univ, Fisher Coll Business, Columbus, OH 43210 USA

来源：

JOURNAL OF ACCOUNTING & ECONOMICS | 2013年 / 55卷 / 01期

关键词：

Management forecasts; Conference calls; Reg FD; Earnings announcements; MANAGEMENT EARNINGS FORECASTS; STOCK-PRICE BEHAVIOR; VOLUNTARY DISCLOSURE; INFORMATION-CONTENT; TRADING INCENTIVES; CONFERENCE CALLS; MARKET REACTION; BAD-NEWS; RETURNS; ANNOUNCEMENTS;

D O I：

10.1016/j.jacceco.2012.06.001

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper examines "bundled" forecasts, or management earnings forecasts issued concurrently with earnings announcements, which have evolved to become the most common type of management forecast. We describe the econometric problems associated with measuring bundled forecast news and, in particular, provide evidence that the measurement error in the traditional calculation of forecast news is material and is systematically associated with variables frequently studied in forecast-related research. We illustrate an application of conditional expectations to overcome these problems. Finally, we offer guidance and caveats to researchers considering the use of this method in the future. (C) 2012 Elsevier B.V. All rights reserved.

引用

页码：43 / 65

页数：23

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