The rewards to meeting or beating earnings expectations

被引：839

作者：

Bartov, E

Givoly, D

Hayn, C ^{[1
]}

机构：

[1] Univ Calif Los Angeles, Anderson Grad Sch Management, Los Angeles, CA 90095 USA

[2] NYU, Stern Sch Business, New York, NY 10012 USA

[3] Univ Calif Irvine, Grad Sch Management, Irvine, CA 92697 USA

来源：

JOURNAL OF ACCOUNTING & ECONOMICS | 2002年 / 33卷 / 02期

关键词：

earnings expectation; analysts' forecast; expectations management; earnings management; loss;

D O I：

10.1016/S0165-4101(02)00045-9

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper finds that firms that meet or beat current analysts' earnings expectations (MBE) enjoy a higher return over the quarter than firms with similar quarterly earnings forecast errors that fail to meet these expectations. Further, such a premium to MBE, although somewhat smaller, exists in the cases where MBE is likely to have been achieved through earnings or expectations management. The findings also indicate that the premium to MBE is a leading indicator of future performance. This premium and its predictive ability are only marginally affected by whether the MBE is genuine or the result of earnings or expectations management. (C) 2002 Elsevier Science B.V. All rights reserved.

引用

页码：173 / 204

页数：32

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