Voluntary Disclosure and Analyst Forecast

被引：9
|
作者：
Lang, Konrad [1 ]
机构：
[1] Eberhard Karls Univ Tubingen, Dept Managerial Accounting, Nauklerstr 47, D-72074 Tubingen, Germany
来源：
EUROPEAN ACCOUNTING REVIEW | 2018年 / 27卷 / 01期
关键词：
MANAGEMENT EARNINGS FORECASTS; BAD-NEWS; DISCRETIONARY DISCLOSURE; SHAREHOLDER LITIGATION; PRICE CHANGES; INFORMATION; MARKET; EXPECTATIONS; FIRMS; GUIDANCE;
D O I：
10.1080/09638180.2016.1217783
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
Empiricists document that firms more often voluntarily disclose bad news than good news and link this pessimism to managers' increased incentives not to fall short of earnings expectations. This paper analyzes the voluntary disclosure of a manager's private information by explicitly considering her incentives to meet or beat an analyst's earnings forecast. The model predicts that managers who face strong incentives to meet or beat these forecasts more frequently disclose bad news than good news in order to guide analysts' expectations about future earnings downward. This pessimism is higher in markets with less informed managers and may hold even if the manager has strong incentives for high stock prices and meet-or-beat incentives are comparably low.
引用
收藏
页码：23 / 36
页数：14
相关论文
共 50 条
  • [1] The Effect of Conditional Management Earnings Forecast Mandates on Voluntary Disclosure and Analyst Forecast Properties
    Zhu, Nathan Zhenghang
    Wang, Kun Tracy
    Wilson, Mark
    ABACUS-A JOURNAL OF ACCOUNTING FINANCE AND BUSINESS STUDIES, 2022, 58 (03): : 479 - 522
  • [2] Does voluntary disclosure on an internet platform affect analyst forecast accuracy?
    Wang, Meng
    Zhao, Wanlong
    Tao, Yunqing
    APPLIED ECONOMICS LETTERS, 2022, 29 (17) : 1547 - 1555
  • [3] Transboundary, information disclosure and analyst forecast
    Liao M.
    Ling D.
    Deng L.
    Xitong Gongcheng Lilun yu Shijian/System Engineering Theory and Practice, 2019, 39 (02): : 330 - 345
  • [4] The Effects of Disclosure and Analyst Regulations on the Relevance of Analyst Characteristics for Explaining Analyst Forecast Accuracy
    Keskek, Sami
    Myers, Linda A.
    Omer, Thomas C.
    Shelley, Marjorie K.
    JOURNAL OF BUSINESS FINANCE & ACCOUNTING, 2017, 44 (5-6) : 780 - 811
  • [5] Corporate social responsibility disclosure quality and analyst forecast
    Jiao, Jing
    Nam, Chunhyun
    PROCEEDINGS OF THE 2017 5TH INTERNATIONAL CONFERENCE ON MECHATRONICS, MATERIALS, CHEMISTRY AND COMPUTER ENGINEERING (ICMMCCE 2017), 2017, 141 : 375 - 394
  • [6] Sustainable development goals disclosure and analyst forecast quality
    Nicolo, Giuseppe
    Zampone, Giovanni
    Sannino, Giuseppe
    Polcini, Paolo Tartaglia
    JOURNAL OF APPLIED ACCOUNTING RESEARCH, 2024, 26 (06) : 1 - 25
  • [7] ESG Controversies, ESG Disclosure and Analyst Forecast Accuracy
    Schiemann, Frank
    Tietmeyer, Raphael
    INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS, 2022, 84
  • [8] Corporate Disclosure, Analyst Forecast Dispersion, and Stock Returns
    Ali, Ashiq
    Liu, Mark
    Xu, Danielle
    Yao, Tong
    JOURNAL OF ACCOUNTING AUDITING AND FINANCE, 2019, 34 (01): : 54 - 73
  • [9] EARNINGS VOLATILITY AND VOLUNTARY MANAGEMENT FORECAST DISCLOSURE
    WAYMIRE, G
    JOURNAL OF ACCOUNTING RESEARCH, 1985, 23 (01) : 268 - 295
  • [10] Lockup and voluntary earnings forecast disclosure in IPOs
    Chong, Beng Soon
    Ho, Kim Wai
    FINANCIAL MANAGEMENT, 2007, 36 (03) : 63 - 80
12345