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
  • [21] Analyst Forecast Consistency
    Hilary, Gilles
    Hsu, Charles
    JOURNAL OF FINANCE, 2013, 68 (01): : 271 - 297
  • [22] Analyst subjectivity, analyst disclosure, and the aims of psychoanalysis
    Cooper, SH
    PSYCHOANALYTIC QUARTERLY, 1998, 67 (03): : 379 - 406
  • [23] Analyst Forecast Bundling
    Drake, Michael
    Joos, Peter
    Pacelli, Joseph
    Twedt, Brady
    MANAGEMENT SCIENCE, 2020, 66 (09) : 4024 - 4046
  • [24] Study on voluntary disclosure of earnings forecast of real estate listed company in China
    Zhou, Xianhua
    Tian, Jinxin
    Shenyang Jianzhu Daxue Xuebao (Ziran Kexue Ban)/Journal of Shenyang Jianzhu University (Natural Science), 2008, 24 (02): : 349 - 352
  • [25] Mandatory R&D disclosure and analyst forecast Accuracy: Evidence from an emerging market
    Liu, Baohua
    Huang, Dan
    Chen, Tao
    Chan, Kam C.
    JOURNAL OF CONTEMPORARY ACCOUNTING & ECONOMICS, 2023, 19 (03)
  • [26] Analyst Pessimism and Forecast Timing
    Barron, Orie E.
    Byard, Donal
    Liang, Lihong
    JOURNAL OF BUSINESS FINANCE & ACCOUNTING, 2013, 40 (5-6) : 719 - 739
  • [27] VOLUNTARY DISCLOSURE
    MEYER, DP
    HOSPITALS, 1986, 60 (01): : 9 - &
  • [28] Targeted poverty alleviation disclosure and analyst forecast accuracy: Evidence from a quasi-natural experiment
    Wu, Wenxin
    Xu, Minya
    Zhou, Zixun
    FINANCE RESEARCH LETTERS, 2023, 54
  • [29] Mandatory CSR disclosure and analyst forecast properties: Evidence from a quasi-natural experiment in China
    Shi, Haina
    Song, Byron Y.
    Xu, Huifeng
    Xu, Xiaodong
    CHINA JOURNAL OF ACCOUNTING RESEARCH, 2023, 16 (02)
  • [30] Analyst bias and forecast consistency
    Byun, Sanghyuk
    Roland, Kristin
    ACCOUNTING AND FINANCE, 2021, 61 (04): : 5403 - 5437
12345