The impact of regulation fair disclosure on earnings management and analyst forecast bias

Journal of Economics and Finance

Volumn 31, Issue 1, 2007, Pages 87-98

  Kwag, Seung Woog ^a   Small, Kenneth ^b  

^a UTAH STATE UNIVERSITY   (United States)

^b LOYOLA UNIVERSITY MARYLAND   (United States)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 51949115745     PISSN: 10550925     EISSN: 19389744     Source Type: Journal    
DOI: 10.1007/BF02751514     Document Type: Article

References (25)

1. Abarbanell, J. S. 1991. "Do Analysts' Earnings Forecasts Incorporate Information in Prior Stock Price Changes?" Journal of Accounting and Economics 14: 147-165.
2. Bailey, W., H. Li, C. Mao, and R. Zhong. 2003. "Regulation Fair Disclosure and Earnings Information: Market, Analyst, and Corporate Responses." Journal of Finance 58: 2487-2514.
3. Beneish, M. D. 1997. "Detecting GAAP Violation: Implications for Assessing Earnings Management Among Firms with Extreme Financial Performance." Journal of Accounting and Public Policy 16: 271-309.
4. Brown, L. D. 1996. "Analyst Forecasting Errors and Their Implications for Security Analysis: An Alternative Perspective." Financial Analysts Journal 52: 40-47.
5. Brown, L. D. 2001. "A Temporal Analysis of Forecast Errors: Profits Versus Losses." Journal of Accounting Research 39: 221-241.
6. Brown, L. D., and H. N. Higgins. 2001. "Managing Forecast Errors in the U.S. Versus 12 Other Countries." Journal of Accounting and Public Policy 20: 373-398.
7. Charoenrook, A. and C. Lewis. 2005. "Information and Selective Disclosure." Financial Markets Research Center Working Paper Series #4-14, Vanderbilt University.
8. CPA Journal. 2001. "Research Studies Show Differing Views on Regulation FD." The CPA Journal 71: 8-14.
9. Dechow, P. M., R. G. Sloan, and A. P. Sweeney. 1996. "Causes and Consequences of Earnings Manipulation: An Analysis of Firms Subject to Enforcement Actions by the SEC." Contemporary Accounting Research 13: 1-36.
10. Degeorge, F., J. Patel, and R. Zeckhauser. 1999. "Earnings Management to Exceed Thresholds." Journal of Business 72: 1-33.
11. Fama, E. F., and K. R. French. 1995. "Size and Book-to-Market Factors in Earnings and Returns." Journal of Finance 50: 131-155.
12. Francis, J., and D. Philbrick. 1993. "Analysts' Decisions as Products of a Multi-Task Environment." Journal of Accounting Research 31: 216-230.
13. Fried, D., and D. Givoly. 1982. "Financial Analysts' Forecasts of Earnings: A Better Surrogate for Market Expectations." Journal of Accounting and Economics 4: 85-107.
14. Gleason, C. A., and C. M. Lee. 2003. "Analyst Forecast Revisions and Market Price Discovery." Accounting Review 78: 193-225.
15. Heffes, Ellen M. 2002. "Regulation Fair Disclosure (FD) and Beyond." Financial Executive 18: 52-54.
16. Heflin, F., K. R. Subramanyam, and Y. Zhang. 2003. "Regulation FD and the Financial Information Environment: Early Evidence." Accounting Review 78: 1-37.
17. Irani, A. J., and I. Karamanou. 2003. "Regulation Fair Disclosure, Analyst Following, and Analyst Forecast Dispersion." Accounting Horizons 17: 15-29.
18. La Porta, R. 1996. "Expectations and the Cross-Section of Stock Returns." Journal of Finance 51: 1715-1742.
19. O'Brien, P. C. 1988. "Analysts' Forecasts as Earnings Expectations." Journal of Accounting and Economics 10: 53-83.
20. Lee, C., L. Rosenthal, and K. Gleason. 2004. "The Effect of Regulation FD on Asymmetric Information." Financial Analyst Journal 60: 79-89.
21. Sloan, R. G. 1996. "Do Stock Prices Fully Reflect Information in Accruals and Cash Flows about Future Earnings?" Accounting Review 71: 289-315.
22. Soffer, L. C., S. R. Thiagarajan, and B. R. Walther. 2000. "Earnings Preannouncement Strategies." Review of Accounting Studies 5: 5-26.
23. Tasker, S. C. 1998. "Technology Company Conference Calls: A Small Sample Study." Journal of Financial Statement Analysis 4: 6-14.
24. Teoh, S. H., I. Welch, and T. J. Wong. 1998. "Earnings Management and the Long-Run Market Performance of Initial Public Offerings." Journal of Finance 53: 1935-1974.
25. Unger, L. S. 2001. "Special Study: Regulation Fair Disclosure Revisited." U.S. Securities and Exchange Commission.