Bundled forecasts in empirical accounting research

Journal of Accounting and Economics

Volumn 55, Issue 1, 2013, Pages 43-65

  Rogers, Jonathan L ^a   Van Buskirk, Andrew ^b  

^a UNIVERSITY OF CHICAGO   (United States)

^b OHIO STATE UNIVERSITY   (United States)

Author keywords

Conference calls; Earnings announcements; Management forecasts; Reg FD

Indexed keywords

EID: 84872788089     PISSN: 01654101     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jacceco.2012.06.001     Document Type: Article

References (69)

1. Ajinkya B.B., Bhojraj S., Sengupta P. The association between outside directors, institutional investors and the properties of management earnings forecasts. Journal of Accounting Research 2005, 43(3):343-376.
2. Ajinkya B.B., Gift M.J. Corporate managers' earnings forecasts and symmetrical adjustments of market expectations. Journal of Accounting Research 1984, 22(2):425-444.
3. Ali A., Klein A., Rosenfeld J. Analysts' use of information about permanent and transitory earnings components in forecasting annual EPS. The Accounting Review 1992, 67(1):183-198.
4. Altinkiliç O., Hansen R.S. On the information role of stock recommendation revisions. Journal of Accounting and Economics 2009, 48(1):17-36.
5. Anilowski C., Feng M., Skinner D.J. Does earnings guidance affect market returns? The nature and information content of aggregate earnings guidance. Journal of Accounting and Economics 2007, 44(1-2):36-63.
6. Atiase R., Li H., Supattarakul S., Tse S. Market reaction to multiple contemporaneous earnings signals: earnings announcements and future earnings guidance. Review of Accounting Studies 2005, 10(4):497-525.
7. Baginski S.P., Conrad E.J., Hassell J.M. The effects of management forecast precision on equity pricing and on the assessment of earnings uncertainty. The Accounting Review 1993, 68(4):913-927.
8. Baginski S.P., Hassell J.M. The market interpretation of management earnings forecasts as a predictor of subsequent financial analyst forecast revision. The Accounting Review 1990, 65(1):175-190.
9. Baginski S.P., Hassell J.M., Hillison W.A. Voluntary causal disclosures: tendencies and capital market reaction. Review of Quantitative Finance and Accounting 2000, 15(4):371-389.
10. Baginski S.P., Hassell J.M., Kimbrough M.D. The effect of legal environment on voluntary disclosure: evidence from management earnings forecasts issued in U.S. and Canadian markets. The Accounting Review 2002, 77(1):25-50.
11. Baginski S.P., Hassell J.M., Kimbrough M.D. Why do managers explain their earnings forecasts?. Journal of Accounting Research 2004, 42(1):1-29.
12. Baginski S.P., Hassell J.M., Waymire G. Some evidence on the news content of preliminary earnings estimates. The Accounting Review 1994, 69(1):265-273.
13. Ball R., Bartov E. How naive is the stock market's use of earnings information?. Journal of Accounting and Economics 1996, 21(3):319-337.
14. Bartov E., Givoly D., Hayn C. The rewards to meeting or beating earnings expectations. Journal of Accounting and Economics 2002, 33(2):173-204.
15. Berger P.G. Challenges and opportunities in disclosure research-a discussion of 'the Financial Reporting Environment: Review of the Recent Literature'. Journal of Accounting and Economics 2011, 51(1-2 (February)):204-218.
16. Beyer A., Cohen D.A., Lys T.Z., Walther B.R. The financial reporting environment: review of the recent literature. Journal of Accounting and Economics 2010, 50(2-3):296-343.
17. Botosan C.A., Harris M.S. Motivations for a change in disclosure frequency and its consequences: an examination of voluntary quarterly segment disclosures. Journal of Accounting Research 2000, 38(2):329-353.
18. Burgstahler D., Eames M. Management of earnings and analysts' forecasts to achieve zero and small positive earnings surprises. Journal of Business Finance & Accounting 2006, 33(5-6):633-652.
19. Bushee B.J., Matsumoto D.A., Miller G.S. Open versus closed conference calls: the determinants and effects of broadening access to disclosure. Journal of Accounting and Economics 2003, 34(1-3):149-180.
20. Chen S., DeFond M.L., Park C.W. Voluntary disclosure of balance sheet information in quarterly earnings announcements. Journal of Accounting and Economics 2002, 33(2):229-251.
21. Cheng Q., Lo K. Insider trading and voluntary disclosures. Journal of Accounting Research 2006, 44(5):815-848.
22. Chuk, E., Matsumoto, D.A., Miller, G.S., 2009. Assessing Methods of Identifying Management Forecasts: CIG Vs. Researcher Collected. SSRN eLibrary.
23. Coller M., Yohn T.L. Management forecasts and information asymmetry: an examination of bid-ask spreads. Journal of Accounting Research 1997, 35(2):181-191.
24. Diether K.B., Malloy C.J., Scherbina A. Differences of opinion and the cross section of stock returns. Journal of Finance 2002, 57(5):2113-2141.
25. Foster G. Stock market reaction to estimates of earnings per share by company officials. Journal of Accounting Research 1973, 11(1):25-37.
26. Francis J., Hanna J.D., Philbrick D.R. Management communications with securities analysts. Journal of Accounting and Economics 1997, 24(3):363-394.
27. Francis J., Schipper K., Vincent L. Expanded disclosures and the increased usefulness of earnings announcements. The Accounting Review 2002, 77(3):515-546.
28. Frankel R.M., Johnson M., Skinner D.J. An empirical examination of conference calls as a voluntary disclosure medium. Journal of Accounting Research 1999, 37(1):133-150.
29. Frankel R.M., McNichols M.F., Wilson G.P. Discretionary disclosure and external financing. The Accounting Review 1995, 70(1):135-150.
30. Freeman R.N., Tse S.Y. A nonlinear model of security price responses to unexpected earnings. Journal of Accounting Research 1992, 30(2):185-209.
31. Gong, Guojin, Li Laura-Yue, Xie Hong The association between management earnings forecast errors and accruals. The Accounting Review 2009, 84(2):497-530.
32. Han J.C.Y., Wild J.J. Stock price behavior associated with managers' earnings and revenue forecasts. Journal of Accounting Research 1991, 29(1):79-95.
33. Hayn C. The information content of losses. Journal of Accounting and Economics 1995, 20(2):125-153.
34. Heitzman S., Wasley C., Zimmerman J. The joint effects of materiality thresholds and voluntary disclosure incentives on firms' disclosure decisions. Journal of Accounting and Economics 2010, 49(1-2):109-132.
35. Hilary, Gilles, Charles Hsu Endogenous overconfidence in managerial forecasts. Journal of Accounting and Economics 2011, 51(3):300-313.
36. Hirst D.E., Koonce L., Venkataraman S. Management earnings forecasts: a review and framework. Accounting Horizons 2008, 22(3):315-338.
37. Hoskin R.E., Hughes J.S., Ricks W.E. Evidence on the incremental information content of additional firm disclosures made concurrently with earnings. Journal of Accounting Research 1986, 24:1-32.
38. Hutton A.P., Miller G.S., Skinner D.J. The role of supplementary statements with management earnings forecasts. Journal of Accounting Research 2003, 41(5):867-890.
39. Jaggi B. A note on the information content of corporate annual earnings forecasts. The Accounting Review 1978, 53(4):961-967.
40. Jennings R. Unsystematic security price movements, management earnings forecasts, and revisions in consensus analyst earnings forecasts. Journal of Accounting Research 1987, 25(1):90-110.
41. Kasznik R., Lev B. To warn or not to warn: management disclosures in the face of an earnings surprise. The Accounting Review 1995, 70(1):113-134.
42. Kinney, William, David Burgstahler, Roger Martin "Earnings surprise 'materiality' as measured by stock returns". Journal of Accounting Research 2002, 40(5):1297-1329.
43. Kormendi R., Lipe R. Earnings innovations, earnings persistence, and stock returns. Journal of Business 1987, 60(3):323-345.
44. Kothari S.P., Shu S., Wysocki P.D. Do managers withhold bad news?. Journal of Accounting Research 2009, 47(1):241-276.
45. Kross W.J., Ro B.T., Suk I. Consistency in meeting or beating earnings expectations and management earnings forecasts. Journal of Accounting and Economics 2011, 51(1-2):37-57.
46. Lang M.H., Lundholm R.J. Corporate disclosure policy and analyst behavior. The Accounting Review 1996, 71(4):467-492.
47. Larcker D.F., Rusticus T.O. On the use of instrumental variables in accounting research. Journal of Accounting and Economics 2010, 49(3):186-205.
48. Li, E.X., Wasley, C.E., Zimmerman, J.L., 2012. Should Management Earnings Guidance Be Pooled? Classifying Management Earnings Guidance into Capital Market, Opportunistic, and Disclose or Abstain Rationales: Implications for Research. SSRN eLibrary.
49. Lys T., Sohn S. The association between revisions of financial analysts' earnings forecasts and security-price changes. Journal of Accounting and Economics 1990, 13(4):341-363.
50. Matsumoto D.A. Management's incentives to avoid negative earnings surprises. The Accounting Review 2002, 77(3):483-514.
51. McNichols M.F. Evidence of informational asymmetries from management earnings forecasts and stock returns. The Accounting Review 1989, 64(1):1-27.
52. Milian, J.A., 2008. The Relative Information Content of Guidance and Earnings. SSRN eLibrary.
53. Nichols D.R., Tsay J.J. Security price reactions to long-range executive earnings forecasts. Journal of Accounting Research 1979, 17(1):140-155.
54. Noe C.F. Voluntary disclosures and insider transactions. Journal of Accounting and Economics 1999, 27(3):305-326.
55. Patell J.M. Corporate forecasts of earnings per share and stock price behavior: empirical test. Journal of Accounting Research 1976, 14(2):246-276.
56. Penman S.H. An empirical investigation of the voluntary disclosure of corporate earnings forecasts. Journal of Accounting Research 1980, 18(1):132-160.
57. Pownall G., Wasley C., Waymire G. The stock price effects of alternative types of management earnings forecasts. The Accounting Review 1993, 68(4):896-912.
58. Pownall G., Waymire G. Voluntary disclosure credibility and securities prices: evidence from management earnings forecasts, 1969-73. Journal of Accounting Research 1989, 27(2):227-245.
59. Richardson S., Teoh S.H., Wysocki P.D. The walk-down to beatable analyst forecasts: the role of equity issuance and insider trading incentives. Contemporary Accounting Research 2004, 21(4):885-924.
60. Rogers J.L. Disclosure quality and management trading incentives. Journal of Accounting Research 2008, 46(5):1265-1296.
61. Rogers J.L., Skinner D.J., Van Buskirk A. Earnings guidance and market uncertainty. Journal of Accounting and Economics 2009, 48(1):90-109.
62. Rogers J.L., Stocken P.C. Credibility of management forecasts. The Accounting Review 2005, 80(4):1233-1260.
63. Skinner D.J. Why firms voluntarily disclose bad news. Journal of Accounting Research 1994, 32(1):38-60.
64. Sletten, E., 2009. The Effect of Stock Price on Discretionary Disclosure. SSRN eLibrary.
65. Soffer L.C., Thiagarajan S.R., Walther B.R. Earnings preannouncement strategies. Review of Accounting Studies 2000, 5(1):5-26.
66. Stickel S.E. The timing of and incentives for annual earnings forecasts near interim earnings announcements. Journal of Accounting and Economics 1989, 11(2-3):275-292.
67. Waymire G. Additional evidence on the information content of management earnings forecasts. Journal of Accounting Research 1984, 22(2):703-718.
68. Waymire G. Earnings volatility and voluntary management forecast disclosure. Journal of Accounting Research 1985, 23(1):268-295.
69. Yeo G.H.H., Ziebart D.A. An empirical test of the signaling effect of management's earnings forecasts: a decomposition of the earning surprise and forecast surprise effects. Journal of Accounting, Auditing & Finance 1995, 10(4):787-802.