Management earnings forecasts and other forward-looking statements

• 成果类型: Article
• 署名作者: Bozanic, Zahn; Roulstone, Darren T.; Van Buskirk, Andrew
• 署名单位: University System of Ohio; Ohio State University
• 刊物名称: JOURNAL OF ACCOUNTING & ECONOMICS
• ISSN/ISSBN: 0165-4101
• DOI: 10.1016/j.jacceco.2017.11.008
• 发表日期: 2018
• 关键词: STOCK-PRICE BEHAVIOR; information-content; voluntary disclosure; ADDITIONAL EVIDENCE; empirical-analysis; CONFERENCE CALLS; LITIGATION; guidance; expectations; association

摘要

We identify forward-looking statements (FLS) in firms' disclosures to distinguish between forecast-like (quantitative statements about earnings) and other, or non-forecast-like, FLS. We show that, like earnings forecasts, other FLS generate significant investor and analyst responses. Unlike earnings forecasts, other FLS are issued more frequently when uncertainty is higher. We then show that earnings-related FLS are more sensitive to uncertainty than quantitative statements, suggesting that managers are more likely to alter the content than the form of FLS when uncertainty is higher. Our study indicates that incorporating other FLS into empirical measures provides a more comprehensive proxy for firms' voluntary disclosures. (C) 2017 Elsevier B.V. All rights reserved.