Assessing methods of identifying management forecasts: CIG vs. researcher collected

• 成果类型: Article
• 署名作者: Chuk, Elizabeth; Matsumoto, Dawn; Miller, Gregory S.
• 署名单位: University of Southern California; University of Washington; University of Washington Seattle; University of Michigan System; University of Michigan
• 刊物名称: JOURNAL OF ACCOUNTING & ECONOMICS
• ISSN/ISSBN: 0165-4101
• DOI: 10.1016/j.jacceco.2012.07.001
• 发表日期: 2013
• 关键词: EARNINGS FORECASTS; voluntary disclosure; information-content; guidance; MARKET; CONSEQUENCES; credibility; association; incentives; prices

摘要

This paper examines the characteristics of management forecasts available on Thomson First Call's Company Issued Guidance (CIG) database relative to a sample of forecasts hand-collected through a search of company press releases. Due to the significantly lower cost of using CIG (relative to hand-collecting data), academics have increasingly relied on this database as a source of management forecasts. However, it is important for researchers to consider the properties of this database (such as coverage, accuracy, and breadth) when evaluating whether it is an appropriate data source for their study. Overall, our results suggest systematic differences between forecasts reported on CIG and forecasts gathered from company press releases. We suggest several sample criteria that will remove or mitigate these biases. (C) 2012 Elsevier B.V. All rights reserved.