被撤回的出版物: Analysts' reactions to earnings preannouncement strategies (Retracted article. See vol. 53, pg. 907, 2015)

• 成果类型: Article; Retracted Publication
• 署名作者: Tan, HT; Libby, R; Hunton, JE
• 署名单位: Nanyang Technological University; Cornell University; State University System of Florida; University of South Florida
• 刊物名称: JOURNAL OF ACCOUNTING RESEARCH
• ISSN/ISSBN: 0021-8456
• DOI: 10.1111/1475-679X.00045
• 发表日期: 2002
• 页码: 223-246
• 关键词: disclosures; management; forecasts

摘要

Preannouncements of earnings tend to overstate negative or understate positive news, which decreases the chance of a negative surprise when actual earnings is announced. We conduct an experiment to investigate how experienced sell-side analysts' earnings forecasts are affected by preannouncements that either understate, accurately state, or overstate the magnitude of positive or negative total earnings news, holding total earnings news constant. We find that firms with negative (positive) total news receive the highest post-earnings announcement forecasts of future earnings when the earlier preannouncement overstates (understates) the magnitude of the news. These forecasts are consistent with the analysts' perceptions about the firms' future prospects, but not their perceptions of management. While analysts expect preannouncements to be lower than actual earnings, they do not adjust their forecasts for these beliefs. These insights into analysts' responses have implications both for managers and analysts.