作者：Anilowski, Carol; Feng, Mei; Skinner, Douglas J.
作者单位：University of Chicago; Purdue University System; Purdue University; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh
摘要：We investigate whether earnings guidance affects aggregate stock returns through its effects on expectations about overall earnings performance and/or aggregate expected returns. We find that aggregate guidance, especially relative levels of quarterly downward guidance, is associated with analyst- and time-series- based measures of aggregate earnings news. We find more modest evidence that guidance, again, largely downward guidance, is associated with market returns-market returns appear to re...
