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• Do management EPS forecasts allow returns to reflect future earnings? Implications for the continuation of management's quarterly earnings guidance AI翻译
  作者：Choi, Jong-Hag; Myers, Linda A.; Zang, Yoonseok; Ziebart, David A.
  作者单位：University of Arkansas System; University of Arkansas Fayetteville; Seoul National University (SNU); Singapore Management University; University of Kentucky
  摘要：Using 18,253 firm-year observations from 1998 through 2003, we build on literature suggesting that more informative disclosures allow returns to better reflect future earnings and test whether management earnings per share forecasts and their characteristics influence the future earnings response coefficient (FERC). We find that FERCs are greater for forecasting firms and when forecasts are more frequent or precise. We suggest that more frequent and more precise forecasts assist investors in b...
• Analyst reputation and the issuance of disaggregated earnings forecasts to I/B/E/S AI翻译
  作者：Ertimur, Yonca; Mayew, William J.; Stubben, Stephen R.
  作者单位：Duke University; University of North Carolina; University of North Carolina Chapel Hill
  摘要：Although sell-side analysts privately forecast revenues and expenses when producing earnings forecasts, not all analysts choose to provide I/B/E/S with earnings forecasts disaggregated into revenues and expenses. We investigate the role of reputation in explaining this decision. We find that analysts without established reputations are more likely than reputable analysts to issue disaggregated earnings forecasts to I/B/E/S, consistent with I/B/E/S exposure benefits accruing to analysts seeking...
• Analysts' accrual-related over-optimism: do analyst characteristics play a role? AI翻译
  作者：Drake, Michael S.; Myers, Linda A.
  作者单位：University of Arkansas System; University of Arkansas Fayetteville; University System of Ohio; Ohio State University
  摘要：Bradshaw et al. (J Acc Res 39:45-74, 2001) find that analyst forecast over-optimism is greater for firms with high accruals. This accrual-related over-optimism is generally interpreted as evidence that analyst forecasts do not fully incorporate predictable earnings reversals associated with high accruals. We investigate whether analyst experience, access to resources (brokerage size), and portfolio complexity moderate the relation between over-optimistic forecasts and high accruals. We demonst...